6 - Risk Management & Planning Methodologies

Question 1

What are the 3 things that need to be considered when understanding a risk

Answer 1

Probability, impact, proximity (when will it happen)

Question 2

What 4 T’s can you use when evaluating responses to risk?

Answer 2

Treat, Tolerate, Transfer, Terminate

Question 3

What information needs to be on a risk register?

Answer 3

Evaluation of the risk, how it will be managed, who carries the actions, reference

Question 4

What is a critical path?

Answer 4

Longest necessary time to complete the project, could cause a delay to overall programme
List all activities, est time, understand dependencies

Question 5

What process can you go through to bring a project in on time if it has fallen behind?

Answer 5

Crashing Process
Identify potential activities, est cost of crashing, est new duration, determine new dates, recalculate critical path, compare options and sign off

Question 6

What is the PERT technique?

Answer 6

Programme Evaluation & Review Technique
Statistical tool, determine 3 options: most likely, optimistic, pessimistic
Then calculates the mean and standard deviation