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Caitlin's PMP 2024 > Planning: Risk Management > Flashcards

Planning: Risk Management Flashcards

1
Q

Includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.

A

Project Risk Management

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2
Q

A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed.

A

Risk Management Plan

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3
Q

The process of defining how to conduct risk management activities for a project.

A

Plan Risk Management

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4
Q

The effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative.

A

Overall Project Risk

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5
Q

Uncertain event or condition; has positive or negative effect on one or more project objectives

A

Individual Risk level

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6
Q

Negative risks are called ___; positive risks are called ___.

A

threats, opportunities

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7
Q

Non-event risk type where productivity may be above or below target, unseasonal weather conditions may occur during construction

A

Variability risk

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8
Q

Non-event risk such as future developments in regulatory frameworks, inherent systemic complexity in the project

A

Ambiguity risk

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9
Q

“Unknowable-unknown” type of risk

Can only be recognized after they have occurred

A

Emergent risk

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10
Q

A hierarchical representation of potential sources of risks.

A

Risk Breakdown Structure (RBS)

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11
Q

An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.

A

Risk

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12
Q

A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs.

A

Risk Acceptance

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13
Q

The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward.

A

Risk Appetite

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14
Q

A type of audit used to consider the effectiveness of the risk management process.

A

Risk Audit

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15
Q

A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.

A

Risk Avoidance

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16
Q

Organization by sources of risk (ex: using the RBS), the area of the project affected (ex: using the WBS), or other useful category (ex: project phase) to determine the areas of the project most exposed to the effects of uncertainty.

A

Risk Categorization

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17
Q

A group of potential causes of risk

A

Risk Category

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18
Q

Purpose being to define how to conduct risk assessment and risk management activities for a project

A

Plan Risk Management

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19
Q

Purpose being to determine which risks may affect the project and document their characteristics

A

Identify Risks

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20
Q

Purpose being to prioritize risks for further analysis or action by assessing and combining their probability of occurrence and impact

A

Perform Qualitative Risk Analysis

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21
Q

Purpose being to develop options and actions to enhance opportunities and to reduce threats to project objectives

A

Plan Risk Response

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22
Q

The process of identifying individual project risks and sources of overall project risk and documenting characteristics.

A

Identify Risks

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23
Q

A repository in which outputs of risk management processes are recorded.

A

Risk Register

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24
Q

A project document developed progressively throughout the Project Risk Management processes, which summarizes information on individual project risks and the level of overall project risk.

A

Risk Report

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25
Q

The measure of acceptable variation around an objective that reflects the risk appetite of the organization and stakeholders.

A

Risk Threshold

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26
Q

All documents used in signing, executing, and closing an agreement.

A

Procurement Documentation

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27
Q

An analytical technique used to determine the basic underlying reason that causes a variance or a defect or a risk. A root cause may underlie more than one variance or defect or risk.

A

Root Cause Analysis

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28
Q

Explores the validity of all assumptions and constraints made during planning.

A

Assumptions and Constraints Analsis

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29
Q

Technique examines project from strengths, weakness, opportunities, and threats

A

SWOT Analysis

30
Q

Predetermined list of risk categories: PESTLE

A

Political, economic, social, technological, legal, environmental

31
Q

Predetermined list of risk categories: TECOP

A

technical, environmental, commercial, operational, political

32
Q

Predetermined list of risk categories: VUVA

A

volatility, uncertainty, complexity, ambiguity

33
Q

The person responsible for monitoring the risks and for selecting and implementing an appropriate risk response strategy.

A

Risk Owner

34
Q

What is the lowest level of the RBS?

A

A risk prompt list

35
Q

Explores the validity of all assumptions made during planning

A

Assumption analysis

36
Q

Shows relationships between variables and outcomes

A

Influence Diagram

37
Q

The process of prioritizing risks for further analysis or action by assessing their combined probability of occurrence and impact as well as other characteristics

A

Perform Qualitative Risk Analysis

38
Q

A formal or informal approach to elicit information from stakeholders by talking to them directly.

