Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SOEN 384 > Lecture 12 - Managing Risk for Software Project > Flashcards

Lecture 12 - Managing Risk for Software Project Flashcards

1
Q

What is risk deciphered as? (3)

A
  • Lack of information
  • Lack of time
  • Lack of control
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the formula for calculating Risk exposure?

A

Risk exposure = Impact x Probability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is risk?

A

Something identified in advance that may or may not happen and can have positive or negative impact on project

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are positive risks know as?

A

Opportunities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

TF: Project Management does not focus on threats (negative risks)

A

False. It does

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Lack of knowledge about an event that reduces confidence in conclusions drawn from data is an…

A

Uncertainty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is risk tolerance?

A

Level of risk acceptable to an individual or organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is risk threshold?

A

Specific point at which risk becomes unacceptable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is Risk averse?

A

Someone who does not want to be negatively impacted by threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

TF: Risk tolerance is considered the opposite of risk averse

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the ISO/IEC definition of risk?

A

The combination of the probability of an event and its negative consequence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the ISO/IEC definition of risk category?

A

A class or type of risk (technical, legal, safety, schedule, etc.)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

TF: Risk category is a characterization of a source of risk

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the risk management processes? (2)

A
  • Risk assessment
  • Risk control
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the steps of risk assessment? (3)

A
  1. Risk identification
  2. Risk analysis
  3. Risk prioritization
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

TF: Risk assessment cannot be reassessed at the beginning of each iteration

A

False. It can

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is Risk identification?

A

Determines risks related to the overall project, product, and business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is the outcome of risk identification?

A

Collection of risk items

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are typical software project risk elements? (4)

A
  • Performance risk
  • Cost risk
  • Support risk
  • Schedule risk
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is performance risk?

A

Degree of uncertainty that the product will meet its requirements and be fit for intended use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is cost risk?

A

Degree of uncertainty that project budget will be maintained

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is support risk?

A

Degree of uncertainty that the resultant software will be easy to correct, adapt, and enhance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is schedule risk?

A

Degree of uncertainty that the project schedule will be maintained, and project will be delivered on time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What are some causes of software project risks? (5)

A
  • Poor risk management practices
  • Under-defined scope/goals
  • Misunderstanding context, options, and opportunities
  • Poor time and priority management
  • Cultural inability to cut our losses
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is Risk analysis?

A

Assessment of the likelihood of occurrence of a risk and the impact of it on the project, product, business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is qualitative assessment for the likelihood of occurrence for a risk?

A

The scale (low, moderate, significant, high)

27
Q

What is quantitative assessment for the likelihood of occurrence for a risk?

A

Probability of occurrence

28
Q

What is qualitative assessment for the impact on project, product, business of a risk item?

A

The scale (low, moderate, significant, high)

29
Q

What is quantitative assessment for the impact on project, product, business of a risk item?

A

A number to represent the impact of a risk
(ex: fire can cause 0.5 millions of damage in a facility)

30
Q

What makes a risk of high concern?

A

If the risk has High impact and High likelihood of occurrence

31
Q

Consider a fire which can cause 0.5 millions of damage in a facility. Let the probability of this event be 0.01. Then the risk exposure is…

A

RE = $0.5million x 0.01 = $5,000

32
Q

What is risk prioritization?

A

Setting priorities in order to determine where to focus risk mitigation efforts

33
Q

In risk prioritization, how do we determine the priority of each risk item in a quantitative model?

A

Combine the likelihood and impact

34
Q

What are the three parts that make up Risk control?

A
  • Risk Planning
  • Resolution
  • Risk Monitoring
35
Q

What does the acceptance strategy in risk planning involve in risk control?

A

Means the project has decided not to change the project plan to deal with a risk or is unable to identify any other suitable response strategy

36
Q

TF: Contingency plans is an example of the acceptance risk response strategy

A

True

37
Q

TF: Identification of risk-trigger points is an example of the acceptance risk response strategy

A

True

38
Q

TF: Using contingency allowance (time, budget, staff) is not an example of the acceptance risk response strategy

A

False. It is

39
Q

What does the avoidance strategy in risk planning involve in risk control?

A

Changing the project plan to eliminate the risk to protect the project goals and objectives from its impacts

40
Q

TF: Not using unfamiliar subcontractors is an example of the avoidance risk response strategy

A

True

41
Q

TF: Adding resources or time to critical tasks during planning is not an example of the avoidance risk response strategy

A

False. It is

42
Q

What does the transference strategy in risk planning involve in risk control?

A

Shifting the consequence and ownership of a risk to a third party

43
Q

TF: Warranties and guarantees are an example of the transference risk response strategy

A

True

44
Q

TF: Use of fixed-priced contract with subcontractors is an example of the transference risk response strategy

A

True

45
Q

What does the mitigation strategy in risk planning involve in risk control?

A

Reduces the possibility and/or consequences of an adverse risk to an acceptable level

46
Q

Adopting less complex processes is an example of what risk response strategy?

A

Mitigation

47
Q

Plan for additional testing of complex elements is an example of what risk response strategy?

A

Mitigation

48
Q

Using a more reliable or more stable vendor is an example of what risk response strategy?

A

Mitigation

49
Q

Using a prototype in the development process is an example of what risk response strategy?

A

Mitigation

50
Q

What is Risk Reduction Leverage?

A

The ratio of the reduction in risk exposure over the cost of the reduction

51
Q

What is the Risk Reduction Leverage (RRL) formula?

A

RRL = [RE(before) - RE(after)]/cost of reduction

52
Q

TF: An RRL value greater than 1 indicates cost effective risk reduction measures

A

True

53
Q

TF: An RRL value less than 1 would indicates cost effective reduction measures

A

False. Indicates a non cost effective reduction measures

54
Q

Slide 30 for RRL example

A

No answer slide?

55
Q

What is the most powerful tool for determining net outcomes from both positive and negative risk events?

A

Decision tree analysis

56
Q

A diagram that describes a decision under consideration and the implications of choosing one or another of the available alternatives is a…

A

Decision tree

57
Q

TF: The set of outcomes for a decision tree adds up to 100%

A

True

58
Q

How do you calculate the total impact for each branch of the decision tree?

A

EMV = P * I
EMV: Expected Monetary Value
P: Probability
I: Impact

59
Q

Slide 32 for Decision tree analysis technique

A

No answer?

60
Q

Examining and documenting the effectiveness of risk responses in dealing with identified risks. Their root causes, and the risk management process is known as…

A

Project Risk Response audits

61
Q

TF: Project risk response audits should not happen regularly

A

False. It should happen regularly

62
Q

What is involved in Periodic project risk reviews? (3)

A
  • Identification of new risks
  • Reassessment of current risks
  • Closing outdated risks
63
Q

What are the steps of Risk Control Overview? (6)

A
  • Identification
  • Analysis
  • Prioritization
  • Planning
  • Resolution
  • Monitoring
64
Q

What are the elements that are included in Risk Monitoring/Controlling? (6)

A
  • Risk log
  • ID number
  • Risk description
  • Risk owner
  • Action to be take
  • Outcome

SOEN 384 (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions