23 Risk and Issue Management

Question 1

What are some benefits to risk management?

Answer 1

More realistic plans, budgets
Greater accuracy in contingency planning
Continuous learning and improvement

Question 3

What is contingency planning?

Answer 3

This is often budget and time identified to cover the gap between the PMP and known risks.

Question 4

What are the stages of a risk management process?

Answer 4

Initiation
Identification (SWOT)
Analysis (probability, impact)
Response (threat/opportunity)
Monitoring & Escalation (setting thresholds)
Closure (no longer poses a risk to project)

Question 5

What are the stages of an issue management process?

Answer 5

Log and analyse (issue register then prioritise according to benefits)
Escalate (sponsor/board)
Assign actions
Apply change control (if change to scope is required)

Question 6

Difference in risk between linear and iterative?

Answer 6

Linear - risk is budget and time.
Iterative - scope and quality.

Question 7

What are proactive responses to risks?

Answer 7

Threats - avoid, reduce, transfer
Opportunities - exploit, enhance, share, reject

Question 8

What is a reactive response to risk?

Answer 8

Accept