Les 45: Risk practice 2 – key concepts

Question 1

What is a risk owner?

Answer 1

A risk owner is a person who is assigned to take responsibility for responding to a risk. They will keep an eye on the risk for the project manager and alert them

Question 2

What is a risk action owner?

Answer 2

The person who must carry out the agreed actions to respond to a risk, also known as the risk actionee.

Question 3

True or False: A risk owner and a risk action owner are always the same person.

Answer 3

False

Question 4

What is risk probability?

Answer 4

The estimated chance that a risk will occur, also referred to as likelihood.

Question 5

What is risk impact?

Answer 5

Risk impact is the estimated effect on project objectives should a risk occur. Project objectives refer to the seven project variables: benefits, cost, quality, risk, scope, sustainability, and time.

Question 6

List the seven project variables related to risk impact.

Answer 6

• Benefits
• Cost
• Quality
• Risk
• Scope
• Sustainability
• Time

Question 7

What does risk proximity refer to?

Answer 7

How near in time a risk might occur.