Project+ Study Notes 24 Flashcards
Strengths and weaknesses are generally related to issues that are internal to the organization. Opportunities and threats are usually external to the organization.
SWOT
is the process of identifying those risks that have the greatest possibility of occurring and the greatest impact to the project if they do occur. Before beginning risk analysis be sure to know stakeholders risk tolerance levels, and the type of industry you work in for each industry has different levels of risk.
Risk analysis
Probability is the likelihood that a risk event will occur. Impact is the consequence (or opportunity) the risk poses to the project if it occurs.
Risk response planning is the process of reviewing the risk analysis and determining what, if any, action should be taken to reduce negative impacts and take advantage of opportunities as a result of a risk event occurring.
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Exploit: Looking for opportunities to take advantage of positive impacts
Share: Assigning the risk to a third party who is best able to bring about the opportunity
Enhance: Monitoring the probability or impact of the risk event to assure benefits are realized
Accept: Choosing to accept the consequences of the risk
The strategies associated with positive risks or opportunities include the following :
Impromptu Meetings : impromptu meetings occur in the moment and are not scheduled ahead of time.
Closure meetings : occur at end of project or end of project phase. This is where final acceptance of deliverables occurs, you will obtain sign-off from project sponsor that project is complete and meets expectations.
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include project kickoff meetings, team status meetings, written status reports, team-building sessions, or other planned sessions that you hold with the team. Informal communications include phone calls and emails to and from your team members, conversations in the hallway, and impromptu meetings.
Formal communications
Use the risk register to communicate the project risks and action plans to the stakeholders. Include a risk update in your project status meetings, and periodically set up a risk review meeting to go through each risk on the risk register and determine whether they have occurred or are likely to occur. Risk typically diminishes over time, so risk rankings should change as well to reflect the current state of the project. New risks can come to light as you proceed with the work of the project, so be certain to make risk review a standard part of your project management process.
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You will need to monitor risks throughout the Executing, and Monitoring and Controlling phases of the project.
Stakeholders need lots of communication in every form you can provide, and their communication preferences should be documented within the communication plan.
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Stakeholders may have differing requirements for project information including the frequency in which they receive the information. Key stakeholders may require more frequent updates than others, so note the frequency in the communication plan.
Frequency
Stakeholders who represent a specific area of the business will want more detail about the tasks or risks associated with their own areas. the level of detail stakeholders require will differ depending on who they are.
Level of Report Detail
