Chapter 9 - Risk Planning

Question 1

What two documents are created during Risk Planning?

Answer 1

1 - Risk List

2 - Risk Response Plan

Question 2

How should risks be identified?

Answer 2

• How likely the risk will occur

- Impact on the project if it occurs

Question 3

What is the first step to determine risks?

Answer 3

Consider everything that could go wrong.

Question 4

What are some methods to identify Risks?

Answer 4

• Discussions with stakeholders
• Review of project scope
• Research into previous projects

Question 5

What are the two ways to describe probability and impact of a risk?

Answer 5

1 - Qualitatively (High, Medium, Low)

2 - Quantitatively (10% probability, $100 impact)

Question 6

What quantitative factors are assigned to qualitative assesments?

Answer 6

Probability:

• Unlikely -> 0.2
• Likely -> 0.8

Impact:

• Low -> 2
• Critical -> 10

Question 7

How do you calculate risk score?

Answer 7

Probability * Impact

Question 8

What should be included in the Risk List document?

Answer 8

Title -> "Risk List"
Project Name
Columns with headings:
- # (risk number)
- Risk (name of risk)
- Description (of risk)
- Probability Factor
- Impact Factor
- Risk Score

Question 9

What is it called when you address risks before they occur?

Answer 9

Risk Response Strategies

Question 10

What are the four types of risk response strategies?

Answer 10

1 - Risk Acceptance
2 - Risk Mitigation
3 - Risk Avoidance
4 - Risk Transfer

Question 11

What do you call risks that remain after performing the risk response strategy?

Answer 11

Residual Risk

Question 12

What is the name of the action taken when a risk occurs?

Answer 12

Contingency Plan

Question 13

What should be included in the Risk Response Plan document?

Answer 13

Title -> "Risk Response Plan"
Project Name
Columns with headings:
- # (risk number)
- Risk (name of risk)
- Risk Response (one of the risk response strategies)
- Description
- Contingency Plan (if the risk occurs)