Lesson 3 Doing the Work

Question 1

risk register

Answer 1

a list of risks for the project which includes the outputs of the risk management processes

Question 2

non-event risks

Answer 2

risks which are not tied to or triggered by a specific event; types of non-event risks include variability risk and ambiguity risk

Question 3

P&I Matrix

Answer 3

Probability and impact matrix - tool used to score individual risks by probability and impact

Question 4

Risk score

Answer 4

Risk score = impact score times probability score

R = I x P

Question 5

Risk trigger

Answer 5

an indicator that a risk has happened or will happen

Question 6

Risk Breakdown Structure (RBS)

Answer 6

a hierarchical organization of risk categories

Question 7

project resilience

Answer 7

the ability for a project team to respond to risk or unexpected events; resilience can be enhanced through better planning, and use of reserves

Question 8

prompt lists

Answer 8

lists used to prompt the team to consider whether the project might be exposed to various categories of risk

Question 9

risk threshold

Answer 9

the level of risk exposure above which risks are addressed and below which risks may be accepted

Question 10

risk tolerance

Answer 10

the maximum amount of risk that a project manager or key stakeholder is willing to accept

Question 11

EMV

Answer 11

Expected Monetary Value - a method of calculating the average expected financial outcome of a risk

Question 12

decision tree

Answer 12

a technique using Expected Monetary Values to weigh two or more alternatives

Question 13

strategies for positive risks

Answer 13

general strategies for positive risks include: Escalate, Exploit, Share, Enhance and Accept

Question 14

strategies for negative risks

Answer 14

general strategies for negative risks include: Escalate, Avoid, Transfer, Mitigate and Accept

Question 15

product roadmap

Answer 15

a high level visual summary of the product or products of the project

Question 16

minimal viable product (MVP)

Answer 16

the smallest collection of features that can be included in a product for customers to consider it functional

Question 17

minimal business increment (MBI)

Answer 17

the smallest amount of value that can be added to a product or service that benefits the business

Question 18

timeboxes

Answer 18

fixed periods of time; an accepted scrum practice is to keep sprints timeboxed

Question 19

communications model

Answer 19

a model used to represent how the communication process will be performed for the project

Question 20

three communication methods

Answer 20

push, pull and interactive

Question 21

stakeholder register

Answer 21

project document including the identification, assessment and classification of project stakeholders

Question 22

stakeholder engagement assessment matrix

Answer 22

a matrix that compares current and desired levels of stakeholder engagement

Question 23

issues log

Answer 23

list of project issues

Question 24

lessons learned register

Answer 24

project document used to record knowledge gained during a project

Question 25

lessons learned repository

Answer 25

an organizational process asset which stores lessons learned from multiple projects

Question 26

explicit knowledge

Answer 26

knowledge that can be codified, documented and shared with others

Question 27

tacit knowledge

Answer 27

personal knowledge that can be difficult to articulate and share such as beliefs, experience and insights