Project Risk Management Flashcards
What are the 13 inputs to Identify Risks?
- 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
Which process uses information-gather techniques as tools and techniques?
What are some examples of information gathering techniques?
Identify Risks Process
Examples of information-gathering techniques:
- Brainstorming
- Del[phi Technique
- Interviewing (or expert interviewing)
- Root Cause Analysis
What is probability?
The likelihood that the event or condition may occur.
What is the difference between contingency reserves and management reserves?
Contingency Reservices: Budget within the cost baseline or performance measurement baseline that is allocated for identified risks that are accepted and for which contingent or mitigating responses are developed.
Management Reserves: An amount of the project budget withheld for management control purposes. These are budget reserved for unforeseen work that is within the scope of the project. The management reserve is not included in the performance measurement baseline (PMB).
What is a workaround and when might it be used?
A response to a threat that has occurred, for which a prior response had not been planned or was not effective.
What is the primary goal of risk management?
Increase the probability and impact of positive risks (opportunities) and decrease the probability and impact of negative risks (threats)
What is the formula for calculating the risk score and how is this score used?
P x I = Risk Score
When performing qualitative risk analysis, calculate a risk score for each risk identified on the risk register in order to determine which risks have the highest score and should be further considered by quantitative risk analysis and/or risk response planning.
Risk assessment includes which 3 risks management processes?
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
What are the primary inputs to Plan Risk Management?
- Project management plan
- Project charter
- Stakeholder register
- Enterprise environmental factors
- Operational process assets
How does the PMI define risk?
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
Why are documentation reviews considered tools and techniques for Identify Risks?
Project documentation, including plans assumptions, previous project files, and plans from past projects can be good indicators of project risks.
What are the main responsibilities of risk owners?
- Tracking their assigned risks
- Implementing the documented risk response plan if/when the risk occurs.
- Monitoring the risk for changes in probability or impact.
What are the strategies for positive risks (opportunities)?
- Exploit
- Enhance
- Share
- Accept
What are the 6 Project Risk Management processes?
- Plan Risk Management
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
- Plan Risk Responses
- Control Risks
What is the difference between secondary risks and residual risks?
Secondary Risks: A risk that arises as a direct result of implementing a risk response.
Residual Risks: A risk that remains after risk responses have been implemented.
