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PMP > Project Risk Management > Flashcards

Project Risk Management Flashcards

1
Q

Plan Risk Management

A

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

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2
Q

Identify Risks

A

Identifying individual and overall project risks and documenting their characteristics

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3
Q

Perform Qualitative Risk Analysis

A

Prioritizing individual project risks based on their probability of occurrence and impact

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4
Q

Perform Quantitative Risk Analysis

A

Numerically analyzing the combined effect of individual project risk and other sources of uncertainty

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5
Q

Plan Risk Responses

A

Developing options, selecting strategies, and agreeing on actions to address overall project risk exposure

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6
Q

Implement Risk Responses

A

Implementing the agreed upon risk response plans

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7
Q

Monitor Risks

A

Monitoring the implementation of the agreed upon risk response plans, tracking risks, identifying and analyzing new risk, and evaluating the risk process effectiveness

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8
Q

What are the two types of risk in a project?

A

Individual and overall project risk

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9
Q

Can a risk have a positive effect?

A

Yes, known as opportunities

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10
Q

What are the two types of non-event risks?

A

Variability and ambiguity risk

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11
Q

What is a variability risk?

A

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

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12
Q

What is ambiguity risk?

A

Uncertainty exists about what might happen in the future and how it may affect the project’s ability to achieve its objectives

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13
Q

How can variability risks be addressed?

A

With Monte Carlo analysis

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14
Q

How can ambiguity risks be addressed?

A

Defining areas where knowledge is deficit then filling in gaps by obtaining expert knowledge

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15
Q

What is an emergent risk?

A

A risk that can only be recognized after they occur

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16
Q

What are the inputs to plan risk management?

A

Project charter, project management plan, project documents, EEFs, OPAs

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17
Q

What are the tools and techniques to plan risk management?

A

Expert judgment, data analysis, meetings

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18
Q

What are the outputs to plan risk management?

A

Risk management plan

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19
Q

What does RBS stand for?

A

Risk breakdown structure (categories of risk)

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20
Q

What are the inputs to identify risks?

A

Project management plan, project documents, agreements, procurement documentation, EEFs, OPAs

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21
Q

What are the tools and techniques to identify risks?

A

Expert judgment, data gathering, data analysis, interpersonal and team skills, prompt lists, meetings

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22
Q

What does SWAT stand for?

A

Strengths, weaknesses, opportunities, and threats

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23
Q

What is SWAT used for?

A

To examine the project from each of its strengths, weaknesses, opportunities, and threats

24
Q

What are the outputs to identify risks?

A

Risk register, risk report, project document updates

25
Q

What are the inputs to perform qualitative risk analysis?

A

Project management plan, project documents, EEFs, and OPAs

26
Q

What are the tools and techniques to perform qualitative risk analysis?

A

Expert judgment, data gathering, data analysis, interpersonal and team skills, risk categorization, data representation, meetings

27
Q

What are two data representation examples for perform qualitative risk analysis?

A

Probability and impact matrix, hierarchical charts (i.e the bubble chart)

28
Q

What is the bubble chart?

A

Is used when there are three parameters to compare in a graph, the larger the bubble the more impact

29
Q

What are the ouputs to perform qualitative risk analysis?

A

Project document updates

30
Q

Is perform quantitative risk analysis required in every project?

A

No

31
Q

What are the inputs to perform quantitative risk analysis?

A

Project management plan, project documents, EEFs and OPAs

32
Q

What are the tools and techniques to perform quantitative risk analysis?

A

Expert judgment, data gathering, interpersonal and team skills, representations of uncertainty, data analysis

33
Q

What are the outputs to perform quantitative risk analysis?

A

Project document updates

34
Q

What are the inputs to plan risk responses?

A

Project management plan, project documents, EEFs, and OPAs

35
Q

What are the tools and techniques to plan risk responses?

A

Expert judgement, data gathering, interpersonal and team skills, strategies for threats, strategies for opportunities, contingent response strategies, strategies for overall project risk, data analysis, decision making

36
Q

What are the 5 risk plan strategies against threats?

A

Escalate, avoid, transfer, mitigate, and accept

37
Q

What is an escalated risk?

A

A risk outside the control of the project team and managed at the program level

38
Q

What is an avoided risk?

A

Involves removing the cause of threat from the project before it can make an impact

39
Q

What is a transferred risk?

A

When the risk is transferred to a third party to assume the impact of the risk if it occurs

40
Q

What is a mitigated risk?

A

Actions are taken to reduce the probability of occurrence or impact of the threat (i.e. building a prototype before the full size model)

41
Q

What is an accepted risk?

A

Existence of risk is acknowledged but no proactive action is taken

42
Q

What are the 5 risk plan strategies for opportunities?

A

Escalate, exploit, share, enhance, accept

43
Q

What is an escalated opportunity?

A

An opportunity outside the control of the project team and managed at the program level

44
Q

What is an exploited opportunity?

A

Used to capture the benefit of the opportunity and ensure its probability of occurrence is 100%

45
Q

What is a shared opportunity?

A

When the opportunities ownership is transferred to a third party to share in the impact of the opportunity if it occurs

46
Q

What is an enhanced opportunity?

A

Used to increase the probability or impact of its occurrence

47
Q

What is an accepted opportunity?

A

Existence of opportunity is acknowledged but no proactive action is taken

48
Q

What is a contingent response strategy?

A

Is a response plan that is only executed under certain predefined conditions. It acts as a fall back plan

49
Q

What are the outputs to plan risk responses?

A

Change requests, project management plan updates, project document updates

50
Q

What are the inputs to implement risk responses?

A

Project management plan, project documents, OPAs

51
Q

What are the tools and techniques to implement risk responses?

A

Expert judgment, interpersonal and team skills, PMIS

52
Q

What are the outputs to implement risk responses?

A

Change requests, project document updates

53
Q

What are the inputs to monitor risk?

A

Project management plan, project documents, work performance data, work performance reports

54
Q

What are the tools and techniques to monitor risk?

A

Data analysis, audits, meetings

55
Q

What are the outputs to monitor risk?

A

Work performance information, change requests, project management plan updates, project document updates, OPA updates

PMP (12 decks)

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