Risk Issue management Flashcards
What is the purpose of a risk management plan?
To identify and mitigate risks and issues in a project
A risk management plan outlines how risks will be managed throughout the project lifecycle.
Fill in the blank: The process of identifying risks and issues is known as _______.
[Risk identification]
True or False: A contingency plan is used to address unforeseen events in a project.
True
Contingency plans are designed to manage risks that may arise unexpectedly.
What are the two main types of project risks?
- Risks
- Issues
Understanding the difference between risks (potential problems) and issues (problems that have occurred) is vital in project management.
What does it mean to exploit an opportunity in project management?
To take advantage of a favorable situation to increase project benefits
Exploiting opportunities requires proactive planning and action.
Define ‘reactive management’ in the context of project management.
Management that responds to risks and issues as they arise
Reactive management often leads to increased costs and delays.
What is the role of governance in risk management?
To establish processes and procedures for managing risks and issues
Governance ensures accountability and consistency in risk management practices.
Fill in the blank: The acronym SWOT stands for _______.
[Strengths, Weaknesses, Opportunities, Threats]
What is the impact of increasing project scope on risk management?
It may increase risks and complexity
Managing scope changes effectively is critical to maintaining project control.
What is the ‘life cycle’ in project management?
The phases a project goes through from initiation to closure
Understanding the project life cycle helps in planning and managing risks at each stage.
True or False: Risk management should only occur at the beginning of a project.
False
Risk management is an ongoing process throughout the entire project lifecycle.
What does it mean to ‘re-engage’ with a project?
To reassess and adjust project plans and risks as necessary
Re-engagement is crucial when project conditions change.
What is the difference between ‘impact’ and ‘probability’ in risk assessment?
- Impact: The potential effect of a risk
- Probability: The likelihood of a risk occurring
Both factors are essential for prioritizing risks.
