PMF06062014

Question 0

CREATING RISK MANAGEMENT PLAN

Q. Assessing the risk. To assess risks, you ask two questions:

1. What is the ___ that the risk will occur

Answer 0

Likelihood

Question 1

CREATING RISK MANAGEMENT PLAN

Q. After you identified risks, the next step in developing risk management plan is to ___ each risk you identified

Answer 1

Assess

Question 2

CREATING RISK MANAGEMENT PLAN

Q. For example, if a trade show take place in Denver Colorado in March, the ___ of bad weather and cancelled flights is high

Answer 2

Likelihood

Question 3

CREATING RISK MANAGEMENT PLAN

Q. The second question is, HOW BIG IS THE ____ IF THE RISK OCCURS.

Answer 3

Impact

Question 4

CREATING RISK MANAGEMENT PLAN

Q. For example, if bad weather prevent your sales team from arriving, the ___ on your sales event is significant

Answer 4

Impact

Question 5

CREATING RISK MANAGEMENT PLAN

Q. Ask the same people who help you identify risks, to assess the ___ and impact

Answer 5

Probability

Question 6

CREATING RISK MANAGEMENT PLAN

Q. After you assess all the risks, the next step is to ____ THE RISK and decide which ones will you manage

Answer 6

PRIORITIZE

Question 7

CREATING RISK MANAGEMENT PLAN

Q. If you use ___, ____, and ____, you might decide to manage risks if they are medium or high in either probability or impact

Answer 7

Low, medium, high

Question 8

CREATING RISK MANAGEMENT PLAN

Q. The next step in the risk management plan is to decide how will you ___ to each risk in your plan

Answer 8

Respond

Question 9

CREATING RISK MANAGEMENT PLAN

Q. Here are some risk responses you can use:

• the easiest option is to simply ____. This is fine for risk with low probability and impact

Answer 9

Accept the consequences

Question 10

CREATING RISK MANAGEMENT PLAN

Q. Another option for less significant risk is the ____ to address the issue

Answer 10

Use contingency funds

Question 11

CREATING RISK MANAGEMENT PLAN

Q. ____ is another option. For instance, changing the project scope to remove the risky part of the project (e.g. fly the sales team out 2 days early)

Answer 11

Avoiding risk

Question 12

CREATING RISK MANAGEMENT PLAN

Q. _____ means taking steps to reduce the consequences e.g. you can ship backup computers to trade show in case some of them don’t work

Answer 12

Mitigating risk

Question 13

CREATING RISK MANAGEMENT PLAN

Q. ____ simply means handing off the risk to someone else like you do with purchasing insurance

Answer 13

Transfer risk

Question 14

CREATING RISK MANAGEMENT PLAN

Q. When you can choose your responses, make sure they are not ____

Answer 14

Overkill

Question 15

CREATING RISK MANAGEMENT PLAN

Q. RESPONSE TO RISK SHOULD REFLECT ____ OF THE RISK

Answer 15

Impact

Question 16

CREATING RISK MANAGEMENT PLAN

Q. If the ___ of schedule delay is a $ 500 delay fee, it doesn’t make sense to spend $ 5,000 to prevent the delay

Answer 16

Impact

Question 17

CREATING RISK MANAGEMENT PLAN

Q. The final step in the risk management plan is defining how you ___ risk and measure responses

Answer 17

Monitor

Question 18

CREATING RISK MANAGEMENT PLAN

Q. You create a ___ with information about each risk you plan to manage

Answer 18

Risk Log

Question 19

CREATING RISK MANAGEMENT PLAN

Q. This ____ summarizes your plan for the risks:

• a description of the risk
• events or circumstances that trigger the risk
• the responses you have chosen
• who will monitor the risk
• and the result you expect from the response if you have to use it

Answer 19

Risk log

Question 20

CREATING RISK MANAGEMENT PLAN

Q. You create a risk management plan during the ____ then you implement that plan once the project is underway

Answer 20

Planning Process