Chapter 13: Risk theme

Question 1

Risk Theme - PRINCE2 Approach

Answer 1

Purpose: Identify, assess, and control uncertainty to improve project success.

Question 2

Definition of Risk

Answer 2

An uncertain event affecting objectives, with a combination of probability and impact.

Question 3

Risk Types

Answer 3

Threat: Negative impact on objectives. Opportunity: Positive impact on objectives.

Question 4

Risk Management Procedure

Answer 4

Identify: Context and risks. Assess: Estimate probability & impact. Plan: Identify risk responses. Implement: Action responses and monitor. Communicate: Ongoing communication with stakeholders.

Question 5

Agile View of Risk

Answer 5

Risk is managed implicitly. Agile’s short cycles and feedback reduce risk, with teams addressing risks collaboratively.

Question 6

PRINCE2 Agile & Risk

Answer 6

Team manager handles delivery-level risks. Project manager manages project-level risks. Formal yet flexible risk management approach.

Question 7

Risk Management in Agile

Answer 7

Agile mitigates risks through early feedback, customer involvement, and iterative delivery. Challenges include customer commitment, team location, and infrastructure limitations.

Question 8

Agile Risk Techniques

Answer 8

M_o_R (Management of Risk): Framework for informed risk decisions. Risk Burn-Down: Tracks risks over time. Spiking/Prototyping: Reduces uncertainty through experimentation.

Question 9

Risk Summary

Answer 9

PRINCE2 formalizes risk management, complementing agile practices like iteration, collaboration, and transparency.