2.2 - Explain the importance of risk strategies and activities

Question 1

Risk Strategies

Answer 1

• Accept
• Mitigate
• Transfer
• Avoid
• Exploit

Question 2

Risk Activities

Answer 2

• Identification
• Quantification:
• –Monte Carlo Analysis: simulation technique used by PMs to make predictions about the statistical distribution of activity durations or cost estimates
• Planning
• Review: reassessment, audit,
• Response
• Register: IDs and categorizes risks, potential responses, and triggers/warning signs
• Prioritization: prioritized according to threat or opportunity to project
• Communication