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CAPM Project Management > Project Risk Management > Flashcards

Project Risk Management Flashcards

1
Q

What are the Project Risk Management processes?

A
  1. plan risk management
  2. identify risks
  3. perform qualitative risk analysis
  4. perform quantitative risk analysis
  5. plan risk response
  6. implement risk responses
  7. monitor risks
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2
Q

What is the definition of Project Risk Management?

A
  • includes the process of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project
  • the objectives of project risk management are to increase the probability and/or impact of positive risks and to decrease the probability and/or impact of negative risks, in order to optimize the chances of project success
  • all stakeholders involved with the project should play some role in managing risks
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3
Q

What is the role of the PM during project risk management?

A
  • accountable for the day-to-day management of the project

- ensuring that the project risk processes are properly and effectively implemented

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4
Q

Why is project risk management so critical?

A
  • project success is directly related to the effectiveness of project risk management
  • risks are the “unknowns” of the project and will emerge continuously during a project
  • the project team needs to know what level of risk exposure is acceptable in pursuit of the project objectives
  • generally, risks with higher levels of impact can be addressed before those that are comparably minor
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5
Q

What is overall project risk?

A

the term used to describe the effect of uncertainty on the project as a whole

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6
Q

What are the two risk levels for every project?

A
  • high level

- low level

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7
Q

What is the plan risk responses process?

A

-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

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8
Q

What are the project risk management processes belonging to the planning process group?

A
  • plan risk management
  • plan risk responses
  • identify risks
  • perform qualitative risk analysis
  • perform quantitative risk analysis
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9
Q

What is the identify risks process?

A

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

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10
Q

What is the identify risks process?

A

-the iterative process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics

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11
Q

What is the perform qualitative risk analysis process?

A

-the process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence, impact, and other characteristics

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12
Q

What is the perform quantitative risk analysis?

A

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

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13
Q

What is the monitor risks process?

A

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

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14
Q

In what process group is the implement risk responses process?

A

executing process group

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15
Q

In what process group is the monitor risks process?

A

monitoring and controlling

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16
Q

What are the tailoring considerations for project risk management?

A
  1. project size
  2. project complexity
  3. project’s importance
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17
Q

What are the tailoring considerations for project risk management?

A
  1. project size
  2. project complexity
  3. project’s importance
  4. development approach
  5. agile/adaptive environments
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18
Q

What are the agile/adaptive environments tailoring considerations for project risk management?

A
  • in both agile and traditional PM approach, risks should be identified and their mgmt. carefully considered
  • in agile risk management, risk responses are implemented in a more integrated fashion with other ongoing processes
  • processes are reviewed more frequently and adjusted as needed
  • risks in agile projects are referred to as “impediments”
  • high-variability environments incur more uncertainty and risk
  • to address this, adaptive projects use frequent reviews of incremental products and cross-functional teams to share knowledge and ensure that risk is understood and managed
  • risk is considered when selecting the work of each iteration
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19
Q

What are the trends and emerging practices for project risk management?

A
  1. non-event risks
  2. project resilience
  3. integrated risk management
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20
Q

What is integrated risk management?

A
  • involves managing organizational risks from a strategic perspective
  • projects exist in an organizational context, and they may be be part of a program or portfolio
  • risks exist at each of these levels and should be owned and managed at the appropriate level
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21
Q

What are emergent risks?

A

can only be recognized after they’ve occurred

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22
Q

What is included in the emerging project resilience practices for project risk management?

A
  • the right level of budget and schedule contingency for emergent risks, in addition to a risk budget set aside for known risks
  • flexible project processes (like strong change management) to cope with emergent risks by maintaining the direction toward project goals
  • an empowered project team with clear objectives that is trusted to get the job done within agreed-upon constraints
  • frequent reviews of early warning signs help identify emergent risks as early as possible
  • input from stakeholders to clarify areas where the scope or strategy can be adjusted in response to emergent risks
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23
Q

When is the plan risk management process performed in a project?

