Risk And Issue Management

Question 1

What are the stages of a risk management process?

Answer 1

Initiate - develop risk management strategy
Identification - develop a list of risks for later analysis
Analysis - analyse probability and impact RAG
Response - red risks should be mitigated, amber if you have time and not too expensive, green are accepted.
Closure - passed point where they could occur, they have occurred and are now being handled as an issue.

Question 2

What benefits are there to risk management?

Answer 2

X

Question 3

What is an opportunity?

Answer 3

A risk event that has a positive impact.

Question 4

What is a risk?

Answer 4

The potential of an action or event to impact on the achievement of specific objectives.

Question 5

What is an assumption analysis?

Answer 5

Similar to TTL.

Likelihood v impact.

Question 6

How can you identify risks?

Answer 6

Brainstorming, lessons from previous projects, interviews, Delphi (experts), SWOT, PESTLE.

Question 7

What are the responses to an opportunity?

Answer 7

Exploit
Enhance
Share
Reject
Plan an option

Question 8

What is an issue?

Answer 8

A problem that is now breaching or is about to breach, delegated tolerances for work on a project or programme. Issues require support from the sponsor to agree a resolution.

Question 9

What is the difference between a risk, concern and an issue?

Answer 9

Risk is something that has uncertainty, a concern is something that the PM can deal with, issue is something that threatens tolerances and it requires escalation and needs to be resolved.

Question 10

What is the issue management process?

Answer 10

Think challenges tracker.

1. Record
2. Initial evaluation and escalation
3. Detailed evaluation
4. Escalation for recommendation (by PM to sponsor and steering group)
5. Monitor and resolution