Project Risk Management

Question 1

Risk Processes

Answer 1

Planning: Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Executing: Implement Risk Responses
Monitoring/Controlling: Monitor Risks

Question 2

Plan Risk Management

Answer 2

I: Project charter, PM plan, project documents, EEFs/OPAs
TT: Expert judgment, data analysis, meetings
O: Risk management plan

Question 3

Identify Risks

Answer 3

I: PM plan, project documents, agreements, procurement documentation, EEFs, OPAs
TT: Expert judgment, data gathering, data analysis, interpersonal and team skills, prompt lists, meetings
O: Risk register, Risk report, project documents updates

Question 4

Perform Qualitative Risk Analysis

Answer 4

I: PM plan, project documents, EEFs/OPAs
TT: Expert judgment, data gathering, data analysis, interpersonal and team skills, risk categorization, data representation (includes probability/impact matrix), meetings
O: Project documents updates

Question 5

Perform Quantitative Risk Analysis

Answer 5

I: PM plan, project documents, EEFs, OPAs
TT: Expert judgment, data gathering, interpersonal and team skills, representations of uncertainty, data analysis (eg, simulation, decision tree)
O: Project documents updates

Question 6

Plan Risk Responses

Answer 6

I: PM plan, project documents, EEFs, OPAs
T: Expert judgment, data gathering, interpersonal and team skills, strategies for threats, strategies for opportunities, contingent response strategies, strategies for overall project risk, data analysis, decision making
O: Change requests, PM plan updates, project documents updates

Question 7

Implement Risk Responses

Answer 7

I: PM plan, project documents, OPAs
TT: Expert judgment, interpersonal and team skills, PM information system
O: Change requests, project documents updates

Question 8

Monitor Risks

Answer 8

I: PM plan, project documents, work performance data, work performance reports
TT: Data analysis, audits, meetings
O: Work performance information, change requests, PM plan updates, project documents updates, OPA updates

Question 9

Probability / Impact Matrix

Answer 9

Qualitative analysis

Risk score = probability score x impact score

Question 10

SWOT analysis

Answer 10

Strengths
Weaknesses
Opportunities
Threats

Question 11

Risk Register

Answer 11

Output of Identify Risks / updated in Analysis processes and Plan Risk Responses process
List of: identified risks, potential risk owners, potential risk responses (Plan Responses), impact/probability scores/risk scores (Perform Qual Analysis)

Question 12

Risk Report

Answer 12

Output of Identify Risks

sources of overall project risk, summary data on individual risks

Question 13

Strategies for Threats

Answer 13

Escalate (outside project scope)
Avoid (to 0%, eg, amending scope)
Transfer (eg, insurance)
Mitigate (reduce probability or impact)
Accept (eg, contingency reserve)

Question 14

Strategies for Opportunities

Answer 14

Escalate
Exploit (to 100%)
Share (joint ventures)
Enhance (increase probability/impact)
Accept

Question 15

Risk event statement

Answer 15

If this, then that

Focus on causes of the risks