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PMP > RIsk Management (11) > Flashcards

RIsk Management (11) Flashcards

1
Q

Determine initial reserves

A

Perform Quantitative Risk Analysis

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1
Q

Risk response strategies (OPPORTUNITIES)

A

exploit, enhance, share

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1
Q

Risk response strategies (BOTH)

A

accept

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2
Q

Create workarounds

A

Monitor and Control Risks

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2
Q

Workarounds

A

unplanned responses

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3
Q

Identify Risks output (risk register)

A

List of risks, list of potential risk responses, root causes of risks, updated risk categories

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4
Q

Create contingency and fallback plans

A

Plan Risk Responses

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5
Q

Revisit the watchlist

A

Monitor and Control Risks

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6
Q

Update plans

A

Monitor and Control Risks

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7
Q

Determine if you will go to quantitative risk analysis or go directly to risk response planning

A

Perform Qualitative Risk Analysis

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8
Q

Involve the stakeholders

A

Identify Risks

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8
Q

Plan Risk Responses outputs (risk register)

A

Residual and secondary risks, contingency and fallback plans, risk response owners, triggers, final reserves, contracts

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9
Q

Numerically evaluate the top risks

A

Perform Quantitative Risk Analysis

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10
Q

Calculate final reserves

A

Plan Risk Responses

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12
Q

Determine the overall risk ranking for the project

A

Perform Qualitative Risk Analysis

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12
Q

Determine risk response owners (if not already done)

A

Plan Risk Responses

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14
Q

What risk management policies or procedures exist for use on the project?

A

Plan Risk Management

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14
Q

Close risks

A

Monitor and Control Risks

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15
Q

Perform Qualitative Risk Analysis outputs

A

List of prioritized risks, risks by category, risks needing additional analysis and response, watchlist, Risk ranking as compared to other projects, trends

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17
Q

Determine secondary and residual risks

A

Plan Risk Responses

19
Q

How will you perform risk management on the project?

A

Plan Risk Management

20
Q

Decrease project risk

A

Plan Risk Responses

21
Q

Communicate risk status

A

Monitor and Control Risks

22
Q

Evaluate effectiveness of plans

A

Monitor and Control Risks

22
Q

Identify Risks Information Gathering Techniques

A

Brainstorming, Delphi Technique, Interviewing, root cause analysis

23
Q

Create realistic time and cost objectives

A

Perform Quantitative Risk Analysis

25
Q

Complete a risk urgency assessment

A

Perform Qualitative Risk Analysis

26
Q

Asses the quality of the risk data

A

Perform Qualitative Risk Analysis

27
Q

Quantitative risk analysis tools – standard

A

interviewing, cost and time estimating, delphi technique, use of historical data from prev projects, expert judgement

28
Q

Perform Quantitative Risk Analysis outputs

A

Prioritized list of quantified risks, initial reserves, project completion dates and costs, probability of achieving project objectives, trends

29
Q

Recommend changes, including corrective and preventive actions

A

Monitor and Control Risks

30
Q

Monitor and Control Risks outputs (risk register)

A

Risk reassessment and risk audit outcomes, new risks, closed risks, details of risk occurences, lessons learned

31
Q

Risk response strategies (THREATS)

A

avoid, mitigate, transfer (deflect, allocate)

33
Q

Quantitatively determine which risks warrant a response

A

Perform Quantitative Risk Analysis

34
Q

Plan Risk Management output

A

Risk Management Plan

35
Q

Look for additional risks; then qualify, quantify, and plan responses for them

A

Monitor and Control Risks

36
Q

Respond to risk triggers

A

Monitor and Control Risks

37
Q

Identify “all” the risks on the project

A

Identify Risks

38
Q

Document the watchlist (non-top risks)

A

Perform Qualitative Risk Analysis

38
Q

Determine the probability of meeting project objectives

A

Perform Quantitative Risk Analysis

40
Q

Monitor residual risks

A

Monitor and Control Risks

41
Q

Identify Risks tools

A

Information Gathering Techniques, SWOT Anal, Checklist Anal, Assumptions Anal, Diagramming Technique

42
Q

Types of risk

A

Business risk, Pure (insurable) risk

43
Q

Plan Risk Responses outputs

A

Updates to the project management plan and project documents, risk register updates

45
Q

Quantitative risk analysis tools – advanced

A

expected monetary value analysis, Monte Carlo analysis, Decision trees

46
Q

Monitor and Control Risks outputs

A

Workarounds, Change requests with recommended corrective and preventive actions, updates to risk register, PMP, project documents, and organizational process assets

47
Q

Qualitatively determine which risk events warrant a response

A

Perform Qualitative Risk Analysis

48
Q

Subjectively determine the probability and impact of all risks

A

Perform Qualitative Risk Analysis

PMP (10 decks)

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