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LC PMP Studies > Risk ITTOs > Flashcards

Risk ITTOs Flashcards

1
Q

What are the KEY tools & techniques for Plan Risk Management? (3)

A

Analytical Techniques
Expert Judgment
Meetings

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2
Q

What are the outputs of Plan Risk Managment? (1)

A

Risk Management Plan

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3
Q

What’s in the Risk Management Plan?

A 
Risk management methodology.
Budget & timing.
Risk categories.
Roles & responsibilities.
Probability & Impact Matrix
Revised stakeholders tolerances
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4
Q

Analytical Techniques are used in Plan Risk Managment.

What are the techniques (2)

A

Risk Management Context (risk attitudes & risk exposure)

Strategic Risk Scoring Sheets (for high level assessments)

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5
Q

What is a Risk Breakdown Structure

A

Risk broken down by categories and looks like an org chart.

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6
Q

Name the inputs to Identify Risks (6).

A 
Risk Management Plan.
Scope, Time, and Cost estimates.
Project documents.
Procurement documents.
Stakeholder Register.
HR Management plans.
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7
Q

Name KEY tools & techniques for Identify Risks (3).

A

Diagramming Techniques.
Information Gathering Techniques.
SWOT Analysis.

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8
Q

What are the outputs of Identify Risks?

A

Risk Register.

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9
Q

Name the KEY diagramming techniques (3).

A

Cause-and-Effect Diagrams
Flow Charts / Process Maps
Influence Diagrams

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10
Q

Influence Diagrams are used in the Identify Risks process.

What are Influence Diagrams?

A

Graphical representations of situations showing causal influences, time ordering of events, and other relationships

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11
Q

Describe how brainstorming is used in Identify Risks.

A

Facilitator present.

Project team develops list of project risks.

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12
Q

List the KEY Information Gathering Techniques in Identify Risks (5).

A 
Brainstorming.
Delphi Technique.
Funnel Analysis.
Root Cause Analysis.
SWOT Analysis.
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13
Q

Delphi Technique is an Information Gathering Technique used in Identify Risks.

Describe the Delphi Technique

A

Experts participate anonymously (via email usually).

Helps reduce bias and power plays.

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14
Q

Funnel Analysis is an Information Gathering Technique used in Identify Risks.

Describe Funnel Analysis

A

Progressively interview from broader to specific questions.

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15
Q

Root Cause Analysis is an Information Gathering Technique in Identify Risks.

Describe Root Cause Analysis

A

Identify a problem, discover causes that lead to it.

Ex: 5-why method.

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16
Q

SWOT Analysis is an Information Gathering Technique used in Identify Risks.

Describe SWOT Analysis in this context.

A

Strengths, weaknesses, opportunites, and threats analyzed to increase scope of risks considered.

17
Q

What are the KEY inputs to Perform Qualitative Risk Analysis?

A

Risk Management Plan.
Risk Register.
Scope Baseline.

18
Q

What are the KEY tools & techniques for Perform Qualitative Risk Analysis (5)?

A 
Probability & Impact Matrix
Risk Probability & Impact Assessment
Risk Data Quality Assessment
Risk Urgency Assessment
Risk Categorization
19
Q

What are the outputs of the Perform Qualitative Risk Analysis?

A

Project document updates:

  • Risk Register updates
  • Assumptions Log updates
20
Q

Risk Probability & Impact Matrix is used in the Perform Qualitative Risk Analysis process.

What is the Risk Probability & Impact Matrix?

A

Ratings ASSIGNED based on PROBABILITY & IMPACT.

Risks & ratings displayed using MATRIX table.

21
Q

Risk Probability & Impact Assessment is used in Perform Qualitative Risk Analysis.

What is Risk Probability & Impact Assessment?

A

PROBABILITY & IMPACT are ASSESSED for each identified risk.

Investigates effects on project (time, cost, scope, quantity).

22
Q

Risk Data Quality Assessment is a technique used in Perform Qualitative Risk Analysis.

What is Risk Data Quality Assessment?

A

Evaluates the degree of usefulness of data.

Data must be accurate, reliable, unbiased, high quality, and credible.

23
Q

Risk Urgency Assessment is technique used in Perform Qualitative Risk Assessment.

What is Risk Urgency Assessment?

A

TIME SENSITIVE or other factors may require NEAR-TERM RESPONSES and alter final risk severity ratings of risks.

24
Q

What are the inputs to Perform Quantitive Risk Analysis?

A

Risk Management Plan
Risk Register
Cost Management Plan
Schedule Management Plan

25
Q

What are the tools & techniques used in Perform Quantitive Risk Analysis (4)?

A 
Data Gathering Techniques
Representation Techniques
Quantitive Risk Analysis & Modeling Techniques
  - Sensitivity Analysis
  - Estimated Monetary Value
26
Q

What are the outputs of the Perform Quantitive Risk Analysis?

A

Project document updates:

  • Risk Register updates
  • Prioritized list of QUANTIFIED risks
27
Q

Sensitivity Analysis is a technique used in Quantitive Risk Analysis.

What is Sensitivity Analysis?

A

Tornado Diagram.

Show risks with GREATEST potential impact on project.

28
Q

Expected Monetary Value (EMV) is a technique used in Perform Quantitive Risk Analysis.

What is Expected Monetary Value?

A

Calculates average outcome when FUTURE includes scenarios that MAY or MAY NOT happen.

Commonly used in Decision Tree Analysis.

Opportunities are POSITIVE values; threats NEGATIVE values.

29
Q

What are the inputs to Plan Risk Responses?

A

Risk Management Plan

Risk Register

30
Q

What are the tools & techniques used in Plan Risk Responses (3)?

A

Strategies for NEGATIVE RISKS / THREATS.

Strategies for POSITIVE RISKS / OPPORTUNITIES.

Contingent Response Strategies.

31
Q

What are the outputs of Plan Risk Responses?

A

Project document updates:

- Risk Register

32
Q

What is the purpose of the Plan Risk Responses process?

A

Develop options and actions to ENHANCE OPPORTUNITIES and REDUCE THREATS to project objectives.

33
Q

Contingent Risk Response strategies are part of Risk Response Plan.

Describe the strategies for negative risks/threats (ATM).
Describe the strategies for positive risks/opportunities (SEE).

A

ATM: Avoidance, Transference, Mitigation, Acceptance

SEE: Share, Exploit, Enhance, Acceptance

34
Q

What are the Inputs to Plan Risk Management?

A

PM Plan - all subsidiary plans & baselines
Project Charter
Stakeholder Register
EEF & OPA

LC PMP Studies (10 decks)

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