Risk Management Flashcards
Risk refers to any uncertain event, which can have either a ________ or ________ effect on project objectives.
Positive; Negative
What is the objective of Project Risk Management?
To increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.
Factors that are used to categorize risk are the ________ ________, ___________, and __________.
Risk Event
Probability
Impact
The three categories of Utility Function are:
Risk Averse
Risk Neutral
Risk Seeking
Utility Function is used to measure stakeholder _______ _________.
Risk Tolerance
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats
The Delphi Technique is a part of which category of Tool/Techniques?
Information Gathering Techniques
Brainstorming is usually done in the presence of a ___________.
Facilitator
What is the P&I Value and how is is calculated?
Probability & Impact multiplied together.
The impact of Risk affects Scope, Cost, Quality, and _________.
Time
Risk Urgency Assessment helps determine if a/an ________ response is require.
near-term (immediate)
If you do not have good input data, then risk identification and prioritization will be inaccurate. So, ensure that _________ _______ ________ is good.
Risk Data Quality
Probability and impact calculations are assessed in which process?
Perform Qualitative Risk Analysis
The most common means of graphically depicting the results of a Sensitivity Analysis is a __________ diagram.
Tornado
Name the Data Gathering and Representation Techniques.
- Interviewing
- Probability
- Distributions
Monte Carlo is a ____________ Technique
Simulation or Modeling (usually software to run many time using many different variables to show which is the most advantageous outcome.)
What is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives?
Plan Risk Responses
What is “Residual Risk”?
Risk that is expected to remain after planned responses have been implemented, as well as those that have been deliberately accepted.
Avoid, Transfer, and mitigate are part of whih group of risk response strategies?
Negative Risks/Threats
Exploit, Share, and Enhance are part of which group of risk response strategies?
Positive Risks/Opportunities
The Risk Management Plan is a/an __________ to the Plan Risk Responses processes.
Input
A common Strategy for both threats and opportunities is:
Accept
A new risk that is identified after a risk response was implemented is called a ________ __________.
Secondary Risk
Which type of reserves is used for “unknown - unknowns”?
Management Reserves
What is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project?
Control Risks
Variance, Trend analysis, and Technical Performance Measurements are used to compare the planned vs. __________ Work Performance Data.
Actual
Regular Risk Audits may also be conducted to evaluate the ___________ of risk responses and the risk management processes.
Effectiveness
The project manager also performs Reserve Analysis to assess the adequacy of ________ for taking care of the _________ _________ in the project.
Reserves; Remaining Risks
Planned vs. actual data is assessed using ________ Analysis.
Variance
Overall project performance is monitored using __________ Analysis.
Trend
A _________ __________ examines the effectiveness of risk responses and risk management processes.
Risk Audit
Identified risks and risk owners, agreed-upon risk responses, specific implementation actions, symptoms and warning signs of risk, residual and secondary risks, a watch list of low-priority risks, and the time and cost contingency reserves can be found in which project document?
Risk Register
Risk ___________ should be conducted throughout the project to reassess current risks and identify new risks.
Reassessment
Probability x impact (Quantified in $) = ____________.
Expected Monetary Value
Name the three factors that are used to categorize risk?
Risk Event
Probability
Impact
