PMP Study Deck - Risk Flashcards
Non-event Risk
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.
Project Resilience
Bulletproof your risks; good project risk plan; How to build project resilience: reserves, contingency planning, risk response planning, agility
3 Components of Risk
The Event
Impact
Probability
Risk Score
Is a calculated number (score) that reflects the severity of a risk due to some factors.
Reality Risk
A risk threat or opportunity that has occurred
Risk Trigger
Anything that indicatesthat a risk has happened or about to happen.
Risk Breakdown Structure
Organizes risk by category; not a risk register
Probability and Impact Matrix
Tool to help you rank risk.
SWOT Analysis
Analysis of Strengths, Weaknesses, Opportunities, and Threatsof a project
Prompt Lists
Predetermined list of risk categories used to “prompt” identification of risks
Dephi Technique
Information gathering technique for risks; the consensus of experts
Risk Register
list of event-based risk
Risk Report
1
Watch List
1
Tornado Diagrams
Also called a sensitivity analysis; graphical display of a single-factor sensitivity analysis; dermines which risks have the most impact on the project
EMV
Expected Monetary Value (EMV)
EMV = I($) * P
5 Strategies for Negative Risk
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)
5 Strategies for Positive Risk
Escalate - beyond scope of project Exploit - Share - partnership Enhance - increase probability Accept - active or passive
Secondary Risk
Impact of alternative risk action
Residual Risk
Remaining risk after planning; typically goes into risk report.
Risk Audit
Audit of risk processes; typically performed by someone outside of project
Risk Reassessment
Redo of risk register
Decision Tree
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.
