Chapter 11: Project Risk Management Flashcards
What are the four common information gathering techniques?
- Brainstorming
- Delphi technique
- Interviewing
- Root cause analysis
11.2.2.2 Information Gathering Techniques
What is an information gathering technique with a goal of obtaining a comprehensive list of project risks?
Hint: This is usually performed with the project team or often with a multidisciplinary set of experts who are not part of the team.
Brainstorming
11.2.2.2 Information Gathering Techniques
What information gathering technique is a way to reach a consensus of project risk experts, participating anonymously to reduce bias and prevent any one person from having undue influence on the outcome?
Delphi technique
11.2.2.2 Information Gathering Techniques
What is talking to experienced project participants, stakeholders, and subject matter experts helps to identify risks?
Interviewing
11.2.2.2 Information Gathering Techniques
After Performing Quantitative Risk Analysis, an updated risk register contains what four things?
- Probabilistic analysis of the project
- Probability of achieving cost and time objectives
- Prioritized list of Quantified risks
- Trends in Quantitative Risk Analysis results
11.4.3. Perform Quantitative Risk Analysis: Outputs
What are secondary risks?
They are the result of a risk response implementation.
11.5.2 Plan Risk Responses: Tools and Techniques
What kind of change requests are activities that realign the performance of the project work with the project management plan?
Recommended corrective actions
11.6.3.2 Change Requests
What kind of change request ensures that future performance of the project work is aligned with the project management plan?
Recommended preventive actions
11.6.3.2 Change Requests
What information, as a Control Risks output, provides a mechanism to communicate and support project decision making?
Work Performance Information
11.6.3.1 Work Performance Information
What is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project?
Control Risks
11.6 Control Risks
What information is gathered from performance measurements and analyzed to provide project work performance information including variance analysis, earned value data, and forecasting data?
Work Performance Reports
11.6.1.4 Work Performance Reports
What information is related to various performance results possibly impacted by risks includes, but is not limited to:
- Deliverable status
- Schedule progress
- Costs incurred
Work Performance Data
11.6.1.3 Work Performance Data
What is EMV
Expected Monetary Value analysis is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen (i.e., analysis under uncertainty).
11.4.2.2 Quantitative Risk Analysis and Modeling Techniques
What defines the combination of probability and impact that helps determine which risks need detailed risk response plans?
Risk probability and impact matrix
11.3.2.2 Probability and Impact Matrix
What is the process of defining how to conduct risk management activities for a project?
Plan Risk Management
11.1 Plan Risk Management
What is the process of defining how to conduct risk management activities for a project?
Plan Risk Management
11.1 Plan Risk Management
What are the 10 categories of the risk management plan?
- Methodology
- Roles and responsibilities
- Budgeting
- Timing
- Risk Categories
- Definitions of risk probability and impact
- Probability and impact matrix
- Revised stakeholders’ tolerances
- Reporting formats
- Tracking
11.1.3.1 Risk Management Plan
What is the degree, amount, or volume of risk that an organization or individual will withstand?
Risk tolerance
11.0 Project Risk Management
What four project documents are updated as an output of Plan Risk Responses?
- Risk Register
- Assumptions log
- Technical documentation
- Change requests
11.5.3.2 Project Documents Updates
What is the process of developing options and actions to enhance opportunities and reduce threats to project objectives?
Plan Risk Responses
11.5 Plan Risk Responses
What is the process of numerically analyzing the effect of identified risks on overall project activities?
Perform Quantitative Risk Analysis
11.4 Perform Quantitative Risk Analysis
What is a diagraming and calculating technique for evaluating the implications of a chain of multiple options in the presence of uncertainty?
Decision Tree Analysis
11.4.2.2 Quantitative Risk Analysis and Modeling Techniques
What is the process of determining which risks may affect the project and documenting their characteristics?
Identify Risks
11.2 Identify Risks
What technique computes the project schedule many times using input values selected at random for probability distributions of durations to calculate a distribution of possible completion dates?
Monte Carlo Simulation
11.4.2.2 Quantitative Risk Analysis and Modeling Techniques
What is the process of determining which risks may affect the project and documenting their characteristics?
Identify risks
11.2 Identify Risks
What is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact?
