Definitions Week 4 (10.3.13)

Question 1

6 Risk Management Processes

Answer 1

11. 1 Plan Risk Management
12. 2 Identify Risks
13. 3 Qualitative Risk Analysis
14. 4 Quantitative Risk Analysis
15. 5 Risk Response
16. 6 Control Risks

Question 2

What is 11.1 Plan Risk Management

Answer 2

Define how to conduct risk management for the project

Question 3

11.1 Output

Answer 3

Risk Management Plan

Question 4

Components of Risk management plan

Answer 4

Methodology
Roles and responsibilities
Budget
Timeframe

Question 5

What is 11.2 Identify risks

Answer 5

Determine which risks may effect the project

Question 6

11.2 Output

Answer 6

Risk Register

Question 7

Components of Risk Register

Answer 7

List of Identified Risk

List of Potential Responses

Question 8

What is 11.3 Qualitative Risk Analysis

Answer 8

Prioritize the Risk
Probability of Occurrence
Impact
Reduce the level of uncertainty
Focus on high-priority risks

Question 9

11.3 Output

Answer 9

Risk Register/Project Documents update

Question 10

What is 11.4 Quantitative Risk Analysis

Answer 10

Numerically analyze the effect of identified risks on overall project objectives

Question 11

11.4 Output

Answer 11

Risk register/Project documents updates

Question 12

What is 11.5 Risk Response

Answer 12

Develop options and actions to
Enhance opportunities
Reduce threats

Question 13

11.5 Output

Answer 13

Project Management Plan Updates

Project Documents Updates

Question 14

What is 11.6 Control Risks

Answer 14

Implement risk response plan
Track identified risks
Monitor residual risks
Identify new risks
Evaluate risk process effectiveness

Question 15

Strategy for Threats

Answer 15

ATM
Avoid
Transfer
Mitigate

Accept

Question 16

Strategy for Opportunities

Answer 16

ESE
Exploit
Share
Enhance

Accept

Question 17

11.6 Output

Answer 17

Work performance information
Change requests
Project Management Plan Updates
Project Document updates
Organizational Process Assets Updates