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PMBOK 4.0 > Risk > Flashcards

Risk Flashcards

1
Q

What is the process of risk management?

A 
Plan risk management
ID risks
Perform qualitative risk analysis
Perform quantitative risk analysis
Plan risk responses
Monitor and control risks
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2
Q

What is a key output of the Plan Risk Management process?

A

risk management plan

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3
Q

What is a key output of the ID risks process?

A

risk register

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4
Q

What key outputs of the Perform Qualitative Risk Analysis process are added to the risk register?

A

Risk ranking for the project
Prioritized risks and their probability and impact ratings
Risks grouped by category
List of risks requiring additional analysis and response
Watch list

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5
Q

What key outputs of the Perform Quantitative Risk Analysis process are added to the risk register?`

A

Prioritized list of quantified risks
Possible reslist and acheivalbe completion dates and project costs
Quantified probability of meeting project objectives

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6
Q

What are key outpits of the Plan Risk Response process?

A

Risk register updates:

  • residual risk
  • contingency plans
  • risk response owners
  • secondary risks
  • triggers
  • fallback plans
  • reserves for time and cost

Updates to the project management plan and project docs.

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7
Q

What are key outputs of the Monitor and Control Risks process?

A

Risk register updates:

  • outcomes of risk reassessments and risk audits
  • updates to the risk register
  • closing of risks that are no longer applicable
  • details of what happened when risks occured
  • lessons learned
  • change requests

Updates to the project management plan and project docs.

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8
Q

What is a risk?

A

An occurance that affect a project for better (oppourtunity) or worse (threat).

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9
Q

Describe key things one needs to determine about each risk?

A

Probability
Impact
Timing
Frequency

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10
Q

Someone who is risk averse is:

A

Unwilling to take risks

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11
Q

What is risk tolerance?

A

The areas of risk that are acceptable

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12
Q

Name the inputs to the risk management process?

A 
Project background info
historical records from previous projects
OPAs
Project charter
Project scope statement
Team
WBS
network Diagram
Staffing management plan
Procurement management plan
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13
Q

What are risk catagories?

A

Lists of common sources of risk, including:

  • Technical
  • Project management
  • Schedule
  • Cost
  • Quality
  • Scope
  • Resources
  • Customer Satisfaction
  • Others
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14
Q

What are risk identification techniques?

A 
documentation reviews
brainstorming
delphi technique
root cuase analysis
interviewing
SWOT
checklist analysis
assumptions analysis
diagramming techniques
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15
Q

What are types of risks?

A

Business - Pure

Known (issues/benefits)

  • A known is an item or situation containing no uncertainty
  • Contengncy reserve

Known – unknown (threats & oppourtunities)

  • Possible outcomes – unknown whether or not they will be realized
  • Management reserve
  • This is what you spend most of your time worrying about

Unknown-unknown
- Items not fathomable – i.e. its never happened before (i.e. 9/11)

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16
Q

What are risk triggers?

A

Early warnings signs that a risk event has occured or is about to occur

17
Q

What is assumptions analysis? When is it completed?

A

Exploring the validity of project assumptions. Completed during the ID risks process

18
Q

What is risk data quality assessment? When is it done?

A

Determining how well understood is the risk info
A method to test reliability of risk and info collected
It is done rugint the Perform Qualitative RA process

19
Q

What is a probability and impact matrix?

A

The company’s scale used to determine which risks continue through the risk management process.

20
Q

What is the formula for expected monetary value?

A

Probabilty x’s impact

21
Q

What is a decision tree?

A

A model of a decision to be made which includes the probabilities and impacts of future events.

22
Q

Who is a risk response owner?

A

The person assigned to execute risk responses for each cricitical risk

23
Q

Name and define the risk response strategies for threats.

A

Avoid: elimitate a specific threat by eliminating the cause.

Mitigate: Reduce the probability or impact of a threat.

Accept:

  • Passive acceptance: Do nothing, if it happens, it happens
  • Active acceptance: develop contingency plans

Transfer: Make another party responsbile for a risk, may include outsourcing, insurance, warranties, bonds, and guarantees.

24
Q

Name and define the risk response strategies for oppourtunities.

A

Exploit: Make sure the oppourtunity occurs

Share: Allocate ownershiip to a 3rd party

Enhance: Increase probability or impacts

Accept:

  • Passive acceptance: Do nothing, if it happens, it happens
  • Active acceptance: develop contingency plans
25
Q

What are residual risks?

A

Risks that remain after risk response planning:

Risks for which contingency and fallback plans have been created.

Risks which have been accepted.

26
Q

What are secondary risks?

A

New risks created by the implementation of risk response strategies.

27
Q

How does buying insurance relate to risk response planning?

A

It esxchanges an unknown risk for a known risk. It is a method to decrease project risk.

28
Q

How does a contract relate to risk response planning?

A

A contract helps allocate and mitigate risks. A risk analysis is done before a contract is signed.

29
Q

What are contingency plans?

A

Planned responses to risks.

30
Q

What are fallback plans?

A

Actions that iwll be taken if the contingency plan is not effective.

31
Q

What does a revised project management plan have to do with risk management?

A

The componants of the project management plan will need to be updated based on the results of risk planning.

32
Q

What are reserves?

A

Time or cost added to the project to account for risk. There are two types of reserves:

  • Management reserve
  • Contingency reserve
33
Q

What is a contingency reserve?

A

Time or cost allocated to cover known - unknowns

34
Q

What is a management reserve:?

A

Time or cost allocated to cover unknown - unknowns. It is included in the cost budget.

35
Q

What are risk reassessements? When do they occur?

A

eviews of the risk management plan and risk register. They occur during th eMonitor and control Risks process.

36
Q

What is a reserve analysis? When is it done?

A

Managing the reserves and making sure the amount remaining is adequate. It is done during the M&C Risk, Estimate activity durations, and determine budget process.

37
Q

What are risk audits?

A

Examining and documenting the effectivness of the risk process and the risk response owners.

PMBOK 4.0 (12 decks)

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