8. Project Risk Management

Question 1

Project risk management

Answer 1

Project risk management involves identifying the risks, analyze the risk and control the risk. The risk management is done to reduce the impact of risk on project pace. The risk identified can be uncertain and have a huge impact on the resource, processes, technology, and schedule. The 7 processes of risk management lies in planning, executing and monitoring phase.

Question 2

Project risk management Processes

Answer 2

36. Plan Risk Management;
37. Identify Risks;
38. Perform Qualitative Risk Analysis;
39. Perform Quantitative Risk Analysis;
40. Plan Risk Responses;
41. Implement Risk Responses;
42. Monitor Risks.

Question 3

36. Plan Risk Management

Answer 3

Planning risk management involves preparing the document on identifying risk, prioritizing and managing according to the risk assessment matrix and how to conduct risk assessments activities within the project

Question 4

37. Identify Risks process

Answer 4

The process of identifying, determining and documenting all the possible risks that may affect the project is Identify Risk process. The main objective of this process is to anticipate the risk before execution. Documentation of all the risk will help in further project activities.

Question 5

38. Perform Qualitative Risk Analysis process

Answer 5

In order to set the risk priorities, the analysis is done on the probability of the risk, the impact of the risk on the project and other risk parameters affecting the project deliverables. The main objective of performing qualitative analysis is to predict and reduce the uncertainty of the risks.

Question 6

39. Perform Quantitative Risk Analysis process

Answer 6

Performing quantitative risk analysis is the process of numerically analyzing the effect parameters of identified risks on overall project activities. This process helps in further prioritization of risks, reducing the uncertainty.

Question 7

40. Plan Risk Responses process

Answer 7

The process of developing action plans against the identified risks to reduce the overall impact on the project. Planning the risk responses involves selecting strategies and agreeing on the actions developed.

Question 8

41. Implement Risk Responses process

Answer 8

The process of implementing risk responses involves executing all the actions planned against identified risks to reduce the uncertainty of the project.

Question 9

42. Monitor Risks process

Answer 9

The process involves monitoring the implemented action plans against risk identified. This process involves tracking of risk responses, analyzing new risks and reducing the risk factor throughout the project.