Module 3 Flashcards
Risk Trigger
An event or situation that indicates that a risk is about to occur. Can come from external or internal factors and can have either negative or positive effects on a project.
Risk
Uncertain event or condition that if it occurs has a positive or negative effect on one or more project objectives.
Risk Tolerance
The maximum amount of risk and the potential impact of that risk occurring that a project manager or key stakeholder is willing to accept.
Risk Appetite
The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward. (How hungry an organization or group is for risk)
Risk Threshold
The level of risk exposure above which risk are addressed and below which risks may be accepted. (Risk below the threshold are by definition of no concern)
Risk Breakdown Structure (RBS)
Documents what sources a project risk may come from in a risk identification exercise. (Categories could be technical, external, financial, organizational, and project management risk)
Prompt Lists
A predefined list of risk categories that might help project team members as they are gathering and analyzing risk related data.
SWOT
Examines the project form the perspective of strengths, weaknesses, opportunities, and threats.
Probability and Impact Matrix (P&I Matrix)
Maps the probability of occurrence for each risk and the impact on the project if that risk occurs. Risks are prioritized based on their impact by using this matrix.
Risk Response
An action to address a risk and a person to implement that action. Consists of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure as well as to threat individual project risk.
Positive Risk Strategies
Escalate, Exploit, Enhance, Share, Accept
Negative Risk Strategies
Escalate, Avoid, Transfer, Mitigate, Accept
Product Roadmap
Provides short term and long term visualization of the product. Serves as a high level visual summary of the product or products of the project.
Incremental Delivery
Dividing the product into increments to be released to lead to higher customer value and increased market share by allowing delivery of value sooner rather than later and collecting feedback long the way.
Minimum Viable Product (MVP)
The bare minimum of how the value can be realized is established. (Created from feedback form incremental delivery)
Minimum Business Increment (MBI)
The delivery of MVP’s where the product and functions are understood and do not need to be reviewed for feedback and when an incremental increase in value can be pinpointed and the delivery of some of that value benefits the business (even in small increments).
Timeboxes
Release cycles and working time blocks; typically in the form of weeks or days for urgency sake.
Communication Models
A description, analogy, or schematic used to represent how communication process will be performed for the project:
- Encode
- Transmit message
- Deocde
- Acknowlege
- Feedback/Response
Communication Methods
- Push Communication: sending info to a receiver - does not guarantee that message has been received
- Pull Communication: receiver accesses info/message whenever required
- Interactive Communication: communication between multiple people performing multi-directional informational exchange.
Stakeholder Engagement Assessment Matrix
A matrix that compares current and desired stakeholder engagement levels. Used to classify stakeholders into smaller groups such as: unaware, resistant, neutral, supportive, leading
Configuration Management
A tool used to manage changes to a product or service being produced as well as changes to any of the project documents such as schedule changes. (Used to control product iterations, ensure specs are met, control steps for reward)
Version Control
A system that records changes to a file in a way that allows you to retrieve previous changes made to it.
Issue Log
A document where information about issues is recorded and monitored. Its used to track problems, inconsistencies, or conflicts that occur during the life of the project and require investigation in order to work toward a resolution.
Change Control Board (CCB)
A formally charted group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project and for recording and communicating such decisions. (Normally works closely with sponsor or key stakeholders)
Explicit Knowledge
Knowledge that can be codified using symbols such as words, numbers, and pictures.
Tacit Knowledge
Knowledge that is personal and can be difficult to articulate and share such as beliefs, experience, and insights.
Lessons Learned Register
A project document used to record knowledge gained during a project so that it can be used in the current project and entered into the lessons repository.
Lessons Learned Repository
A store of historical information about lessons learned in projects. (All encompassing)
