Plan Risk Mgmnt Flashcards
Plan Risk Management
Process of defining how to conduct risk management activities for a project.
Starts: when project is conceived
Finishes: During early project planning
Risk
An uncertain event that represents a threat to one or more project objectives.
Methodology
Defines approaches, tools, and data sources that may be used to perform risk management on the project.
Roles and Responsibilities
Defines the lead, support and risk managed never team members for each type of activity in the risk management plan, and clarified their responsibilities.
Budgeting
Assign resources, estimate finds needed for risk management for inclusion in the cost performance baseline and establishes protocol for application of contingency reserve.
Risk Categories
Structure that ensures a comprehensive process of systematically identifying risks to a consistent label of detail and contributes to the effectiveness and quality if the ID risk process
Risk Breakdown Structure
RBS
Hierarchically organized deification if the identified project risks arranged by risk category and subcategory that IDs the various areas and causes of potential risks.
Reporting Formats
Defines how the outcomes of the risk management process will be documented, analyzed and communicated.
Tracking
Documents how risk activities will be recorded for the benefit if the current project, as well as how the risk manage have process will be audited
Root Cause Analysis
Identifying a problem, discover underlying causes that lead to it, abs develop recent active action.
Performing Qualitative Risk Analysis
Prioritizing risks for further analysis or action by assessing and combining their probability of occurs be and impact.
Sensitivity Analysis
Helps determine which risks have the most potential impact on the project. Examined the extent to which the uncertainty of each project element affects the objective being examined when all other uncertain elements see held at baseline values
Expected Monetary Value Analysis
(EMV)
Star concept that calculates the average outcome when the future included scenarios that may or may not happen.
Expressed in positive values, while those of threats will be negative
Monte Carlo Technique
The project model is compounded many times with the input values chosen at random for each iteration from the probability distributions if these variables. Probability distribution is calculated from the iterations.
Avoid Risk
Changing the project management plan to eliminate the threat entirely. The project manager may also isolate the project objectives from risks impact or change the objectives in jeopardy.
