11.1 Plan Risk Management (Proj. Risk MGMT)

Question 1

what is 11.1 plan risk management?

Answer 1

defining how to conduct risk management activities for a project

Question 2

what is the key benefit to 11.1 plan risk management?

Answer 2

the degree, type and visibility of risk management are proportionate to the risks and importance of the project

Question 3

when is 11.1 plan risk management performed during a project?

Answer 3

once or at predefined points

Question 4

11.1 plan risk management - inputs (5)

Answer 4

1. project charter
2. project management plan (all components)
3. project documents (stakeholder register)
4. EEF’s
5. OPA’s

Question 5

11.1 plan risk management - tools and techniques (3)

Answer 5

1. expert judgement
2. data analysis (stakeholder analysis)
3. meetings

Question 6

11.1 plan risk management - outputs (1)

Answer 6

1. risk management plan

Question 7

what EEF’s are relevant inputs to 11.1 plan risk management? (1)

Answer 7

1. overall risk thresholds set by organization

Question 8

what OPA’s are relevant inputs to 11.1 plan risk management? (8)

Answer 8

1. Organizational risk policy
2. Risk categories
3. Common definitions of risk concepts and terms
4. Risk statement formats
5. Templates for the risk management plan, risk register, and risk report
6. Roles and responsibilities
7. Authority levels for decision making
8. Lessons learned repository from previous similar projects.

Question 9

what are the common elements of the risk management plan? (11)

Answer 9

1. risk strategy
2. methodology
3. roles and responsibilities
4. funding
5. timing
6. risk categories
7. stakeholder risk appetite
8. definitions of risk probability and impacts
9. probability and impact matrix
10. reporting formats
11. tracking

Question 10

what are some example risk categories? (4)

Answer 10

1. technical
2. management
3. commercial
4. external