Project Management Foundations: Risk Flashcards
What are risks?
Risks are events that can have an impact on your project but have not yet occurred. These impacts can be positive (opportunities) or negative (threats).
What are issues?
Issues are things that have already occurred on your project and the impact is being felt.
What are four things you can do to reduce and manage risk?
First, leverage your project team and key stakeholders. Uncertainty can be cleared up with information and the professional experience they bring.
Second, thing though possible outcomes. Next, consider other approaches to completing your project tasks. Finally, have a plan B.
According to the PMI, what are three ways to address complexity?
System-based approaches involve breaking down systems into small independent pieces. The second form is reframing. The third is process-based approaches.
What is decoupling?
It is a complexity reduction approach where you handle complexity by separating what each system does into component functions and then individually deal with each smaller component function.
What is reframing?
Reframing involves collecting a broad set of opinions, including opinions from people who wouldn’t normally be approached, like new customers or people with experience in different industries. New solutions come from different ways of thinking and perspectives, and reframing helps surface potential solutions so you can address complexity.
What are process-based approaches?
These are often driven by your project methodology. The process itself helps reduce potential complexity. Another process-based approaches involves modifying the way you produce your deliverables.
What are the two types of ambiguity?
Conceptual and situational.
What is conceptual ambiguity?
It is when a sentence can be interpreted more than one way. Ask clarifying questions.
What is situational ambiguity?
When more than one solution pathway or outcome can result from a project decision.
