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zProject Management > definition phase 3 > Flashcards

definition phase 3 Flashcards

1
Q

what are valuable inputs by risk identification

A

checklist organised by source of risk
project definition/planning
historical information (previous projects, etc)

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2
Q

how to get an inventory of risks that might ruin the project

A

brainstorm with a team or interview key stakeholders

identify key stakeholders

investigate project, determine all possible risks

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3
Q

what risks are there

A

Within control of the project team
Outside the full control of the project team

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4
Q

what are the 6 types of risks

A

organising risks
controlling risks
foundation risks
planning risks
technical risks
deliverables risks

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5
Q

what are foundation risks

A

insufficient support for the project:
- no defined limits
- poor project definition
- imprecise goals

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6
Q

what are planning risks

A

planning level is inappropriate:
planning tools are too complex
planning method is too restrictive

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7
Q

what are organising risks

A

no defined priorities
poor communication
wrong person as project manager

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8
Q

what are controlling risks

A

lack of understanding for the purpose of control

project manager has responsibility but no formal authority

report contents are not acted upon

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9
Q

what are technical risks

A

don’t have requirements and design

no proper tools, documentation

no training

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10
Q

what are deliverables risks

A

don’t have the ability to sell the project goal

the needs change

poor management of time, between the other business commitments

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11
Q

what are risks outside of the full control of the project

A

competitor risks
legislative risks (government)
customer market risks

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12
Q

what have internal risks to do with

A

how you lead the project and the management

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13
Q

what do you need to do with risks outside of control

A

you should detect them

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14
Q

what are customer market risks

A

no clear/recognized need in the marketplace

market happy with existing products

market potential is low

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15
Q

what are competitor risks

A

A dominant competitor exercises leadership in the industry

Competitors exist to fill the need or demand

Competition will not be restricted or inhibited

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16
Q

what are legislative risks

A

Legislation unfavourable to the product exists or is pending

special interest groups opposed to product

17
Q

what does risk assesment do

A

assess the likelihood of the risk occurring

assess the severity of the impact if the risk becomes reality

18
Q

what are the steps in the risk management model

A

step 1: risk identification (brainstorm)
step 2: risk assessment
step 3: risk control (risk management and contingency plan)
step 4: risk monitoring

19
Q

what are the steps 1-3 of step 3 risk control

A
  1. work out risk management plan
  2. work out contingency plan
  3. reserves in project plan or budget to deal with some risks + contractual agreements for risk reduction
20
Q

what are steps 4-6 of risk control (part of risk management plan)

A
  1. proof of the need/objective of the risk plan
  2. results risk identification + assessment (description + likelihood of occuring + severity of impact)
  3. risk management procedures (how manage risk? detailed actions to prevent or reduce risk)
21
Q

what does a risk management plan do

A

minimise or prevent the risks from occurring

22
Q

what does a contingency plan do

A

action plan to be taken if an identified risk should occur

23
Q

what are reserves or contractual agreements

A

External purchase of products, services, insurance
Contractual transfer of financial consequences

24
Q

what are counter measures for high risks

A
  • Prevent by eliminating the cause of the risk
  • Contingency plan where appropriate
25
Q

what are counter measures for medium risks

A
  • Reduce probability of occurrence, minimize impact
  • Contingency plan where appropriate
26
Q

what are counter measures for low risk

A
  • Accept the risk but monitor
  • Contingency plan where appropriate
27
Q

what are the steps of step 4 risk monitoring

A
  1. monitor risks regularly
  2. Report on high risks and preventive actions in your progress reports with project owner
  3. record when risk has passed
  4. record new risks, update risk management plan + contingency plan
28
Q

who needs to monitor the risks

A

team, project owner, stakeholders

29
Q

what are some elements of project charter

A

goal
objectives
scope
deliverables

zProject Management (11 decks)

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