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PMP > Risk > Flashcards

Risk Flashcards

1
Q

Monitor Risks Key Inputs

A

Work Performance data

Work Performance Reports

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2
Q

What is Risk Mgmt

A 
Conducting risk mgmt
    Planning
    Identification
    Analysis
    Response Planning
    Response Implementation
    Monitoring risk
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3
Q

What are the processes of Risk Mgmt

A
  1. Plan Risk Mgmt
  2. Identify Risks
  3. Perform QUALITATIVE risk Analysis
  4. Perform QUANTITATIVE Risk Analysis
  5. Plan Risk Responses
  6. Implement risk responses
  7. Monitor Risks
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4
Q

What is plan risk Mgmt

A

How to conduct risk mgmt activities

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5
Q

What is Identify Risks

A

Identifying Individual and overall project risks

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6
Q

What is Perform QUALITATIVE Risk Analysis

A

Prioritizing INDIVIDUAL risks

probability of impact

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7
Q

What QUANTITATIVE Risk Analysis

A

Numerically analysis

Combined effect of INDIVIDUAL risks

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8
Q

What is “Plan Risk Responses”

A 
Options
Strategies
Agreeing 
Overall risk exposure
Treat INDIVIDUAL Risks
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9
Q

What is “Monitor Risks”

A

Agreed upon risk response plans
tracking identifies risks
Analyzing new risks
Evaluating risk process efficacy

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10
Q

Individual Project risk

A

Uncertain event or condition

+/- effect on project objectives

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11
Q

Overall Project Risk

A

Uncertainty of whole project
From All sources of uncertainty and Individual Risks
Exposure of Stakeholders

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12
Q

When is risk first addressed

A

During project planning

Shapes project strategy

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13
Q

Risk Thresholds

A

Measured

Reflect Stakeholder appetite

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14
Q

What are Non-event risks

A

Risks not considered

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15
Q

Variability Risk

A

Uncertainty about some key characteristic

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16
Q

Ambiguity Risk

A

Uncertainty about some future event

Monte Carlo

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17
Q

Project Resilience

A

Unknowable-Unknowns
Can only be recognized after they occur
Need budget and schedule contingency
Need Flexible project processes

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18
Q

Integrated Risk Mgmt

A

Risks should be owned by program or portfolio as required

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19
Q

Plan Risk Mgmt Tools and Techniques

A

MED
Meetings
Expert Judgement
Data Analysis

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20
Q

When is Risk Mgmt Plan written

A

Plan Risk Mgmt

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21
Q

Components of Risk Mgmt Plan

A 
Risk Strategy
Methodology
Roles and Responsibilities
Funding (inc. Funding and Mgmt Reserve)
Timing
Risk Categories
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22
Q

Risk Breakdown structure

A

Hierarchical representation of sources of risk
Major Categories; e.g. Technical, External
Considers full range of sources

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23
Q

How should stakeholder appetites be reflected

A

Measurable risk thresholds

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24
Q

Definitions of levels of risk probability and impacts

A

Number of levels reflect degree of detail

e.g. Scale (very high-Nil)
Probability (>70% - < 1%)
Time
Cost
Quality
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25
Q

Probability and Impact Matrix

A

Probability versus Impact chart

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26
Q

“Identify Risks” Tools and Techniques

A 
P(R)IMED2
Prompt Lists
Interpersonal Skills
Meetings
Expert Judgement
Data Gathering
Data Analysis (e.g. SWOT)

Prompt Lists

27
Q

Does “Identify Risks” consider both individual and overall project risk

A

Yes

28
Q

Requirements Mgmt Plan

A

Component of PMP

Describes how rqmts will be treated

29
Q

Key Inputs to “Identify Risks”

A 
ABCS-PLAID -R2
Assumption Log
Baselines
Cost estimates
Stakeholder register
Procurement Documentation
Lesson Learned Register
Agreements (External Procurement of resources)
Issue Log
Duration estimates
Rqmts Mgmt Plan
Resource Rqmts
30
Q

Risk Report

A

Sources of OVERALL project risk

Summary information on individual project risks

31
Q

“Perform Qualitative Risk Analysis”

