Plan Risk Management Flashcards
Planning
What the purpose of Plan Risk Management?
Defines how to conduct risk management activities for the project; sets forth a general approach for risk.
What is Qualitative Risk Analysis?
Categorizing high, medium, or low type of risks.
What is Quantitative Risk Analysis?
Determine numeric risk. Determine a dollar value assigned to the risk.
What is a Risk?
An uncertain event or condition, that if occurs, has a positive or negative effect on one or more project objections. Negative risks are called threats. Positive risks are called opportunities.
What is Risk Tolerance?
How tolerant or how willing stakeholders are to accepting risks.
What is contained in a Risk Management Plan?
1) Sets forth methodologies; approaches, 2) Roles and responsibilities, 3) Budgeting and defines contingency, 4) Defines timing of risk management activities, 5) Risk Breakdown Structure (RBS), 6) Defines risk probability of impact, 7) Probability impact and matrix; risk ranking, 8) Revise stakeholders tolerances, 9) Reporting formats on how risk outcomes will be shown, 10) Documents on how risks will be tracked.
When should Risk Planning begin?
Begin as soon as a project is conceived and be completed early during project planning
What is Risk Appetite?
The degree of uncertainty an entity is willing to take on in anticipation of a reward.
What is Risk Threshold?
Measures the level of uncertainty or the level of impact at which a stakeholder may have a specific interest.
What is Probability of Risk?
The degree of belief that a risk will occur.
When should Risk Planning be completed?
As early as possible during planning.
What Enterprise Environmental Factor are related to the Plan Risk Management process?
1) Risk tolerances, 2) Risk attitudes 3) Risk thresholds
What is Probability and Impact Matrix?
A grid for mapping the probability of each risk occurrence and its impact.
