Risk Flashcards
Residual Risk vs Secondary Risk
Residual - risk remaining after the risk response is implemented
Secondary - new risk as a result of responding to the initial risk
Qualitative Risk Assessment
probability and impact to assign a risk score
Hierarchical Charts
dispaly risk for 3 or more variables (Bubble Chart)
Expected Monetary Value (EMV) formula:
EMV = Probability X Impact
Sensitivity Analysis
variance in risk within the different risk categories on the project (best case vs worst case)
Tornado Diagram
uses the results of the sensitivity analysis to graphically show which variables have the greatest impact on the project
Opportunity Strategy Categories
Escalate - risk is above PM’s decision level
Exploit - ensure the opportunity occurs
Share - share with a 3rd party
Enhance - increase or decrease the probability or impact
Accept - passive and active approaches
Threat Strategy Categories
Escalate - risk is above PM’s decision level
Avoid - ensure the threat doesn’t happen
Transfer - share with a 3rd party
Mitigate - increase or decrease the probability or impact
Accept - passive and active approaches
11.1 Plan Risk Mgmt Description, Inputs, and Outputs
how to conduct risk mgmt activities
charter, PM plan, stakeholder register
Risk mgmt plan
11.2 Identify Risks Description, Inputs, and Outputs
ID individual proj risks and sources of overall project risk
almost all subsidiary plans
risk register, risk report
11.3 Perform Qualitative Risk analysis Description, Inputs, and Outputs
assess probability and impact
risk mgmt plan, assumption log, risk register, stakeholder register
change requests, plan updates
11.4 Perform Quantitative Risk Analysis Description, Inputs, and Outputs
analyze the combined effect of all risks on project objectives
risk mgmt plan, scope baseline, schedule baseline, cost baseline, proj docs
change requests, plan updates
11.5 Plan Risk Responses Description, Inputs, and Outputs
selecting strategies and agree on actions to address risk
resource mgmt plan, risk mgmt plan, cost baseline
change requests, plan updates
11.6 Implement Risk Responses Description, Inputs, and Outputs
implement risk responses
PM plan, proj docs
change requests, plan updates
11.7 Monitor Risks Description, Inputs, and Outputs
track identified risks and identify new risks and eval risk process
PM plan, proj docs, work perf data, agreements
Work performance information
