Project Risk Management Flashcards
What is plan risk management
The process of defining how to conduct risk management activities for a project
Plan risk management key benefit
Ensure that the degree, type, and visibility of risk management are commensurate with both the risks and importance of the project to the organization
Plan risk management inputs
Project management plan Project charter Stakeholder register Enterprise environmental factors Organizational process assets
Plan risk management tools and techniques
Analytical techniques
Expert judgment
Meetings
Plan risk management outputs
Risk management plan
What is the risk management plan
A component of the project management plan that describes how risk management activities will be structured and performed
Includes Methodology Roles and responsibilities Budgeting Timing Risk categories Definitions of risk and probability and impact Probability and impact matrix
What is the risk breakdown structure
A tool for risk categorization that helps the project team look at many sources from which project risk may arise in an identification exercise
What is a risk and probability and impact matrix
A grade for mapping the probability of each risk occurrence and it’s impact on project objectives if that risk occurs
What is the identify risks process
Process of determining which risks that may affect the project and documenting their characteristics
Identify risks imput
Risk management plan Cost management plan Schedule management plan Quality management plan Human resource management plan Scope baseline Activity cost estimates Activity duration estimates Stakeholder register Project documents Procurement documents Enterprise environmental factors Organizational process assets
Identify risks tools and techniques
Documentation reviews Information gathering techniques Checklist analysis Assumptions analysis Diagram and techniques Swot analysis Expert judgment
Identify risks outputs
Risk register
What is the risk register
The document in which the results of risk analysis and risk response planning is recorded
Information included:
List of identified risks
List of potential responses
What is perform qualitative risk analysis
The process of prioritizing risks for further analysis or action by assessing a combining the probability of occurrence and impact
Perform qualitative risk analysis inputs
Risk management plan Risk register Scope baseline Enterprise environmental factors Organizational process assets
Perform qualitative risk analysis tools and techniques
Risk probability and impact assessment Probability and impact matrix Risk data quality assessment Risk categorization Risk urgency assessment Expert judgment
Perform qualitative risk analysis outputs
Project documents updates
What is the perform quantitative risk analysis process
The process of numerically analyzing the effect of identified risks on overall project objectives
What is the plan risk responses process
The process of developing options and actions to enhance opportunities or reduce threats to project objectives
Plan risk responses inputs
Risk management plan
Risk register
Plan risk responses tools and techniques
Strategies for negative risks
Strategies for positive risks
Contingent response strategies
Expert judgment
Plan risk responses outputs
Project management plan updates
Project documents updates
Strategies for negative risk
Avoid
Transfer
Mitigate
Accept
Strategies for positive risks or opportunities
Exploit
Enhance
Share
Accept
