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OL 481: Project Management > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

Risk

A

An event that poses a potential threat or opportunity for the project

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2
Q

Rework

A

Going back and repeating steps you’ve already done due to a risk

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3
Q

Process of risk management

A
  1. Identify risks
  2. Analyze risks
  3. Determine the probability of risk
  4. Combine impact analysis with probability
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4
Q

Known Risks

A

Risks with predictable outcomes

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5
Q

Known risks with uncertain outcomes

A

Risks that you know about but the outcomes are not predictable

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6
Q

Uknown risks

A

Risks you can’t identify

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7
Q

Where to find risks

A
  • WBS
  • Task lists
  • Critical success factors
  • Business Risks
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8
Q

Business Risks

A
  • Marketability
  • Timing
  • Management issues
  • Vendor delays
  • External Project risks
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9
Q

Risk Register

A

Identification technique that documents information about the risk

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10
Q

Elements of a risk register

A
  • Identification number
  • Name
  • Risk score
  • Risk owner
  • Location of the risk response plan
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11
Q

Identification techniques

A
  • Risk register
  • Historical information
  • Brainstorming
  • Delphi technique
  • Nominal group technique
  • Interviewing
  • Checklist of common project risks
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12
Q

probability

A

The likelihood of the risk occurring

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13
Q

Assigning Risk impacts

A

using high-med-low ratings to indicate the impact the risk event has on the project.

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14
Q

Probability Impact Matric

A

Multiplies the probability score by the impact value to come up with an overall risk score

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15
Q

Risk tolerance

A

The amount of risk a person or organization is willing to tolerate in exchange for the perceived or actual benefits of partaking in the activity

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16
Q

Risk appetite

A

The level of uncertainty the stakeholders are willing to accept in exchange for the potential positive impact of the risk

17
Q

Risk Threshold

A

The level of uncertainty or impact the organization is willing to operate within

18
Q

escalate

A

Alerting the risk owner and handing off the management of the risk to them

19
Q

Risk Owner

A

the person responsible for monitoring and managing risks and implementing the risk response plan

20
Q

Accept

A

Willing to accept the consequences of the risk should it occur.

21
Q

Avoid

A

Avoiding the impact of the risk event or eliminating the cause of the risk altogether

22
Q

Transfer

A

transfers the responsibility for the management of the risk event to a third party

23
Q

Mitigate

A

Reduce the impact of the risk event by reducing the probability of the risk occurrence or reducing the impact of the risk event to an acceptable level.

24
Q

Exploit

A

purposefully looking for opportunities to ensure a positive impact.

25
Q

Share

A

Assign the risk to a third-party owner who is best able to bring about the opportunity the risk event presents

26
Q

Enhance

A

Actively working to increase the probability and or impact of the risk event to help the organization benefit from the opportunity

27
Q

Contingency planning

A

a process of planning for known risks to help ensure project success if a risk event occurs

28
Q

Residual risks

A

Leftover impacts and or minor risks that remain after the primary risk event has occurred and responses have been implemented

29
Q

Secondary Risks

A

A new risk that is generated as a result of implementing risk response plan

30
Q

Steps for Risk management

A
  1. Identify risks
  2. Analyze risks to determine the probability of the event occurring
  3. Analyze risks to determine the impact of the risk
  4. Calculate the overall risk score
  5. Create detailed response plans and assign resources to carry out the plan in the even a risk occurs.
  6. Create contingency plan
  7. Document everything in the risk register.
31
Q

Risk Triggers

A

Signs that a risk event is about to occur.

OL 481: Project Management (11 decks)

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