Defining and Identifying Project Risk

Question 1

Project Risk charachteristics

Answer 1

events that might happen

events that may impact objectives

Question 2

Project Risk types

Answer 2

negative- threat, potential to harm

positive- opportunities

Question 3

Project Risk Management

Answer 3

Planning for risks and responses

identifying, analyzing, monitoring risks

Question 4

How to reduce risk in adaptive envoirnment

Answer 4

frequent reviews
cross functional teams
open to change in requirements and priorities

Question 5

Roles of Risk Management

Answer 5

Reducing uncertainty

Determining response

Question 6

Reducing Risk Uncertainty

Answer 6

determine probability/likelihood
Impact- L,M,H
ID causes- find ways to avoid/mitigate

Question 7

Tools and Techniques for Planning Risk Management

Answer 7

Data Analysis (ex: stakeholder analysis)
Expert Judgement
Meetings

Question 8

Risk Management Context

Answer 8

Risk attitude (tolerance)
Risk exposure (assess Strategic Risk Scoring Sheet)

Question 9

Strategic Risk Scoring Sheet

Answer 9

assign a score to each factor in a project

Question 10

Probability and Impact Matrix

Answer 10

probability 0-100%
impact- amount of danger

Cardinal scale for probability: 0-1
Ordinal scale for probability: low-high

Question 11

Impact Definition Table of Probability and Impact Matrix

Answer 11

criteria to determine L, M, or H to define impact

Question 12

Tools and Techniques to Identify Risks

Answer 12

Expert Judgement
Data Gathering- brainstorming, checklists, interviews
Data Analysis-root cause analysis
Interpersonal and team skills

Question 13

Risk Breakdown Structure (RBS)

Answer 13

categories of risks

Question 14

Document Analysis

Answer 14

Data analysis technique for ID risks
1- id gaps and contradictions
2- check quality of mgmt plans
3- investigate constraints and assumptions

Question 15

4 rules for Brainstorming ID risks

Answer 15

ID objective/problem
record ideas
stay on track
build on each other’s ideas

Question 16

Root Cause Analysis (ID risks)

Answer 16

address causes rather than symptoms
ask for each risk: what leads to it, what conditions, any other risks caused by it
3 basic causes: physical, human, organizational

Question 17

SWOT Analysis

Answer 17

Internal:
Strengths- advantages of team/org
Weaknesses- areas that may compromise successes
External:
Opportunity- positive factors/events that may help
Threat- disrupt, damage or hinder

Question 18

USED strategy to refine SWOT

Answer 18

Use each Strength
Stop Weaknesses
Exploit Opportunities
Defect against Threat

Question 19

Assumption and Constraint Analysis

Answer 19

examine validity of assumptions
assumptions are necessary
Assumption Analysis
Constraint Analysis

Question 20

Assumptions Analysis

Answer 20

ongoing
If assumption is false, what is the impact to the project?
Is it based on accurate info?
Is it consistent with known facts?
Is it incomplete?

Question 21

Constraint Analysis

Answer 21

ongoing

If a constraint is removed, what is the benefit?

Question 22

Checklist for ID Risks

Answer 22

part of data gathering technique
update throughout project
based on previous projects, do risks apply?
Main sources: RBS and risk registers