A
  1. it is part of the planning process group and is at the time in the life cycle required to establish the scope of project, refine the objectives, and define the course of action required to attain the project objectives
  2. this process is performed once or at predefined points in the project
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24
Q

What is the key benefit of the plan risk management process?

A

-it ensures the degree, type, and visibility of risk management are proportionate to the level of risks and the importance of the project to the organization and other stakeholders

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25
Q

What is the role of the PM during the plan risk management process?

A
  • driver of the risk mgmt. processes and will plan all the risk identification and tracking activities
  • determine how risk will be managed on the project
  • determine the acceptable levels of risk exposure for project objectives
  • document how risk activities and audits are conducted
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26
Q

What is the impact of the plan risk management process?

A
  1. project risks can happen in all aspects of the project
  2. careful and conscientious application of risk management planning enhances the probability of success for the entire project
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27
Q

What is the risk management plan?

A
  • component of the PM plan that describes how risk mgmt. activities will be structured and performed
  • includes risk strategy, methodology, roles and responsibilities, , funding, timing, and risk categories
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28
Q

What is the risk strategy portion of the plan risk management process?

A

-describes the general approach to managing risk during a project

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29
Q

What is the roles and responsibilities portion of the risk management plan?

A

-defines the lead, support, and risk management team members for each type of activity described in the risk mgmt. plan and clarifies their responsibilities

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30
Q

What is the methodology portion of the risk mgmt. plan?

A

-defines the specific approaches, tools, and data sources that will be used to perform risk mgmt. on the project

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31
Q

What is the funding portion of the risk mgmt. plan?

A

-identifies the funds needed to perform activities related to project risk mgmt. and establishes protocols for the application of contingency and management reserves

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32
Q

What is the timing portion of the risk mgmt. plan?

A

defines when and how often the project risk mgmt. processes will be performed throughout the project life cycle, and establishes risk mgmt. activities for inclusion into the project schedule

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33
Q

What is the risk categories portion of the risk mgmt. plan?

A

provide a means for grouping individual project risks.

a common way to structure risk categories is with a risk breakdown structure (RBS), which is a hierarchical representation of potential sources of risk

an RBS helps the project team consider the full range of sources from which individual project risks may arise

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34
Q

What are inputs to the plan risk management process?

A
  1. PM plan
  2. Project documents (stakeholder register)
  3. EEFs
  4. project charter
  5. OPAs
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35
Q

What are potential EEFs that can be inputs to the plan risk mgmt. process?

A

-overall risk thresholds set by the organization or key stakeholders

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36
Q

What are potential OPAs that can be inputs for the plan risk mgmt. process?

A
  1. organizational risk policies
  2. risk categories
  3. common definitions of risk concepts and terms
  4. risk statement formats
  5. templates for the risk mgmt. plan, risk register, and risk report
  6. roles and responsibilities
  7. authority levels for decision making
  8. lessons learned repository from previous similar projects
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37
Q

What are outputs produced by the plan risk mgmt. process?

A
  1. risk mgmt. plan
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38
Q

What are some of the tools and techniques used in the plan risk mgmt. process?

A
  1. expert judgement
  2. meetings
  3. data analysis (stakeholder analysis)
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39
Q

A thorough analysis of the _______ will help identify potential risks to the project

A
  1. risk identification checklist based on historical information and knowledge
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40
Q

What is a SWOT analysis?

A
  • stands for strengths, weaknesses, opportunities, and threats
  • a data analysis technique that examines the degree to which organizational strengths may offset threats and determines if weaknesses might hinder opportunities
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41
Q

What is the key benefit of the identify risks process?

A

it documents individual project risks and the sources of overall project risk

  • a consistent format should be used for risk statements to ensure each risk is understood
  • it is important to involve the project team so they can develop a sense of ownership and responsibility for risk management
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42
Q

When does the identify risks process occur?

A
  • part of planning process group
  • occurs in the time of the life cycle required to establish the scope of the project, refine objectives, and define the course of action required to obtain project objectives
  • performed throughout the project
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43
Q

What is the role of the PM during the identify risks process?

A

-conduct the identification activities per the risk mgmt. plan or delegate them to the team members to carry out

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44
Q

What is the impact of the identify risks process?

A
  • project team should spend time identifying all issues comprehensively
  • all issues, small or large, may impact the project
  • only after every aspect of the project has been analyzed for risks, should the team move forward with solutions
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45
Q

What are the inputs to the identify risks process?

A
  1. PM plan
  2. EEFs
  3. OPAs
  4. project documents
  5. procurement documentation
  6. agreements
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46
Q

What components of the PM plan may be inputs to the identify risks process?

A
  1. requirements mgmt. plan
  2. schedule mgmt. plan
  3. cost mgmt. plan
  4. resource mgmt. plan
  5. quality mgmt. plan
  6. risk mgmt. plan
  7. scope baseline
  8. schedule baseline
  9. cost baseline
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47
Q

What are potential EEFs that may be inputs to the identify risks process?

A
  1. published material, including commercial risk databases or checklists
  2. academic studies
  3. benchmarking results
  4. industry studies of similar projects
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48
Q

What are potential OPAs that may be inputs to the identify risks process?

A
  1. project files
  2. organizational and project process controls
  3. risk statement formats
  4. checklists from previous similar projects
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49
Q

What are some of the project documents that may be inputs to the identify risks process?

A
  1. assumption log
  2. cost estimates
  3. duration estimates
  4. issue log
  5. lessons learned register
  6. requirements documentation
  7. resource requirements
  8. stakeholder register
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50
Q

What are the outputs produced by the identify risks process?

A
  1. risk report
  2. project documents updates
  3. risk register
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51
Q

What are some of the project documents updates that may be outputs produced by the identify risk process?

A
  1. assumption log
  2. issue log
  3. lessons learned register
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52
Q

What are some of the tools and techniques used during the identify risks process?

A
  1. meetings
  2. expert judgement
  3. data analysis
  4. interpersonal and team skills
  5. data gathering
  6. prompt lists
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53
Q

What are some of the data analysis tools and techniques used during the identify risks process?

A
  1. root cause analysis
  2. assumptions and constraint analysis
  3. SWOT analysis
  4. document analysis
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54
Q

What is a root cause analysis?

A

used to discover the underlying causes that lead to a problem, and then to develop preventive action

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55
Q

What is an assumptions and constraint analysis?

A

explores the validity of assumptions and constraints to determine if they pose a risk to the project

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56
Q

What is a document analysis?

A

a structured review of project documents, including plans, assumptions, constraints, previous project files, contracts, agreements, and technical documents

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57
Q

What are some of the data gathering tools and techniques that may be used during the identify risks process?

A
  1. brainstorming
  2. checklists
  3. interviews
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58
Q

What best describes how risk checklists are developed?

A

-developed based on historical information and knowledge that has been accumulated from similar projects and from other sources of information

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59
Q

What is the key benefit of the perform qualitative risk analysis process?

A
  • focuses efforts on high-priority risks
  • identifies a risk owner for each risk, who will take responsibility for planning a risk analysis and ensuring that it is implemented
60
Q

When does the perform qualitative risk analysis process occur?

A
  • part of the planning process group
  • time in life cycle required to establish the scope of the project, refine objectives, and define the course action required to attain the project objectives
  • performed throughout the project
61
Q

What is the role of the PM during the perform qualitative risk analysis process?

A
  • define the probability and impact scale of each risk
  • work with the project team to assign value of each risk and calculate its ranking
  • assure the approach to qualitative risk analysis and monitoring is followed by the team
  • facilitate the perform qualitative risk analysis process
62
Q

What is the impact of the perform qualitative risk analysis process?

A
  • nearly all other processes in the project may be affected
  • stakeholders may need to accept missed deadlines if technical risks become reality
  • no area of the project is immune from the impact of a realized risk
63
Q

What are the inputs to the perform qualitative risk analysis process?

A
  1. PM plan (risk management plan)
  2. OPAs
  3. project documents
  4. EEFs
64
Q

What component of the PM plan is an input to the perform qualitative analysis process?

A

risk management plan

65
Q

What potential OPAs could be inputs to the perform qualitative analysis process?

A

information from similar completed projects

66
Q

What project documents may be inputs for the perform qualitative risk analysis process?

A
  1. assumption log
  2. risk register
  3. stakeholder register
67
Q

What potential EEFs may be inputs to the perform qualitative analysis process?

A
  1. industry studies of similar projects

2. published material

68
Q

What are the outputs produced by the perform qualitative risk analysis process?

A
  1. project documents updates
69
Q

What project documents updates may be outputs produced by the perform qualitative risk analysis process?

A
  1. assumption log
  2. issue log
  3. risk register
  4. risk report
70
Q

What are some of the tools and techniques used during the perform qualitative risk analysis process?

A
  1. meetings
  2. expert judgement
  3. interpersonal and team skills (facilitation)
  4. risk categorization
  5. data analysis
71
Q

What data analysis tools and techniques may be used during the perform qualitative risk analysis process?

A
  1. risk data quality assessments
  2. risk probability and impact assessment
  3. assessment of other risk parameters
  4. document analysis
  5. data gathering (interviews)
  6. data representation techniques
72
Q

What are the data representation techniques that may be used during the perform qualitative risk analysis process?

A
  1. probability and impact matrix

2. hierarchical charts

73
Q

What is a sensitivity analysis?

A

-data analysis technique

-helps
determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes. It correlates variations in project outcomes with variations in elements of the quantitative risk analysis model

74
Q

What is a decision tree analysis?

A
  • a diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.
  • decision trees are used to support selection of the best of several alternative courses of action
  • the decision tree is evaluated by calculating the expected monetary value of each branch, allowing the optimal path to be selected
75
Q

What is the key benefit of the perform quantitative risk analysis process?

A
  • it quantifies overall project risk exposure, in terms of time, cost, resources, etc., and can provide additional quantitative information to support response planning
  • for this process to occur, high quality data on individual project risks and other sources of uncertainty needs to be available to some extent
76
Q

When does the perform quantitative risk analysis process occur?

A

-not required for every project, but when it is used, it is performed throughout the project

77
Q

What is the role of the PM during the perform quantitative risk analysis process?

A
  • ensure the planned approach to quantitative analysis is adhered to by the team
  • ensure that an expert qualified in the quantitative analysis of complex data is conducting the examination
  • gather unbiased data from various sources
78
Q

What is the impact of the perform quantitative risk analysis process?

A
  • collecting the data required for quantitative risk analysis is more labor intensive than qualitative analysis and may disrupt other planned activities since project members will need to dedicate time to assess various types of analyses
  • this could potentially cause activities to slip in the schedule and even increase overall costs
79
Q

What are are data analysis simulations?

A

used to model the combined effects of individual project risks to evaluate their potential impact on achieving project objectives

i.e., histograms, cumulative probability distribution (s-curve)

80
Q

What is a histogram simulation?

A

shows the frequency of a particular simulation outcome

81
Q

What is the cumulative probability distribution (s-curve) simulations

A

shows the probability of achieving any particular outcome

82
Q

What is a tornado diagram?

A
  • a type of sensitivity analysis
  • presents the calculated correlation coefficient for each element of the quantitative risk analysis model that can influence the project outcome.
  • items are ordered by descending strength of correlation, giving the typical tornado appearance
83
Q

What is an influence diagram?

A

-represents a project or situation as a set of entities, outcomes, and influences, with their relationships and effects

84
Q

What is the risk report, as it pertains to the perform quantitative risk analysis process?

A
  • proj. doc. updated to reflect results of quantitative risk analysis
  • assessment of overall project risk exposure, reflected in two key measures:
    a. chances of proj. success
    b. degree of variability remaining in the project
  • a detailed probabilistic analysis of project which presents key outputs
  • prioritized list of individual project risks, including risks that pose greatest threat/opportunity, as indicated in sensitivity analysis
85
Q

What is included in the risk report, as it pertains to the perform quantitative risk analysis process?