A

Interviews

39
Q

Technique to evaluate the degree to which the data about risks is useful for risk management.

A

Technique to evaluate the the degree to which the data about risks is useful for risk management.

40
Q

A risk response strategy whereby the project team acts to increase the probability of occurrence or impact of an opportunity.

A

Risk Enhancement

41
Q

A risk response strategy whereby the team acknowledges that a risk is outside of its sphere of influence and shifts the ownership of the risk to a higher level of the organization where it is more effectively managed.

A

Risk Escalation

42
Q

A risk response strategy whereby the project team acts to ensure that an opportunity occurs.

A

Risk Exploiting

43
Q

An aggregate measure of the potential impact of all risks at any given point in time in a project, program, or portfolio.

A

Risk Exposure

44
Q

A risk response strategy whereby the project team acts to decrease the probability of occurrence or impact of a threat.

A

Risk Mitigation

45
Q

A meeting to examine and document the effectiveness of risk responses in dealing with overall project risk and with identified individual project risks.

A

Risk Review

46
Q

A risk response strategy whereby the project team allocates ownership of an opportunity to a third party who is best able to capture the benefit of that opportunity.

A

Risk Sharing

47
Q

A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response.

A

Risk Transference

48
Q

A grid of mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs.

A

Probability and Impact Matrix

49
Q

When are hierarchical charts used?

A

when more than two parameters are used

50
Q

A list of items, actions, or points to be considered

A

Checklists

51
Q

A predetermined list of risk categories that might give rise to individual project risks and that could also act as sources of overall project risk

A

A prompt list

52
Q

The ability to effectively guide a group event to a successful decision, solution, or conclusion

A

Facilitation

53
Q

What is the difference between ‘probability and impact matrix’ and ‘risk data quality assessment’?

A

probability and impact matrix - assigns a risk rating to each risk

risk data quality assessment - verifies the quality of the data used to identify risk

54
Q

A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.

A

Decision Tree Analysis

55
Q

Formula for Expected Monetary Value (EMV)

A

EMV = Probability x Impact

56
Q

Shows relationship between variables and outcomes

A

Influence diagrams

57
Q

A way to graphically display sensitivity analysis

A

Tornado Diagram

58
Q

Name three strategies to handle negative risks.

A

Accept, Mitigate, and Transfer

59
Q

Name three strategies to handle positive risks.

A

Accept, Share, and Enhance

60
Q

Risk strategy when the risk is simply accepted.

A

Accept

61
Q

Risk strategy when the risk is reducing the probability of risk occurring and/or minimizing the impact if the risk does occur

A

Mitigate

62
Q

Risk strategy used when something is changed so that a risk event can no longer occur

A

Avoid

63
Q

Risk strategy that increases the probability and positive impacts of an opportunity

A

Enhance

64
Q

Risk strategy used when risk is shifted to a third party

A

Transfer

65
Q

Risk strategy used when something is changed to ensure that a risk event occurs

A

Exploit

66
Q

Risk response strategy that involves setting aside a contingency reserve but doing nothing further

A

Active acceptance

67
Q

Planned risk response that is implemented in response to a particular occurrence

A

Contingency plan

aka Secondary plan

68
Q

Planned risk response that is an alternative set of actions and tasks available in the event that the primary plan needs to be abandoned because of issues, risks, or other causes

A

A fallback plan

69
Q

A risk that remains even after risk response plans have been implemented

A

Residual risk

(leftover portion of the risk which could not be eliminated via the response plan)

70
Q

A risk that arises as a direct result of implementing a risk response

A

A secondary risk

71
Q

In order for management reserves to be released, whose approval would be needed?

A

Management

not part of the Cost Baseline

72
Q

Whose approval is needed to spend contingency reserves?

A

Project manager

to cover uncertain but foreseeable events

Caitlin's PMP 2024 (16 decks)

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