Module 3 Flashcards
Risk Register
A repository in which outputs of risk management processes are recorded.
Probability & Impact (P&I) Matrix
A grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs.
Risk Trigger
It indicates that a risk has occurred or is about to occur.
Project Resilience
The ability to restore capacity and continuously adapt to changes, and to achieve its objectives in the face of. disruptive events.
Delphi Technique
A quick way to reach a consensus for any decision making.
Risk Appetite
The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward.
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.
Realized Risk
Exposer to danger, harm, or loss.
Expected Monetary Value (EMV)
A method of calculating the average outcome when the future is uncertain.
Risk Adjusted Backlog
A sprint or release backlog containing risk response tasks for actionable risks. For negative risks, these actions include avoiding, mitigating, and transferring. For positive risks, they include exploiting, enhancing, and sharing.
Risk Burndown Chart
A visual representation of how risks could affect your project completion.
Strategies for Negative Risk
The five basic strategies to deal with negative risks or threats are Escalate, Avoid, Transfer, Mitigate and Accept.
Minimum Viable Product (MVP)
The smallest collection of features that can be included in a product for customers to consider it functional. In LEAN methodologies, it can be referred to as “bare bones” or “no frills” functionality.
Minimum Business Increment (MBI)
The smallest amount of value that can be added to a product or service that benefits the business.
Communication Models
A description, analogy, or schematic used to represent how the communication process will be performed for the project.
Three Communications Methods
Interactive, Pull & Push
Version Control
A system that records changes to a file, in a way that allows you to retrieve previous changes made to it.
Change Control Board (CCB)
A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.
Stakeholder Engagement Assessment Matrix
A matrix that compares current and desired stakeholder engagement levels.
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-learned repository.
Explicit Knowledge
Knowledge that can be codified using symbols such as words, numbers, and pictures. This type of knowledge can be documented and shared with others.
Non-event Risks
Variability type - Uncertainty about some key characteristics of a planned event or activity or decision. Certain weather looks like it probably could be in this category - in terms of unseasonal conditions (of course, this is in the pmbok). Hurricane or a drought is an event risk though.
Risk Score
Risk Exposure or Risk Score is the value determined by multiplying the Impact Rating with Risk Probability as shown in Exhibit 5. The colours represent the urgency of risk response planning and determine reporting levels.
Risk Breakdown Structure (RBS)
A hierarchical representation of potential sources of risk.