Perform Qualitative Risk Analysis
11.3 Perform Qualitative Risk Analysis
What is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact?
Qualitative risk analysis
11.3 Perform Qualitative Risk Analysis
What is the process of numerically analyzing the effect of identified risks on overall project activities?
Quantitative risk analysis
11.4 Perform Quantitative Risk Analysis
What kind of risk analysis is subjective?
Qualitative risk analysis
11.3 Perform Qualitative Risk Analysis
What kind of risk analysis is an objective numerical evaluation?
Quantitative risk analysis
11.4 Perform Quantitative Risk Analysis
What investigates the likelihood that each specific risk will occur?
Risk probability and impact assessment
11.3.2.1 Risk Probability and Impact Assessment
What systematically identifies risks and provides everyone involved a common language or basis for describing risk?
Risk categorization
11.3.2.4 Risk Categorization
What is the process of numerically analyzing the effect of identified risks on overall project activities?
Perform Quantitative analysis
11.4 Perform Quantitative Risk Analysis
What two project documents are updated as an output of qualitative risk analysis?
- Updated risk register
- Updated assumptions log
11.3.3.1 Project Documents Updates
What kind of analysis is usually only done if it is worth the time and there is budget for doing so?
Quantitative risk analysis
11.4 Perform Quantitative Risk Analysis
What are two data gathering and representation techniques?
- Interviewing
- Probability distribution
11.4.2.1 Data Gathering and Representation Techniques
What is the difference between mitigation and contingent response strategies?
Contingent response strategies state that a risk may very well occur and that the project team should develop plans to address
11.5.2.3 Contingent Response Strategies
What involves planning alternatives to deal with certain risks should they occur?
Contingent Response Strategies
11.5.2.3 Contingent Response Strategies
What is the degree of uncertainty an entity is willing to take on in anticipation of a reward?
Risk appetite
11.0 Project Risk Management
What refers to the level of uncertainty or impact at which a stakeholder may have a specific interest?
Risk threshold- above will not tolerate- below will accept
11.0 Project Risk Management
What is the lowest level of detail in the Risk Breakdown Structure?
The “watchlist” or “checklist”
11.2.2.3 Checklist Analysis
What is created in “plan risk management”, first used in the perform qualitative risk analysis process?
The probability and impact matrix
11.3.2.2 Probability and Impact Matrix
When does risk begin in project management?
From the moment the project is realized
What is the uncertainty for the project as a whole?
Overall risk
What is the only output of “Identify Risks”?
The Risk Register
11.2.3.1 Risk Register
What is a structured review of plans, assumptions, previous project files and other information?
Documentation reviews
11.2.2.1 Documentation Reviews
What does SWOT stand for?
- Strengths
- Weaknesses
- Opportunities
- Threats
11.2.2.6 SWOT Analysis
What contains a list of identifies risks and a list of potential responses that are used to guide the plan risk response process
The Risk Register
11.2.3.1 Risk Register
What defines how risk may be present in external participants (who may not be controllable)?
Procurement documents
11.2.1.11 Procurement Documents
What tool + technique of “Identify Risks” does the project team conduct to explore the validity of assumptions?
Assumptions analysis
11.2.2.4 Assumptions Analysis
What kind of diagrams show the sequence of interrelated decisions and the expected results of choosing one alternative over another?
Decision Tree Analysis
11.4.2.2 Quantitative Risk Analysis and Modeling Techniques
What describes how risk management will be structured and performed on the project and is a subset of the project management plan?
Risk Management Plan
11.1.3.1 Risk Management Plan
What eight things does the risk management plan include?
- Roles and responsibilities
- Budgeting
- Timing
- Thresholds
- Risk categories
- Probability and impact matrix
- Revised stakeholders’ tolerances
- Tracking
11.1.3.1 Risk Management Plan
What two responses are usually reserved for critical risks with high impact?
Avoidance
Mitigation
11.5.2.1 Strategies for Negative Risks or Threats
What two responses are usually reserved for less critical risks with low impact?
- Transference
- Acceptance
11.5.2.1 Strategies for Negative Risks or Threats
What are the common strategies for dealing with opportunities or positive risks that may present themselves on the project?
- Exploit
- Share
- Enhance
- Accept
11.5.2.2 Strategies for Positive Risks or Opportunities
