Risk Management Flashcards
1
Q
What information would you expect to see on a Risk register?
A
Risk reference
Date raised
Description of the risk
Probability and Impact
Risk owner
Risk response
Cost Impact
Risk status
2
Q
How can risk be managed?
A
Shrink
Accept
Distribute
Eliminate
Monitor
3
Q
How would you cost the risks on a risk register?
A
Only cost the red risks - high impact and probability.
Only include EMV based on chance of happening.
4
Q
Other than probability and impact, are you aware of any other methods of analysing risk?
A
Monte Carlo simulation.
5
Q
How would a risk workshop work?
A
All members of team come together and brainstorm the risk they can think of on the project.
Risks would be collated and allocated to the risk register.
QS undertakes cost assessment of risks.
