Chapter 1 Flashcards
0
Q
Name the Risk Management process steps in order
A
Plan risk management Identify risks Perform qualitative risk analyses Perform quantitative risk analyses Plan risk responses Monitor and control risks
1
Q
Risk Management
A
Systematic and proactive approach to taking control of projects by understanding or decreasing uncertainties. Minimizes consequences of adverse effects and maximizes results of positive events.
2
Q
What are the two types of risk?
A
Business risk
Pure (insurable) risk
3
Q
Business risk
A
Risk of gain or loss (like a product that can lose or gain money when sold)
4
Q
Pure (insurable) risk
A
Only a risk of loss (like a risk of a fire)
5
Q
What are the risk factors?
A
Probability - likelihood event will occur
Impact - Effect on the project if the risk occurs
Expected timing - when the risk might occur
Frequency - how many times the risk may occur during the project
