Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

OBS220 > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

Risks ?

A

The effect of uncertainty on objectives

uncertain event who occurrences can influence negatively or positively, the achievement of project objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

How can a risk be positive ?

A

Can have the potential to generate a return
-does not always benefit a project if it’s managers are entirely risk averse

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Downside risk ?

A

Jeopardises achievement of project objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Upside risk ?

A

Assists achievement of project objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Risk identification?

A

entails determining which risks (downside) may adversely affect the project objective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Approaches to identifying risk ?

A
  • for each risk identified, the potential impacts must be determined
  • easier to identify risks for near term efforts over longer term projects

as project progresses team can identify new risks / impacts of previously identified risks and info becomes clearer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Brainstorming ?

A

Involve all key team members in identifying risks that would negatively affect project objectives

  • each member brings his/her experience /insight to comprise the risk list
  • common sense / reason must prevail when identifying risks (likely to occur or significant impact)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Risk categories examples?

A

Grouping potential risks by topic

  • Technical
  • Schedule
  • Cost
  • Human Resources
  • External
  • Sponsor / customer
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Historical information importance?

A

If post-project evaluations are undertaken from completed projects , they could be good source for identifying possible risks as well as getting ingot about how to address risks if the reoccur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Analysing risks ?

A
  • Aims to generate more info about identified risk
  • aims to reveal probable causes and in incidental impacts related to risk
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Potential risks should include ?

A
  • at least one cause and one impact
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Risk cause ?

A

Gives rise to risk-good knowledge of cause can help team- est how likely risk is to occur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Risk impact ?

A

Effect of risk would cause if occurs
Knowing possible impacts can help to est its severity or extent to which it would affect the achievement of project objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Evaluating risks?

A

determining the likelihood that a risk will occur and degree of impact the event will have on P objectives

Rate from high /medium /low (made by P manager and team members)

  • based on degree of impact and likelihood = what’s prioritised

If risk is on critical path should get highway priority (greatest impact on SCHED)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

First step in evaluating risks ?

A

Develops a risk response plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define RISK RESPONSE PLAN (downside risks) ?

A

defined set of actions to prevent / reduce likelihood or to implement if risk occurs to mitigate impact

Can be to avoid, mitigate , accept, share the risk — these options should be in sync with actions to terminate , treat , take or transfer the risk

17
Q

RISK RESPONSE PLAN involves ?

A
  • action plan to reduce likelihood of impact of each risk
  • establish trigger points for when to implement actions to each risk
  • assign responsibility to individuals for implementing RRP

-include TRIGGER POINT / WARNING FLAG (when to respond)

18
Q

4 T Response options?

A
  1. AVOIDANCE (terminating)
    Eliminate risk by choosing alt course of action
  2. MITIGATING (treating)
    Taking action to reduce likelihood to occur/ reduce impact
  3. ACCEPTING (taking)
    Embracing it (risk is unavoidable) no actions need to be taken deliberately
  4. SHARING (transferring)
    Intention to reduce risk impact of occurs
19
Q

Approaches to identify risks ? (6)

A
  1. Categorise risks
  2. Assess risks
  3. Prioritise risks
  4. Prepare risk response plan
  5. Develops risk assessment matrix
  6. Control risks
20
Q

Risk assessment matrix ?

A

Tool for assessing/ managing risks (risk register)

includes potential risks / potential impact /likelihood of occurrence and response plan

21
Q

Control risks ?

A
  • implementing RRP and monitoring risks
  • when should RRP be implemented (trigger point reached)
  • Risk monitoring
  • project meetings for regular reviewing / updating / addressing risk
  • helpful to track / document which risks occurred and their impacts
22
Q

When should RRP be implemented (trigger point reached) ?

A
  • implementing RRP requires additional funds / resources/ working overtime / additional materials

-P prices / budgets should include contingency reserves to pay for additional costs for implementing RRP

23
Q

RISK MONITORING?

A

regulatory tracking of risks / reviewing risks assessment matrix throughout P

  • determine any changes to likelihood/ impact of any risks
  • factors can determine if a risk has + in priority or - in importance
  • new risks identified that were overlooked In beginning
  • project work scope/ budget/ SCHED may be changed by a customer which will affect defined risks and new ones
24
Q

Project meetings ?

A
  • agenda for project status review should include an item regarding risk assessment
  • attention to reviewing trigger points for each Risk to ensure no RRP should be implemented
25
Q

Track / document risks occurred ?

A

Helpful in learning lessons for managing risks for future projects

26
Q

Risks can be categorised in 7 types ?

A
  1. Technological
  2. Human
  3. Usability
  4. Project team
  5. Project
  6. Organisational
  7. Strategic / political
27
Q

5 basic types of resources used in an information system development project are ?

A
  1. People
  2. Hardware
  3. Software
  4. Data
  5. Network resources
28
Q

Technological risk category ?

A

Incorporating latest tech may lead to lack of integration of hardware /software into organisations systems
- new technological advances may have P scope creep / potential to cause changes in P requirements poorly managed

29
Q

Purpose of categories ?

A

Guide brainstorming sessions for P team to list potential risks

30
Q

Critical success factors ?

A
  1. Identify risks + potential impacts before p starts
  2. Involve P team / experts in analysing / evaluating risks
  3. Assign high priority to high likelihood risks + high impact
  4. Develop response plans for addressing high priority risks

OBS220 (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions