Risk ITTOs Flashcards
What are the KEY tools & techniques for Plan Risk Management? (3)
Analytical Techniques
Expert Judgment
Meetings
What are the outputs of Plan Risk Managment? (1)
Risk Management Plan
What’s in the Risk Management Plan?
Risk management methodology. Budget & timing. Risk categories. Roles & responsibilities. Probability & Impact Matrix Revised stakeholders tolerances
Analytical Techniques are used in Plan Risk Managment.
What are the techniques (2)
Risk Management Context (risk attitudes & risk exposure)
Strategic Risk Scoring Sheets (for high level assessments)
What is a Risk Breakdown Structure
Risk broken down by categories and looks like an org chart.
Name the inputs to Identify Risks (6).
Risk Management Plan. Scope, Time, and Cost estimates. Project documents. Procurement documents. Stakeholder Register. HR Management plans.
Name KEY tools & techniques for Identify Risks (3).
Diagramming Techniques.
Information Gathering Techniques.
SWOT Analysis.
What are the outputs of Identify Risks?
Risk Register.
Name the KEY diagramming techniques (3).
Cause-and-Effect Diagrams
Flow Charts / Process Maps
Influence Diagrams
Influence Diagrams are used in the Identify Risks process.
What are Influence Diagrams?
Graphical representations of situations showing causal influences, time ordering of events, and other relationships
Describe how brainstorming is used in Identify Risks.
Facilitator present.
Project team develops list of project risks.
List the KEY Information Gathering Techniques in Identify Risks (5).
Brainstorming. Delphi Technique. Funnel Analysis. Root Cause Analysis. SWOT Analysis.
Delphi Technique is an Information Gathering Technique used in Identify Risks.
Describe the Delphi Technique
Experts participate anonymously (via email usually).
Helps reduce bias and power plays.
Funnel Analysis is an Information Gathering Technique used in Identify Risks.
Describe Funnel Analysis
Progressively interview from broader to specific questions.
Root Cause Analysis is an Information Gathering Technique in Identify Risks.
Describe Root Cause Analysis
Identify a problem, discover causes that lead to it.
Ex: 5-why method.
SWOT Analysis is an Information Gathering Technique used in Identify Risks.
Describe SWOT Analysis in this context.
Strengths, weaknesses, opportunites, and threats analyzed to increase scope of risks considered.
What are the KEY inputs to Perform Qualitative Risk Analysis?
Risk Management Plan.
Risk Register.
Scope Baseline.
What are the KEY tools & techniques for Perform Qualitative Risk Analysis (5)?
Probability & Impact Matrix Risk Probability & Impact Assessment Risk Data Quality Assessment Risk Urgency Assessment Risk Categorization
What are the outputs of the Perform Qualitative Risk Analysis?
Project document updates:
- Risk Register updates
- Assumptions Log updates
Risk Probability & Impact Matrix is used in the Perform Qualitative Risk Analysis process.
What is the Risk Probability & Impact Matrix?
Ratings ASSIGNED based on PROBABILITY & IMPACT.
Risks & ratings displayed using MATRIX table.
Risk Probability & Impact Assessment is used in Perform Qualitative Risk Analysis.
What is Risk Probability & Impact Assessment?
PROBABILITY & IMPACT are ASSESSED for each identified risk.
Investigates effects on project (time, cost, scope, quantity).
Risk Data Quality Assessment is a technique used in Perform Qualitative Risk Analysis.
What is Risk Data Quality Assessment?
Evaluates the degree of usefulness of data.
Data must be accurate, reliable, unbiased, high quality, and credible.
Risk Urgency Assessment is technique used in Perform Qualitative Risk Assessment.
What is Risk Urgency Assessment?
TIME SENSITIVE or other factors may require NEAR-TERM RESPONSES and alter final risk severity ratings of risks.
What are the inputs to Perform Quantitive Risk Analysis?
Risk Management Plan
Risk Register
Cost Management Plan
Schedule Management Plan
What are the tools & techniques used in Perform Quantitive Risk Analysis (4)?
Data Gathering Techniques Representation Techniques Quantitive Risk Analysis & Modeling Techniques - Sensitivity Analysis - Estimated Monetary Value
What are the outputs of the Perform Quantitive Risk Analysis?
Project document updates:
- Risk Register updates
- Prioritized list of QUANTIFIED risks
Sensitivity Analysis is a technique used in Quantitive Risk Analysis.
What is Sensitivity Analysis?
Tornado Diagram.
Show risks with GREATEST potential impact on project.
Expected Monetary Value (EMV) is a technique used in Perform Quantitive Risk Analysis.
What is Expected Monetary Value?
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.
What are the inputs to Plan Risk Responses?
Risk Management Plan
Risk Register
What are the tools & techniques used in Plan Risk Responses (3)?
Strategies for NEGATIVE RISKS / THREATS.
Strategies for POSITIVE RISKS / OPPORTUNITIES.
Contingent Response Strategies.
What are the outputs of Plan Risk Responses?
Project document updates:
- Risk Register
What is the purpose of the Plan Risk Responses process?
Develop options and actions to ENHANCE OPPORTUNITIES and REDUCE THREATS to project objectives.
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).
ATM: Avoidance, Transference, Mitigation, Acceptance
SEE: Share, Exploit, Enhance, Acceptance
What are the Inputs to Plan Risk Management?
PM Plan - all subsidiary plans & baselines
Project Charter
Stakeholder Register
EEF & OPA
