Project Risk Management

Question 1

What are the seven project management processes in the Project Risk Management knowledge area and the inputs, tools, techniques, and outputs (ITTO) for each process?

Answer 1

Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Implement Risk Responses
Monitor Risks

Question 2

Can I identify key documents in Project Risk Management?

Question 3

When and how do I adjust risk based on the project environment?

Question 4

When considering non-event risks, what is an example of a Variability Risk?

Answer 4

productivity may be above or below target,
the number of errors found during testing may be higher or lower than expected,
or unseasonal weather conditions may occur during the construction phase

Question 5

The process of defining how to conduct risk management activities for a project.

Answer 5

Plan Risk Management

Question 6

The process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics.

Answer 6

Identifying Risks

Question 7

The process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics.

Answer 7

Perform Qualitative Risk Analysis

Question 8

The process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives.

Answer 8

Perform Quantitative Risk Analysis

Question 9

The process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure, as well as to treat individual project risks.

Answer 9

Plan Risk Responses

Question 10

The process of implementing agreed-upon risk response plans.

Answer 10

Implement Risk Responses

Question 11

The process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project

Answer 11

Monitor Risks

Question 12

Is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.

Answer 12

Individual project risk

Question 13

Is the effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative.

Answer 13

Overal Project Risk

Question 14

Trends and emerging practices for Project Risk Management include but are not limited to:

Answer 14

Non-event risks
Project resilience
Integrated risk management

Question 15

Two main types of non-event risks:

Answer 15

Variability Risk

Ambiguity Risk

Question 16

Uncertainty exists about some key characteristics of a planned event or activity or decision.

Answer 16

Variability risk

Question 17

Uncertainty exists about what might happen in the future.

Answer 17

Ambiguity risk

Question 18

Most projects focus only on risks that are uncertain future events that may or may not occur.

Answer 18

Non-event risk

Question 19

The existence of emergent risk is becoming clear, with a growing awareness of so-called unknowable-unknowns. These are risks that can only be recognized after they have occurred.

Answer 19

Project resilience

Question 20

Projects exist in an organizational context, and they may form part of a program or portfolio. Risk exists at each of these levels, and risks should be owned and managed at the appropriate level.

Answer 20

Integrated risk management