A

Process of prioritizing INDIVIDUAL project risks

32
Q

Perform Qualitative Risk Analysis Tools and Techniques

A 
DIMER-D2
Data Analysis
Interpersonal skills
Meetings
Expert Judgement
Risk Categorization
Data Gathering
Data Representation
33
Q

Risk Categorization

A

Priority of INDIVIDUAL project risks
Probability
Impact
Assessments are subjective

34
Q

What are the components of “QUALITATIVE” data analysis

A

Risk Data Quality Assessment
Risk Probability and Impact assessment
Assessment of other risk parameters

35
Q

Urgency

A

Period of time to implement risk response

36
Q

Proximity

A

When will the risk have an impact

37
Q

Dormancy

A

How long after risk occurred will we know about it

38
Q

Manageability

A

How well risk owner can manage the TIME of a risk occurring and/or its impact

39
Q

Controllability

A

How well risk owner can control risk OUTCOME

40
Q

Detectability

A

How easily can we detect risk beginning to occur

41
Q

Connectivity

A

How is risk related to other INDIVIDUAL risks

42
Q

Strategic Impact

A

Can risk affect organization’s strategic goals

43
Q

Propinquity

A

How much a risk matters to more than one stakeholder

Propinquity is high if risk is very significant

44
Q

Probability and impact matrix

A

Grid for mapping probability of each occurrence and its outcome on X-Y graph

45
Q

Hierarchical Charts

A

e.g. Bubble charts for showing 3 dimensions of data

46
Q

Documents: Assumption Log

A

For QUALITATIVE risk analysis

47
Q

Documents: Risk Register

A

Updated with information for QUALITATIVE risk analysis

48
Q

Documents: Risk Report

A

Most important individual risks

Prioritized list of all identified risks and summary conclusion

49
Q

QUANTITATIVE risk analysis

A

Numerically analyzing combined effect of identified INDIVIDUAL risks and other sources of uncertainty

50
Q

QUANTITATIVE Tools and Techniques

A 
D-DIRE
Data Analysis
   Simulation
   Sensitivity Analysis
   Decision Tree Analysis
   Influence Diagrams
Data Gathering
Interpersonal Skills
Representations of Uncertainty
Expert Judgement
51
Q

How are outputs of QUANTITATIVE risk analysis used

A

As inputs to “Plan Risk Responses”

52
Q

Project Documents

A 
Basis of Estimates
Cost Estimates
Cost Forecasts
Duration estimates
Milestone list
53
Q

Why is Basis of estimates used

A

For variability model during a QUANTITATIVE risk analysis

54
Q

Why are cost forecasts used

A

EAC, ETC, BAC and TCPI may be compared to results of QUANTITATIVE risk analysis

55
Q

Why are Duration Estimates used

A

They provide the starting point from which schedule variability is evaluated

56
Q

What are Representations of Uncertainty

A

If Duration, Cost, or Resource rqmt is uncertain, use range of possible values modeled ads probability distribution

57
Q

How is probability distributions of Representations of Uncertainty represented?

A 
Triangular
Normal
Lognormal
Beta, Uniform
Discrete
58
Q

How is sensitivity analysis used

A

What individual project risks or other sources of uncertainty could have the most impact

59
Q

Tornado Diagram

A

Bar chart

Shows correlation for each element of quantitative risk analysis model

60
Q

Decision Tree

A

Uses nodes and branches (e.g. Decision Node, Chance Node)

Shows net path value for each path

61
Q

Influence Diagrams

A

Shows decision making under uncertainty
Represent project risks as ranges of uncertainty
Monte Carlo Analysis

62
Q

QUANTITATIVE Outputs

A 
Assessment of OVERALL risk exposure
Probabilistic Analysis
Prioritized risks
Trends
Recommended risk responses
63
Q

What is Risk Data Quality Assessment

A

Is risk data accurate and reliable?
Risk Probability and Impact assessment
Assessment of other risk parameters

64
Q

What are the components of data analysis for QUALITATIVE risk analysis

A

Simulation
Sensitivity Analysis
Decision Tree Analysis
Influence Diagrams

PMP (16 decks)

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