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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
Probability and Impact Matrix
Probability versus Impact chart
26
"Identify Risks" Tools and Techniques
``` P(R)IMED2 Prompt Lists Interpersonal Skills Meetings Expert Judgement Data Gathering Data Analysis (e.g. SWOT) ``` Prompt Lists
27
Does "Identify Risks" consider both individual and overall project risk
Yes
28
Requirements Mgmt Plan
Component of PMP | Describes how rqmts will be treated
29
Key Inputs to "Identify Risks"
``` 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
Risk Report
Sources of OVERALL project risk | Summary information on individual project risks
31
"Perform Qualitative Risk Analysis"
Process of prioritizing INDIVIDUAL project risks
32
Perform Qualitative Risk Analysis Tools and Techniques
``` DIMER-D2 Data Analysis Interpersonal skills Meetings Expert Judgement Risk Categorization Data Gathering Data Representation ```
33
Risk Categorization
Priority of INDIVIDUAL project risks Probability Impact Assessments are subjective
34
What are the components of "QUALITATIVE" data analysis
Risk Data Quality Assessment Risk Probability and Impact assessment Assessment of other risk parameters
35
Urgency
Period of time to implement risk response
36
Proximity
When will the risk have an impact
37
Dormancy
How long after risk occurred will we know about it
38
Manageability
How well risk owner can manage the TIME of a risk occurring and/or its impact
39
Controllability
How well risk owner can control risk OUTCOME
40
Detectability
How easily can we detect risk beginning to occur
41
Connectivity
How is risk related to other INDIVIDUAL risks
42
Strategic Impact
Can risk affect organization's strategic goals
43
Propinquity
How much a risk matters to more than one stakeholder | Propinquity is high if risk is very significant
44
Probability and impact matrix
Grid for mapping probability of each occurrence and its outcome on X-Y graph
45
Hierarchical Charts
e.g. Bubble charts for showing 3 dimensions of data
46
Documents: Assumption Log
For QUALITATIVE risk analysis
47
Documents: Risk Register
Updated with information for QUALITATIVE risk analysis
48
Documents: Risk Report
Most important individual risks | Prioritized list of all identified risks and summary conclusion
49
QUANTITATIVE risk analysis
Numerically analyzing combined effect of identified INDIVIDUAL risks and other sources of uncertainty
50
QUANTITATIVE Tools and Techniques
``` D-DIRE Data Analysis Simulation Sensitivity Analysis Decision Tree Analysis Influence Diagrams Data Gathering Interpersonal Skills Representations of Uncertainty Expert Judgement ```
51
How are outputs of QUANTITATIVE risk analysis used
As inputs to "Plan Risk Responses"
52
Project Documents
``` Basis of Estimates Cost Estimates Cost Forecasts Duration estimates Milestone list ```
53
Why is Basis of estimates used
For variability model during a QUANTITATIVE risk analysis
54
Why are cost forecasts used
EAC, ETC, BAC and TCPI may be compared to results of QUANTITATIVE risk analysis
55
Why are Duration Estimates used
They provide the starting point from which schedule variability is evaluated
56
What are Representations of Uncertainty
If Duration, Cost, or Resource rqmt is uncertain, use range of possible values modeled ads probability distribution
57
How is probability distributions of Representations of Uncertainty represented?
``` Triangular Normal Lognormal Beta, Uniform Discrete ```
58
How is sensitivity analysis used
What individual project risks or other sources of uncertainty could have the most impact
59
Tornado Diagram
Bar chart | Shows correlation for each element of quantitative risk analysis model
60
Decision Tree
Uses nodes and branches (e.g. Decision Node, Chance Node) | Shows net path value for each path
61
Influence Diagrams
Shows decision making under uncertainty Represent project risks as ranges of uncertainty Monte Carlo Analysis
62
QUANTITATIVE Outputs
``` Assessment of OVERALL risk exposure Probabilistic Analysis Prioritized risks Trends Recommended risk responses ```
63
What is Risk Data Quality Assessment
Is risk data accurate and reliable? Risk Probability and Impact assessment Assessment of other risk parameters
64
What are the components of data analysis for QUALITATIVE risk analysis
Simulation Sensitivity Analysis Decision Tree Analysis Influence Diagrams

PMP (16 decks)

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