A
  1. assessment of overall project risk exposure
  2. detailed probabilistic analysis of the project
  3. prioritized list of individual project risks
  4. trends in quantitative risk analysis results
  5. recommended risk analysis
86
Q

What are the inputs to the perform quantitative analysis process?

A
  1. PM plan
  2. project docs
  3. EEFs
  4. OPAs (info from similar completed projects)
87
Q

What components of the PM plan are inputs to the perform quantitative analysis process?

A
  1. risk mgmt. plan
  2. scope baseline
  3. schedule baseline
  4. cost baseline
88
Q

What project documents may be inputs to the perform quantitative analysis process?

A
  1. assumption log
  2. basis of estimates
  3. cost estimates
  4. cost forecasts
  5. duration estimates
  6. milestone list
  7. resource requirements
  8. risk register
  9. risk report
  10. schedule forecasts
89
Q

What are potential EEFs that may be inputs to the perform quantitative analysis process?

A
  1. industry studies of similar projects

2. published material

90
Q

What are outputs produced by the perform quantitative analysis process?

A
  1. project documents updates
91
Q

What is the project document update that may be an output produced by the perform quantitative risk analysis process?

A

risk report

92
Q

What are the tools and techniques used during the perform quantitative analysis process?

A
  1. expert judgement
  2. data analysis
  3. data gathering (interviews)
  4. representations of uncertainty
  5. interpersonal and team skills
93
Q

What are the data analysis tools and techniques used in the perform quantitative analysis process/

A
  1. simulations
  2. sensitivity analysis
  3. decision tree analysis
  4. influence diagram
94
Q

What does risk transference involve?

A
  1. shifting ownership of a threat to a third party to manage the risk and to bear the impact if the threat occurs.
  2. Risk transfer often involves payment of a risk premium to the party taking on the threat
  3. transfer can be achieved by a range of actions
95
Q

What is the ‘accept’ strategy of addressing threats within the plan risk response process?

A

accepting an opportunity acknowledges its existence but no proactive action is taken

this strategy may be appropriate for low-priority opportunities, and it may also be adopted where it is not possible or cost-effective to address an opportunity any other way

96
Q

What are some strategies used to deal with project negative risks/threats?

A
  1. escalate
  2. avoid
  3. transfer
  4. mitigate
  5. accept
97
Q

What is the purpose of the plan risk responses process?

A
  • identifies ways to address overall and individual project risks
  • allocates resources
  • inserts activities into project documents and the project mgmt. plan as needed (changes to baselines must be authorized)
98
Q

What is the key benefit of the plan risk responses process?

A
  • risk responses can minimize threats, maximize opportunities, and reduce overall project risk exposure
  • once risks have been identified, analyzed, and prioritized, plans should be developed by the risk owner to address risks considered to be sufficiently important
  • selecting the optimal risk response from several options is often required
99
Q

When does the plan risk responses process occur?

A
  1. part of the planning process group
  2. is the time in the life cycle required to establish the scope of the project, refine the objectives, and define the course of action required to attain the project objectives
  3. performed throughout the project
100
Q

What is the role of the PM during the plan risk responses process?

A
  1. work to eliminate negative risks before they occur
  2. explore methods of enhancing positive risks before the opportunity exists
  3. work with stakeholders and reference lessons learned to apply the best practices for risk responses
101
Q

What is the impact of the plan risk responses process?

A
  1. while often critical to the success of the proj.:
    - does not directly contribute to the chartered goals of the project
    - can increase costs or schedule of the overall project
    - 2. carrying out this process thoroughly means the project will more likely be on schedule and experience fewer ad hoc issues
102
Q

What is a threat in the plan risk responses process?

A

-a negative uncertainty

103
Q

What is an opportunity in the plan risk responses process?

A

positive uncertainty

104
Q

What is the escalate strategy for addressing threats in the plan risk responses process.

