Managing Project Risks

Question 1

Tools and Techniques for Managing Risks

Answer 1

Expert Judgement
Data Gathering
Interpersonal and team skills
Strategies for threats
Strategies for opportunities 
Data Analysis
Decision Making
Contingency

Question 2

Strategies for Threats in Managing Risk

Answer 2

5 types:
Escalate
Avoid- prevent at all costs
Mitigate- decrease probability and impact, still exists
Transfer- shift to 3rd party (ex: insurance)
Accept- passive (do nothing) active (plan ahead to respond)

Question 3

Strategies for Opportunities for Managing Risk

Answer 3

5 Types
Escalate
Exploit- make sure it happens
Share- join with 3rd party to ensure it occurs
Enhance- increase prob and impact
Accept

Question 4

Decision Flow diagram

Answer 4

Can you exploit a risk

Question 5

Contingent Risk Responses

Answer 5

Plan responses in case risk occurs
Assign reserves for when occurs
depends on stakeholder tolerance
monitor for triggers (which are clearly defined in contingency plan)
Base contingency on total EMV

Question 6

Risk Audits

Answer 6

data analysis of risk Management
Assess effectiveness of risk responses and risk management activities
In Risk Management Plan- how often to audit, objectives, formats
Frequency and depth depends on project progress
Outcome of analysis may change risk ratings, prioritization, responses

Question 7

Technical Performance Analysis

Answer 7

part of Data Analysis of Risk Management
compares technical achievements planned vs actual
parameters can be anything quantifiable

Question 8

Reserve Analysis

Answer 8

part of Data Analysis of Risk Management

compare remaining reserves with remaining risks, are they adequate?

Question 9

Steps to take when risk event occurs

Answer 9

Check if risk was identified during planning
if yes- check risk register for action
if no- consult project mgmt plan > risk mgmt plan