Lesson 51: Risk practice 8 – Technique Flashcards
What happens in the identify step of the risk management technique?
The project manager will review the plan’s context and objectives to identify threats and opportunities. Risks will then be identified and generally added to the risk register.
Note: Risks can be determined at the start and during the project.
Risks can be determined at the start and during the project.
What happens in the assess step of the risk management technique?
In the assessment step, the project manager, with other people, will assess the probability of each risk and its impact on the project.
They can ask: What is the likelihood and proximity, and what is the effect on cost, time, and benefits?
This information is added to the risk register.
What happens in the plan step of the risk management technique?
The project manager and others will decide how to respond to risk and monitoring arrangements.
For threats, you will choose from Avoid, Reduce, Transfer, Share, etc.
What happens in the implementation step of the risk management technique?
Sometimes, pre-emptive action can be taken, for example, to reduce the likelihood of risk happening. Other times, action will be taken only when the risk happens. The risk owner will watch out for the risk.
Can the risk owner and risk owner actionee be the same person?
Yes, the risk owner and risk owner actionee can be the same person, and this happens often.
Which documents does PRINCE2 use to communicate risk?
The project manager can use the following documents:
* highlight reports
* end-stage reports
* exception reports
* issue reports.
Explain the ‘use of data’ technique in PRINCE2 risk management.
This ‘use of data’ says that after you gather your risk, look at the risks you have collected and the relationships between them. You may notice that many risks involve a specific part of the project.
