Module 20-Planing for risk

Question 1

risk

Answer 1

measured uncertanty ;any uncertainty in an event or condition that may impact the project

Question 2

Risk Appetitie

Answer 2

is the degree of uncertainty an entity is willing to take on in anticipation of a reward.

Question 3

Risk tolerance

Answer 3

is the degree, amount, or volume of risk that an organization or individual will withstand.

Question 4

Risk threshold

Answer 4

refers to measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk. Above that risk threshold, the organization will not tolerate the risk

Question 5

Risk management

Answer 5

is the proactive planning for risks that occur during the project management process from the time you define the project through project execution.y
you need to :
*identify risks,
*analyze risk for both quantitative and qualitative impact
*generate risk responses for all risks that are identified.

Question 6

Risk Breakdown structure

Answer 6

which follows the WBS and insures that each activity and task in the WBS is reviewed for risk and opportunity and documented as identified.

Question 7

strategies for responding to risks

Answer 7

• avoidance
• mitigation
• risk transfer
• accepting the risk

Question 8

avoidance

Answer 8

During the planning, the team identifies the risk and sets a path to avoid the risk. This could include additional costs or a change to the project scope.

Question 9

mitigation

Answer 9

when the team acts in some fashion to reduce the impact or likelihood of the risk occurring. By making an early investment or taking an early action, the team can minimize the impact of the risk should it occur.

Question 10

risk transfer

Answer 10

transfer the risk to someone else. It has to be a risk that an insurance company wants to accept or an outside provider or party is willing to take responsibility for from the team. Often costs are increased during this transfer, which may protect the scope but increase the budget.

Question 11

accepting the risk

Answer 11

response strategy where you recognize the risk and say that it is a part of the project or normal business practice, and the team will plan to accept it accordingly. Often this is done where the risk is low or the impact is low and it is cheaper to accept the risk rather than spend on avoiding it.

Question 12

risk register

Answer 12

The risk register lists all risks (external, technical, or organizational) and assigns scores for probability and severity. The combined Probability Severity (P*S) score helps you prioritize the risks appropriately.

Question 13

P*S score

Answer 13

The P*S score helps to prioritize risks by determining probability and severity

Question 14

Risk Categories

Answer 14

• organization
• external influences
• technical

Question 15

organizational risk

Answer 15

resources, funding, priorities, competition with other projects, and reliance or dependencies on other actions in the organization.

Question 16

External influences

Answer 16

partners or contractors, regulation or government, competitive market influences, customer expectations and availability, environmental factors such as weather, etc.

Question 17

technical

Answer 17

technology availability and cost, complexity of the technical requirements, performance and reliability, quality, project requirements, costs, etc.