A
  1. escalated risks are not managed on the project level since they exceed the PM’s authority
  2. threats are communicated to those in the program, portfolio, or other relevant part of the organization
105
Q

What is the avoid strategy for addressing threats during the plan risk responses process?

A
  1. risk avoidance takes place with the proj. team acts to eliminate the threat or protect the project from its impact
106
Q

What is the transfer strategy for addressing threats during the plan risk responses process?

A

involves shifting ownership of a threat to a third party to manage the risk and to bear the impact if the threat occurs

107
Q

What is the mitigate strategy for addressing threats during the plan risk responses process?

A

action is taken to reduce the probability of occurrence and/or impact of a threat

108
Q

What are the inputs to the plan risk responses process?

A
  1. PM plan
  2. proj. documents
  3. EEFs
  4. OPAs
109
Q

What components of the PM plan are inputs to the plan risk responses process?

A
  1. resource mgmt. plan
  2. risk mgmt. plan
  3. cost baseline
110
Q

What are some project documents that are inputs to the plan risk responses process?

A
  1. lessons learned register
  2. project schedule
  3. project team assignments
  4. resource calendars
  5. risk register
  6. risk report
  7. stakeholder register
111
Q

What are some EEFs that are inputs for the plan risk responses process?

A
  1. risk appetite and thresholds of key stakeholders
112
Q

What are some OPAs that are inputs to the plan risk responses process?

A
  1. templates for the risk mgmt. plan, risk register, and risk report
  2. historical databases
  3. lessons learned repositories from similar projects
113
Q

What are the outputs produced by the plan risk responses process?

A
  1. PM plan updates
  2. change requests
  3. proj. documents updates
114
Q

What are some PM plan updates that are outputs produced by the plan risk response process?

A
  1. schedule mgmt. plan
  2. cost mgmt. plan
  3. quality mgmt. plan
  4. resource mgmt. plan
  5. procurement mgmt. plan
  6. scope baseline
  7. schedule baseline
  8. cost baseline
115
Q

What are some project documents updates that are outputs produced by the plan risk responses process?

A
  1. assumption log
  2. cost forecasts
  3. lessons learned register
  4. project schedule
  5. project team assignments
  6. risk register
  7. risk report
116
Q

What are some tools and techniques used during the plan risk responses process?

A
  1. interpersonal and team skills (facilitation)
  2. expert judgement
  3. data analysis
  4. strategies for overall project risk
  5. strategies for opportunities
  6. strategies for threats
  7. contingent response strategies
  8. decision making
  9. data gathering
117
Q

What data analysis tools and techniques may be used during the plan risk responses process?

A
  1. alternative analysis

2. cost-benefit analysis

118
Q

What decision making tools and techniques are used during the plan risk responses process?

A

multicriteria decision analysis

119
Q

What strategy for risks or positive opportunities is used to increase the probability and/or positive impact of an opportunity?

A
  1. enhance
120
Q

What is the key benefit of the implement risk responses process?

A

ensures that agreed-upon risk responses are executed as planned in order to:

  1. address overall project risk exposure
  2. minimize individual project threats
  3. maximize individual project opportunities
121
Q

What is a common problem that affects projects regarding risk management?

A
  1. risk responses may be planned to the fullest extent, but nothing is done afterwards
  2. only when risk owners give the required level of effort to implement the responses, will the risk exposure be managed proactively
122
Q

When does the implement risk responses process occur?

A
  1. part of the executing process group
  2. is the time in the life cycle when processes are performed to complete the work defined in the project mgmt. plan to satisfy the proj. requirements
  3. performed throughout the project
123
Q

What is the role of the PM during the implement risk responses process?

A
  1. validate risk mitigation strategies and alternatives- you’ll be expected to take action
  2. communicate risk mgmt. statuses and risk responses to all appropriate stakeholders
124
Q

What is the impact of the implement risk responses process?

