PMP Study Deck - Risk

Question 1

Non-event Risk

Answer 1

Extend of impact for a set of conditions that is certain to happen is not known, or ambiguity or disruption that may happen which is not known at all.

Question 2

Project Resilience

Answer 2

Bulletproof your risks; good project risk plan; How to build project resilience: reserves, contingency planning, risk response planning, agility

Question 3

3 Components of Risk

Answer 3

The Event
Impact
Probability

Question 4

Risk Score

Answer 4

Is a calculated number (score) that reflects the severity of a risk due to some factors.

Question 5

Reality Risk

Answer 5

A risk threat or opportunity that has occurred

Question 6

Risk Trigger

Answer 6

Anything that indicatesthat a risk has happened or about to happen.

Question 7

Risk Breakdown Structure

Answer 7

Organizes risk by category; not a risk register

Question 8

Probability and Impact Matrix

Answer 8

Tool to help you rank risk.

Question 9

SWOT Analysis

Answer 9

Analysis of Strengths, Weaknesses, Opportunities, and Threatsof a project

Question 10

Prompt Lists

Answer 10

Predetermined list of risk categories used to “prompt” identification of risks

Question 11

Dephi Technique

Answer 11

Information gathering technique for risks; the consensus of experts

Question 12

Risk Register

Answer 12

list of event-based risk

Question 13

Risk Report

Answer 13

1

Question 14

Watch List

Answer 14

1

Question 15

Tornado Diagrams

Answer 15

Also called a sensitivity analysis; graphical display of a single-factor sensitivity analysis; dermines which risks have the most impact on the project

Question 16

EMV

Answer 16

Expected Monetary Value (EMV)

EMV = I($) * P

Question 17

5 Strategies for Negative Risk

Answer 17

Escalate - beyond scope of project
Avoid - change your plan
Transfer - to another party; insurance
Educate - 
Accept - active (write a contigency plan) and passive (do nothing)

Question 18

5 Strategies for Positive Risk

Answer 18

Escalate - beyond scope of project
Exploit - 
Share - partnership
Enhance - increase probability
Accept - active or passive

Question 19

Secondary Risk

Answer 19

Impact of alternative risk action

Question 20

Residual Risk

Answer 20

Remaining risk after planning; typically goes into risk report.

Question 21

Risk Audit

Answer 21

Audit of risk processes; typically performed by someone outside of project

Question 22

Risk Reassessment

Answer 22

Redo of risk register

Question 23

Decision Tree

Answer 23

Is a specific technique in which a diagram (in this case referred to as a decision tree) is used for the purposes of assisting the project leader and the project team in making a difficult decision.