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CAPM > CHAPTER 11: MANAGING PROJECT RISK > Flashcards

CHAPTER 11: MANAGING PROJECT RISK Flashcards

1
Q

ACCEPTANCE

A
  • risk response
  • both positive and negative risks
  • usually for smaller projects
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2
Q

AMBIGUITY RISKS

A
  • uncertain, unclear
  • difficult to predict
  • e.g. new laws
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3
Q

AVOIDANCE

A
  • Risk response to avoid the risk
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4
Q

BRAINSTORMING

A
  • risk identif.
  • most common
  • risk identification
  • PT and Exp
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5
Q

BUSINESS RISK

A
  • may have negative or positive outcome
  • e.g. phaseoverlapping
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6
Q

CARDINAL SCALES

A
  • numerical value
  • identify probability and impact
  • ranking approach
  • 0.01 very low –> 1.0 certain
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7
Q

CHECKLISTS

A
  • risk identification.
  • cost eff.
  • quick
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8
Q

DATA PRECISION

A
  • consideration of risk ranking scores
  • takes into account bias, accuracy of data submitted, reliability of the nature of the data submitted
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9
Q

DECISION TREE

A
  • determine which of two or more decisions is best
  • examines cost and benefits of each decisions outcome
  • weighs prob of success for each decision
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10
Q

FELPHI TECHNIQUE

A
  • anonymous survey
  • query exp about foreseeable risks
  • project, phase or comp
  • analyzed by 3rd party and then circulated to exp
  • without fear of backlash or offense
  • gain consensus on project risks
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11
Q

ENHANCING

A
  • risk response
  • enhance condition
  • ensure a positive risk is likely to happen
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12
Q

ESCALATING

A
  • risk response
  • positive and negative risk events
  • outside of PM authority to act on
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13
Q

EXPECTED MONETARY VALUE (EMV)

A
  • monetary value of risk exposure based on risks probability and impact
  • quantities risk exposure
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14
Q

EXPLOIT

A
  • risk response
  • takes advantage of positive risks
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15
Q

EXTERNAL RISKS

A
  • outside of PJ but affect it
  • e.g. legal issues, weather etc.
  • also Force makeup like quakes, tornadoes floods etc. - disaster recovery
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16
Q

FLOWCHARTS

A
  • System or process charts
  • show relationship between components and how overall project works
  • ident. Risk between systems and components
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17
Q

INFLUENCE DIAGRAM

A
  • charts out decision problem
  • identifies all elements, variables decisions objectives
  • how each factor influences the other
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18
Q

ISHIKAWA DIAGRAM

A
  • cause and effect diagram
  • fishbone
  • find the root cause of factors causing a risk
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19
Q

LOW PRIORITY RISK WATCHLIST

A
  • low priority risks
  • identified for periodic monitoring
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20
Q

MITIGATION

A
  • Risk response effort
  • reduce prob. And impact of an identified risk in the project
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21
Q

MONTE CARLO TECHNIQUE

A
  • simulation technique using computer SW
  • simulate PJ
  • use values from all possible variables
  • predict most likely model
22
Q

ORDINAL SCALES

A
  • ranking approach
  • identifies and ranks the risks from very high to unlikely
23
Q

ORGANIZATIONAL RISKS

A
  • e.g. unreasonable cost, time and scope expectations
  • poor prio
  • inadequate funding or competition with other PJ
24
Q

PESTLE

A
  • prompt list for risk identification
  • Political, economic, social, technological, legal, environmental
25
Q

PROBABILITY AND IMPACT MATRIX

A
  • matrix
  • ranks risk according to impact and probability of risk event happening
  • used in quantities and qualitative analysis
26
Q

PROJECT MANAGEMENT RISKS

A
  • risks that deal with faults in the PM
  • e.g. poor PM, unacceptable work results
  • unsuccessfully allocation of time, recourses and scheduling
27
Q

PURE RISKS

A
  • only negative outcomes
  • e.g. loss of life, theft, fire etc.
28
Q

QUALITATIVE RISK ANALYSIS

A
  • qualifies risks identified
  • priorize risks based on probability of occurrence and impact on PJ should they occur
29
Q

QUANTITATIVE RISK ANALYSIS

A
  • numerically asses probability and impact
  • creates overall risk score for the PJ
  • more in depth than quali
  • several tools
30
Q

RAG RATING

A
  • red, amber, green
  • ordinal scale
  • capture probability, impact and risk score
31
Q

RESIDUAL RISK

A
  • expected to remain after the risk response
32
Q

RISK

A
  • uncertain condition or event that can have positive or negative impact on project outcome
33
Q

RISK IDENTIFICATION

A
  • systematic process
  • combing thorough PM plan, WBs etc
  • identify as many risks as possible
34
Q

RISK MANAGEMENT PLAN

A
  • PM subsidiary plan
  • defines how risks will be identified, analyzed, responded to and monitored
  • defines iterative risk management process
35
Q

RISK MANAGEMENT PLANNING

A
  • agreed approach to the management of the risk processes
36
Q

RISK OWNERS

A
  • Responsible for monitoring and responding to an identified risk within the project
37
Q

RISK REGISTER

A
  • project plan component
  • contains all information related to risk management activities
  • updated to reflect status, progress and nature of risks
38
Q

RISK REPORT

A
  • explains overall PJ risks
  • provides summaries about individual PJ risks
39
Q

RISK RESPONSE AUDIT

A
  • Audit to test the validity of established risk responses
40
Q

RISK RESPONSIBILITIES

A
  • level of ownership an individual or entity has over a PJ risk
41
Q

RISK SCORE

A
  • based on each risks prob and impact
  • qual and quant analysis
42
Q

ROOT CAUSE IDENTIFICATION

A
  • find out why a risk event may be occurring
  • casual factors for risk event
  • how events can be mitigated or eliminated
43
Q

SECONDARY RISK

A
  • new risks created as a result of risk response
44
Q

SENSITIVITY ANALYSIS

A
  • quantitative risk analysis tool
  • examine which risk has largest impact on project success
45
Q

SHARING

A
  • risk response
  • shares the advantages of positive risk
46
Q

SWOT ANALYSIS

A
  • examine PJ from perspective of each Characteristic, Strength, Weakness, Opportunities and Threats
47
Q

TECHNICAL, QUALITY OR PERFORMANCE RISK

A
  • risks associated with new u proven or complex technologies
  • Change in technology
  • quality risk levels set for expectations of impractical quality and performance
48
Q

TECOP

A
  • prompt list for risk identification
  • examine technical, environmental, commercial, operatio and political factors of the PJ
49
Q

TRANSFERENCE

A
  • risk response
  • transfers ownership of risk to another party
  • e.g. insurance or licensed contractors
50
Q

VARIABILITY RISKS

A
  • type of risk based on variations that occur in the project
  • e.g. production, number of quality erros or the weather
51
Q

VUCA

A
  • Prompt list used in risk identification
  • examines volatility, uncertainty, complexity, ambiguity of risk factors

CAPM (9 decks)

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