A
  1. involves knowing the impacts that risk response actions will have on proj.
  2. risk mitigation actions may also give rise to new risks that should be accounted for
  3. this involves revising risk mgmt. docs to capture the results of mitigation
  4. change control should also address risks associated w/ the proposed change
125
Q

What are the inputs to the implement risk responses process?

A
  1. proj. documents
  2. PM plan
  3. OPAs
126
Q

What proj. documents are inputs to the implement risk responses process?

A
  1. lessons learned register
  2. risk register
  3. risk report
127
Q

What components of the PM plan are inputs to the implement risk responses process?

A

risk mgmt. plan

128
Q

What are OPAs that are inputs to the implement risk responses process?

A

lessons learned repository

129
Q

What are outputs produced by the implement risk responses process?

A
  1. project documents updates

2. change requests

130
Q

What are some proj. documents updates that are outputs produced by the implement risk responses process?

A
  1. issue log
  2. lessons learned register
  3. project team assignments
  4. risk register
  5. risk report
131
Q

What are some of the tools and techniques used in the implement risk responses process?

A
  1. PMIS
  2. Interpersonal skills (influencing)
  3. expert judgement
132
Q

What is included in the components of the risk register that are outputs produced by the monitor risks process?

A
  1. identified project risks,
  2. risk owners
  3. agreed-upon risk
  4. specific implementation actions
    - may also provide other details including
  5. control actions for assessing the effectiveness of Risk plans
  6. symptoms and warning signs of risk
  7. residual and secondary risks
  8. a watch list of low-priority risks.
133
Q

What is a risk audit?

A

a type of audit that may be used to consider the effectiveness of the risk mgmt. process

PM is responsible for ensuring that risk audits are performed at an appropriate frequency, as defined in the project’s risk mgmt. plan

134
Q

What is the purpose of the monitor risks process?

A
  • enables project decisions to be based on information about overall project risk and individual project risks
  • it allows for:
    1. monitoring risk response plans
    2. tracking identified risks
    3. identifying and analyzing new risks
    4. evaluating risk process effectiveness throughout the project
135
Q

When does the monitor risks process occur?

A
  1. part of monitoring and controlling process group
  2. time in life cycle required to track, review, and regulate the progress of the project; identify any areas where changes to the plan are required; and initiate those changes
  3. process is performed throughout the project
136
Q

What is the role of the PM during the monitor risks process?

A
  1. ensure risk re-evaluation is planned during periodic intervals to confirm the project is adequately covered on all risks
  2. mark any obsolete risks and ensure new risks are identified and planned for
  3. ensure all aspects of the risk mgmt. plan are being implemented
  4. ensure communications about risks are made to the appropriate stakeholders
137
Q

What is the impact of the monitor risks process?

A
  1. can impact the project costs. schedule, and resources, depending on the type of risks that materialize
  2. risk mitigation actions could also give rise to new risks that pertain to any part of the project
138
Q

What are the inputs to the monitor risks process?

A
  1. project mgmt. plan
  2. project documents
  3. work performance reports
  4. work performance data
139
Q

What are the components of the PM plan that are inputs to the monitor risks process?

A

risk mgmt. plan

140
Q

What are the project documents that are inputs for the monitor risks process?

A
  1. issue log
  2. lessons learned register
  3. risk register
  4. risk report
141
Q

What are outputs to the monitor risks process?

A
  1. PM plan updates
  2. change requests
  3. project documents updates
  4. work performance information
  5. OPAs updates
142
Q

What are some project documents updates that are outputs produced by the monitor risks process?

A
  1. assumption log
  2. issue log
  3. lessons learned register
  4. risk register
  5. risk report
143
Q

What are some OPAs updates that may be outputs produced by the monitor risks process?

A
  1. templates for the risk mgmt. plan, risk register, and risk report
  2. risk breakdown structure (RBS)
144
Q

What are some tools and techniques that are used during the monitor risks process?

A
  1. meetings
  2. data analysis
  3. audits
145
Q

What are some data analysis tools and techniques that may be used during the monitor risks process?

A
  1. technical performance analysis

2. reserve analysis

CAPM Project Management (9 decks)

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