Chapter 11 - Risk Management

Question 1

Actions / Output of “Plan Risk Management”

Answer 1

Action:

1) How will you perform risk management?
2) Stakeholder involvement?
3) How to identify risks, which tools to use?
4) How to budget for risks?
5) When will risk management process be performed?

Output: Risk Management Plan

Question 2

Actions / Output of “Identify Risks”

Answer 2

Action:

1) Identify all risks
2) Use techniques like brainstorming, root cause analysis, documentation review
3) Involve stakeholders

Output: Risk Register

1) list of risks
2) list of potential risk responses
3) root cause
4) Updated risk categories

Question 3

Actions / Output of “Perform Qualitative Risk Analysis”

Answer 3

Action:

1) Qualitatively determine which risk warrant a response
2) Assess quality of risk data
3) Complete risk urgency assessment
4) Subjectively determine probability and impact of all risks
5) Determine if you will go directly to risk response planning or qualitative risk analysis
6) Document watch list (non critical risks)
7) Determine overall risk ranking for the project

Output: Risk Register

1) Risk ranking of project
2) List of prioritized risks
3) Risk by category
4) Risks needing additional analysis and response
5) Watch list
6) trends

Question 4

Actions / Output of “Perform Quantitative Risk Analysis”

Answer 4

Action:

1) Numerically evaluate top risks
2) Quantitatively determine which risk warrant response
3) Determine initial reserves
4) Create realistic time and cost objective
5) Determine probability of meeting project objectives

Output: Risk Register

1) prioritized list of quantified risks
2) initial reserves
3) project completion dates and costs
4) Probability of achieving project objectives
5) trends

Question 5

Actions / Output of “Plan Risk Responses”

Answer 5

Action:

1) Decrease threats, increase opportunities
2) calculate final reserves
3) Determine secondary and residual risks
4) Identify risk triggers
5) Create contingecy and fallback plans
6) Determine risk owners

Output:

a) Update to PMP,
b) Project Document,
c) Risk Register
- residual and secondary risks
- contingency and fallback plans
- risk owners
- triggers
- final reserves
- contracts
- accepted risks

Question 6

Actions / Output of “Control Risks”

Answer 6

Action:

1) respond to risk triggers
2) create workarounds
3) Monitor residual risks
4) revisit watch list

Output:

1) WPI
2) Risk register update (risk reassessment and risk audit outcomes, new risk, closed risks, risk occurences)
3) Workarounds
4) Change requests
5) Update to PMP, and OPA