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CAPM Study Guide > Risk > Flashcards

Risk Flashcards

1
Q

What are the Processes of Risk Management?

A
  • Plan risk Management
  • Identify Risks
  • Perform Qualitative risk analysis
  • Perform quantitative risk analysis
  • Plan risk response
  • Implement risk responses
  • Monitor Risks
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2
Q

What are the objectives of Project Risk Management?

A
  • Increase the probability and/or impact of positive risks/opportunities
  • Decrease the probability and/or impact of negative risks/threats
  • Optimize the chance of sucess
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3
Q

What considerations must be made when tailoring project risk management?

A
  • Project Size (direct relationship to risk)
  • Project Complexity (tech, laws, innovation)
  • Project Importance
  • Developmental approach (predictive, agile, life cycle(s)
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4
Q

Role of the PM for Risk Mgmt

A
  • Accountable for the day to day mgmt of project
  • Ensuring the project risk processes are properly and effectively implemented
  • Gather unbiased data from various sources
  • Communicate risk status and responses to stakeholders
  • Ensure risk re-evaluation is planed during periodic intervals to confirm the project is adequately covered.
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5
Q

What do you need to know to handle/manage risk?

A
  • Need to know what level of risk exposure is acceptable in pursuit of the project objectives
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6
Q

What are the 2 levels of risk?

A
  • High level (overview)

- Low Level (detailed)

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7
Q

What elements can be a part of a risk management plan?

A
  • Risk Strategy
  • Methodology
  • Roles + Responsibilities
  • Funding
  • Timing
  • Risk Categories
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8
Q

What can be used to prioritize risk?

A
  • Risk Categories

- Probability and impact matrices

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9
Q

What is Risk impact Assessment?

A

The level of probability for each risk, and their impact on each objective are evaluated.

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10
Q

What is a risk owner

A

Someone who takes responsibility for planning a risk analysis and ensuring it is implemented

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11
Q

what is the difference between quantitative and qualitative risk analysis, which is done 100% of the time?

A 
Qualitative = measures impact, and probability of occurrence. done all the time
Quantitative = quantifies risk exposure in terms of time, cost, resources, and more. depends on the project if it is done (takes a lot of time and resources)\
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12
Q

What does quantitative risk analysis need to be effective?

A

High quality Data on individual project risks and other sources of uncertainty

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13
Q

What is sensitivity analysis?

A

Helps to determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes.
- Correlates variations in project outcomes with variations in elements of the quantitative risk analysis model

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14
Q

What is decision Tree Analysis?

A

A Diagraming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.

- Used to support selection of the best of several alternative courses of action
- Calculates the expected monetary value of each branch, allowing the optimal path to be selected
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15
Q

what are the 5 main anlysis techniques in quantitative risk analysis?

A 
Data Analysis
Sensitivity Analysis
Decision Tree Analysis
Influence diagram
Risk Report
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16
Q

what is data analysis?

A
  • Simulations - Histograms, cumulative probability distribution (S-Curve)
    • What has greatest effect on the project’s critical paths
17
Q

what is a risk report?

A
  • Project Document that is updated with Quantitative results
    • Assessment of overall risk exposure
      ○ Chances of project success
      ○ Degree of variability remaining in project
    • Key Output reports
      ○ S-Curves, Tornado Diagrams, Criticality Analysis
      ○ Narrative interpretation of results
      Prioritized list of individual project risks
18
Q

what are the 5 strategies to deal with threats/opportunities?

A 
Escalate
Avoid/Exploit
Transfer/Share (using 3rd party to help)
Mitigate/Enhance (reduce/increase likelihood of occurrence
Accept - aka no action
19
Q

What is a common problem with project risk mgmt?

A

Responses may be planned to the fullest extent, but nothing is done afterwards.

20
Q

What is a project management information system?

PMIS

A

Information system consisting of the tools and techniques that are used to gather, integrate, and disseminate the outputs of project management processes.

21
Q

What does the updated risk register have?

A
  • Identified project risks
  • Identified risk owners
  • Agreed upon risk
  • Specific implementation actions
  • Detail on control actions for assessing the effectiveness of
    • Risk plans
    • Symptoms and warning signs of risk
    • Residual and secondary risks
    • And a watch list of low priority risks

CAPM Study Guide (11 decks)

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