Project Risk Management (3) Flashcards
What are the processes in the project risk management knowledge area?
Plan risk management, identify risks, perform qualitative risk analysis, perform quantitative risk analysis, plan risk responses, implement risk responses, monitor risks
What are non-event risks?
Variability (uncertainty like weather) addressed through Monte Carlo analysis which simulates conditions
Ambiguity (overall uncertainty) addressed with benchmarking and expert judgement
What is project resilience?
Back-up plans and strategies for unknowable unknowns like COVID
What are the inputs for plan risk management?
Project charter, PMP (all), project docs (stakeholder register), EEFs (overall risk thresholds set by org or stakeholders), OPAs (policies, templates, roles, authority levels, lessons learned)
What are the components of the risk MP?
Risk strategy (approach), methodology, role and responsibilities, funding, timing, risk categories, stakeholder risk appetite, definitions of risk probability and impacts, risk priorities, reporting formats, tracking
What tools are used for plan risk management?
Data analysis (stakeholder analysis), expert judgement, meetings
What are the outputs of plan risk management?
Risk MP
What are the 4 types of risks?
Technical, management, commercial, external
What is a probability and impact matrix?
Plots probability of event occurring on y axis and impact on x axis with half of matrix showing threats and the other showing opportunities
What are the inputs for identify risks?
PMP (requirements, schedule, cost, quality, resource, risk MPs & scope, schedule, cost baseline), project docs (assumptions, cost and duration estimates, issue log, lessons learned, requirements, resource requirements, stakeholder register), agreements, procurement docs, EEFs (studies), OPAs (project files, controls, templates)
What is SWOT analysis?
Data analysis techniques that examines how much strengths offset threats and opportunities overcome weaknesses
What are the tools used for identify risks?
Prompt lists, data gathering (brainstorming, checklists, interviews), expert judgement, data analysis (root cause, assumption and constraing, SWOT, document), meetings, team skills
What are the outputs of identify risks?
Risk report, risk register, project doc updates (assumptions, issues, lessons learned)
What are the inputs for perform qualitative risk analysis?
EEFs (published studies), project docs (assumptions, risks, stakeholders), PMP (risk MP), OPAs (information from similar projects)
What are the tools used for perform qualitative risk analysis?
Expert judgement, data gathering (interviews), data analysis (risk data quality assessment, risk probability and impact assessment, assessment of other risk parameters, document analysis), team skills, risk categorization, data representation (probability and impact matrix and hierarchical charts), meetings
What are the outputs of perform qualitative risk analysis?
Project doc updates (assumptions, issues, risk register and report)
What are the inputs of perform quantitative risk analysis?
EEFs (published studies), PMP (risk MP, scope schedule and cost baselines), OPAs (information from similar projects), project docs (assumptions, basis of estimates, cost estimates, cost forecasts, duration estimates, milestone list, resource requirements, risk register and report, schedule forecasts)
What tools are used for perform quantitative risk analysis?
Expert judgement, data gathering (interviews), team skills, representations of uncertainty, data analysis (simulations, sensitivity analysis, decision tree analysis, influence diagrams)
What are the outputs of perform quantitative risk analysis?
Project doc updates (risk report)
What are simulations used for quant risk analysis?
Monte Carlo analysis uses project cost estimates and network diagram for schedule risks
uses computer software
Outputs S curve or histogram of probability on y axis vs cost of schedule on x axis showing range of uncertainty
What is sensitivity analysis?
Determines which individual risks have highest chance to affect project outcome
Tornado diagram presents calculated correlation coefficient for each element of analysis
What is decision tree analysis?
Evaluates implications of a chain of multiple options
Supports selection of best of several alternate courses of action
calculate each branch and then select optimal path
What is an influence diagram?
Represents a project within a project as a set of entities, outcomes and influences along with relationship between them
Evaluated using simulation technique
What is the risk report?
Reports quant risk analysis
What are the inputs for plan risk responses?
PMP (resource MP, risk MP, cost baseline), project docs (lessons learned, schedule, team assignments, resource calendar, risk register and report, stakeholder register), EEFs (risk appetite), OPAs (template, lessons learned)
What are the tools for plan risk response?
Expert judgement, data gathering, team skills, strategies for threats, opportunities and overall project risk, data analysis (alternative and cost-benefit), decision making, contingent response strategies
What are the outputs for plan risk response?
Change requests, PMP updates (schedule, cost, quality, resource, procurement MP, scope schedule and cost baseline), project doc updates (assumptions, cost forecasts, lessons learned, project schedule, team assignments, risk register and report)
What is risk transference?
Shifting risk ownership to a third party
What are the 5 strategies for dealing with threats?
Escalate, avoid, transfer, mitigate, and accept
What is avoiding risk?
Acting to eliminate threat and could involve changing plan
What is escalating risk/opportunity?
Giving ownership to someone above project team’s level
What is mitigating risk?
Action to reduce probability (e.g., prototype development)
What is accepting risk/opportunity?
Acknowledging a risk and taking no action
What are the 5 strategies for dealing with opportunities?
Escalate, exploit, share, enhance, accept
What is exploiting opportunity?
Increase probability that something occurs (could assign more talented resources)
What is sharing opporunity?
Transfer ownership to 3rd party
What is enhancing opportunity?
Increase probability of it happening
What are the inputs to implement risk responses?
PMP (risk MP), project docs (lessons learned, risk register and report), OPAs (lessons learned)
What are the tools for implement risk responses?
Expert judgement, team skills, PMIS
What are the outputs for implement risk responses?
Change requests, project doc updates (issue log, lessons learned, project team assignments, risk register and report)
What are the inputs for monitor risks?
PMP (risk MP), project docs (issues, lessons learned, risk register and report), work performance data, work performance reports
What are the tools for monitor risks?
Data analysis (technical performance analysis, reserve analysis), audits, meetings
What are the outputs for monitor risks?
Work performance information, change requests, PMP updates (all), project doc updates (assumptions, issues, lessons learned, risk register and report), OPAs (templates, RBS)
