11.0 Project Risk Management Flashcards
what is 11.0 project risk management? (6)
includes the processes of risk management:
- planning
- identification
- analysis
- response planning
- response implementation
- monitoring
aim to identify and manage risks not addressed by other project management processes
what are the processes of 11.0 project risk management?
- 1 plan risk management
- 2 identify risks
- 3 perform qualitative risk analysis
- 4 perform quantitative risk analysis
- 5 plan risk response
- 6 implement risk response
- 7 monitor risks
why are all projects risky?
- unique undertakings
- varying degrees of complexity
- aim to deliver benefits
what are the 2 levels of risk?
individual and overall
how should 11.0 project risk management be conducted?
iteratively to address continually emerging risks throughout the project lifetime
what are risk thresholds?
they express the degree of acceptable variation around a project objective
what are trends and emerging practices for 11.0 project risk management?
- non-event risks
- project resilience
- integrated risk management
what are non-event risks? (2)
- variability risk
2. ambiguity risk
what can help project resiliance?
- budget/schedule contingency for emergent and unknown risks
- flexible project processes
- empowered project team
- frequent review of early warning signs
- flexible areas in project scope/strategy aligned with stakeholders
what is integrated risk management?
a coordinated approach to enterprise-wide risk management
what are tailoring considerations for 11.0 project risk management?
- project size
- project complexity
- project importance
- development approach
what are considerations for agile environments for 11.0 project risk management? (3)
- risks considered when selecting content of each iteration
- risks identified, analyzed and managed during each iteration
- requirements kept in living document that is updated regularly due to progress, understanding and current risk exposure
