11.5 Plan Risk Responses (Proj. Risk MGMT)

Question 1

what is 11.5 plan risk response?

Answer 1

1) the process of developing options
2) selecting strategies and
3) agreeing on actions to

address overall project risk exposure / individual project risks

Question 2

what is the key benefit to 11.5 plan risk response? (2)

Answer 2

1. ID’s the appropriate way to address overall project risk and individual project risk
2. allocates resources and inserts activities into project documents and PMP as needed

Question 3

when is 11.5 plan risk response performed during a project?

Answer 3

throughout

Question 4

11.5 plan risk response - inputs

Answer 4

1. project management plan (3)
2. project documents (7)
3. EEFs
4. OPAs

Question 5

what project management plan inputs are relevant to 11.5 plan risk response? (3)

Answer 5

a. resource management plan
b. risk management plan
c. cost baseline

Question 6

what project document inputs are relevant to 11.5 plan risk response? (7)

Answer 6

a. lessons learned register
b. project schedule
c. project team assignments
d. resource calendars
e. risk register
f. risk report
g. stakeholder register

Question 7

what EEFs are relevant inputs to 11.5 plan risk response? (1)

Answer 7

1. risk appetite / thresholds of key stakeholders

Question 8

what OPAs are relevant inputs to 11.5 plan risk response?

Answer 8

1. templates for RMP, risk register and risk report
2. historical databases
3. lessons learned repositories from similar projects

Question 9

11.5 plan risk response - outputs (3)

Answer 9

1. change requests
2. project management plan updates (8)
3. project document updates (7)

Question 10

what project management plan update outputs are relevant to 11.5 plan risk response?

Answer 10

MANAGEMENT PLANS:

a. schedule
b. cost
c. quality
d. resource
e. procurement

BASELINES:

f. scope
g. schedule
h. cost

Question 11

what project management plan update outputs are relevant to 11.5 plan risk response? (8)

Answer 11

MANAGEMENT PLANS:

a. schedule
b. cost
c. quality
d. resource
e. procurement

BASELINES:

f. scope
g. schedule
h. cost

Question 12

what project document update outputs are relevant to 11.5 plan risk response? (7)

Answer 12

a. assumption log
b. cost forecasts
c. lessons learned register
d. project schedule
e. project team assignments
f. risk register
g. risk report

Question 13

what project document update outputs are relevant to 11.5 plan risk response? (7)

Answer 13

a. assumption log
b. cost forecasts
c. lessons learned register
d. project schedule
e. project team assignments
f. risk register
g. risk report

Question 14

what are strategies for threats? (5)

Answer 14

1. escalate
2. avoid
3. transfer
4. mitigate
5. accept

Question 15

what is the transfer strategy for threats?

Answer 15

shifting ownership to a third party to management the risk and bear the impact (ex. risk premium, insurance, bonds, warranties, guarantee etc.)

Question 16

what is the accept strategy for threats?

Answer 16

1. take no proactive action
2. may be appropriate for low priority threats or not possible or cost-effective to address
3. establish contingency reserve (time/money/resources) to handle if the threat occurs

Question 17

what are strategies for opportunities?

Answer 17

1. escalate
2. exploit
3. share
4. enhance
5. accept

Question 18

what are contingent response strategies?

Answer 18

response plan that will be executed only under certain predefined conditions (ex. missing intermediate milestone or gaining higher priority)

Question 19

what are strategies for overall project risk? (5)

Answer 19

1. avoid
2. exploit
3. transfer/share
4. mitigate/enhance
5. accept

Question 20

what risk register update may occur as an output in 11.5 plan risk response?

Answer 20

1. agreed upon response strategies
2. actions to implement chosen response strategy
3. trigger conditions, symptoms, warning signs
4. budget/schedule activities to implement responses
5. contingency plans and associated risk triggers
6. fallback plans
7. residual risks
8. secondary risks