Risk Flashcards
1
Q
What is Risk
A
- A Risk is a unexpected event that, if it occurs, may negatively affect the project
- Risks can impact several parts of a program, including cost, schedule, quality, resources and technical aspects.
- Risk Management process is identifying, analyzing, responding to , and monitoring risk
2
Q
Risk
A
- Where can there be failure? Determine the cause of the problem. Monitor and understand the problem.
- Create a contingency plan to ensure an effective response to the risk.
- You have to have a solid understanding of project documentation and schedules to assess risk
3
Q
Risk Analyst
A
- As a risk analyst I maintained risk registers for 3 projects within the VA’s Initiative 8 program
- I made sure that each risk was written in a condition/consequence”, or “if/then” format.
- I was responsible for evaluating the impact and probability of the risk, identifying risk triggers, and prioritizing the risks. I escalated risks based on the severity change.
- Risk Escalation – Project PMO risk all – Program Level PMO risk call – Higher board
- Monthly risk reporting is important because it allows management to understand the current risk exposure of the project, the remaining effort to be performed, and the success of the project at mitigating its risks
