Risk Flashcards
What is Risk Utility or Risk Tolerance?
The amount of satisfaction or pleasure received potential payoffs.
Risk Seeker
- Increase the Risk Utility.
- Higher tolerance
Risk Averse
Decreasing risk uitility
Risk neutral
Balance risk and payoff
What is risk management planning?
Decide how to appropriate and plane the risk management activities.
What is Risk identification?
Determine which risk are likely effect in the project.
What is Qualitative risk?
Prioritizing risk on their probability and impact
What is quantitative risk?
Numerically estimate the effect of the risk.
What is risk response planning?
Taking step to enhance opportunities and reduce threats to meeting project objectives.
What is risk monitoring and control
Monitoring identified and residual risk, identify new risk, carring out risk response plans and evaluate the effectiveness of risk
What are risk management processes?
- Risk management planning
- Risk identification
- Qualitative risk
- Quantitative risk
- Risk response planning
- Risk monitoring and control
What are topics adresses in risk management?
- Methodology
- Roles and responsibility
- Budget and schedule
- Risk categories
- Risk probability and impact
- risk documentation
Whatbis contingency plane?
Predefined actions that the project team will take if an identified risk event occurs
What is fallback plans?
Are developed for risk that have a high impact on meeting porject objectives.
