ProjectRiskMgmt Processes

Question 1

Project Risk Management

Answer 1

Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. The objectives of Project Risk Management are to increase the probability and impact of positive events, and decrease the probability and impact of negative events in the project.

Question 2

Plan Risk Management

Answer 2

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

Question 3

Identify Risks

Answer 3

The process of determining which risks may affect the project and documenting their characteristics.

Question 4

Perform Qualitative Risk Analysis

Answer 4

The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.

Question 5

Perform Quantitative Risk Analysis

Answer 5

The process of numerically analyzing the effect of identified risks on overall project objectives.

Question 6

Plan Risk Responses

Answer 6

The process of developing options and actions to enhance opportunities and to reduce threats to project objectives

Question 7

Monitor & Control Risks

Answer 7

The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.