Risk Flashcards
What is a Fallback plan
A fallback plan is developed in advance of a risk event occurring and is designed to be used when the primary risk response proves not to be effective.
Think of the fallback plan as the “Plan B”.
Having it documented in advance will ensure that the project team is able to react to the risk in an expedient manner while hopefully minimizing any type of negative impact.
What is Contingency Response Strategy
A contingent response strategy is developed in advance and designed to be used only if the risk event occurs. As with a fallback plan, the contingent response strategy is a critical communication tool to ensure that all team members know what actions to take when the specified risk event occurs.
Risk Report
a risk report is a communication tool within risk management. The report should be clear, concise, and indicate actions taken, preparation for other risk-related actions, and any inputs needed by stakeholders to ensure continuous risk management support.
Risk Register
The risk register document has information about individual risks, assessment, and status
Risk Audit
The risk audit is focused on ensuring the plan for managing risk is happening
Risk Review
risk review is about ensuring all the appropriate actions have been taken for all identified risks in addition to looking forward to any new or emerging risk/s
Risk Management Plan
The Risk Management Plan includes a risk budget, risk resources, risk tolerance level, and how to implement Risk Responses.
Risk Register
A risk register is a document used to track and report on project risks and opportunities throughout the project’s life cycle.
What are the 7 types of risk response
- Avoid—seeking to eliminate uncertainty
- Transfer—passing ownership and/or liability to a third party
- Mitigate—reducing the probability and/or severity of the risk below a threshold of acceptability
- Accept—recognizing residual risks and devising responses to control and monitor them
*Enhance
- Escalate
*Exploit
Ambiguity Risk
Ambiguity risks are uncertainties that might happen as the project unfolds. Errors, Mistakes and Failures. Event and variability risks are things you can try to predict at the beginning of a project. But ambiguity risks come up after the project gets going. This type of risk comes from an unforeseen circumstance.
What is Tailoring
Making adjustments to the risk management processes based on project size and complexity
What does active acceptance refer to?
Active Acceptance refers to accepting the risk, however dollars are set aside without constructing a detailed response strategy
What is Share Risk
Anytime there is a temporary partnership involved (or a teaming agreement) to attempt to capitalize on an opportunity
What is Risk Breakdown structure
Structured graphical hierarchies of the different categories of risks
When Transfering the risk, where are those risks documented?
In the contract with the vendor.
