Knowledge Checks - Chapter 11 Flashcards
The risk categories in a project management plan can be graphically represented with a tool called a __ __ __
risk breakdown structure
The five Planning steps in Risk Management are, in order: __ __ __, __ __, __ __, __ __, and __ ____
plan risk management, identify risks, qualitative analysis, quantitative analysis, risk response planning
The tool that is used to determine where the organization’s strengths and weaknesses play against each other is called a __ grid
strengths, weaknesses, opportunities, threats (SWOT)
A risk register that measures probability, impact, and detectability is known as a __
failure modes effects analysis (FMEA)
A decision tool that is best used when the participants could become contentious is known as the __ __
Delphi technique
A reactive method of problem detection and solving in which the analysis is performed after an event has occurred is called a __ __ __
root cause analysis
A repository for all known risks on a project that identifies risk responses and owners is called a __ __
risk register
Multiplying the Impact of an event in dollars times its probability is called the __ __ __
expected monetary value
Three types of responses to negative risks are known as __, __, and __
mitigation, transfer, avoidance
A decision tool that illuminates a possible path forward based on a decision made by the business and the probability of success of each decision path is called a __ __ __
decision tree analysis
The types of responses to positive risks are known as __, __, and __
share, exploit, enhance
The risk response plan that is used when the risk has been accepted is called a __ plan
contingency plan
A minor risk that remains after the risk response strategy has been implemented is called a __ risk, whereas a risk that occurs as the result of implementing a risk response strategy is called a __ risk
residual, secondary
A __ __ is developed when a selected risk strategy is not fully effective or if risk has a high impact
fall back plan
__ __ are used to provide funding for the ‘unknown’ unknowns of a project - while __ are used to handle the known unknowns
management reserves, contingency reserves
