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Project Management Professional v5 > Risk Management > Flashcards

Risk Management Flashcards

0
Q

Risk refers to any uncertain event, which can have either a ________ or ________ effect on project objectives.

A

Positive; Negative

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1
Q

What is the objective of Project Risk Management?

A

To increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.

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2
Q

Factors that are used to categorize risk are the ________ ________, ___________, and __________.

A

Risk Event
Probability
Impact

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3
Q

The three categories of Utility Function are:

A

Risk Averse
Risk Neutral
Risk Seeking

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4
Q

Utility Function is used to measure stakeholder _______ _________.

A

Risk Tolerance

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5
Q

What does SWOT stand for?

A

Strengths, Weaknesses, Opportunities, and Threats

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6
Q

The Delphi Technique is a part of which category of Tool/Techniques?

A

Information Gathering Techniques

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7
Q

Brainstorming is usually done in the presence of a ___________.

A

Facilitator

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8
Q

What is the P&I Value and how is is calculated?

A

Probability & Impact multiplied together.

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9
Q

The impact of Risk affects Scope, Cost, Quality, and _________.

A

Time

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10
Q

Risk Urgency Assessment helps determine if a/an ________ response is require.

A

near-term (immediate)

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11
Q

If you do not have good input data, then risk identification and prioritization will be inaccurate. So, ensure that _________ _______ ________ is good.

A

Risk Data Quality

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12
Q

Probability and impact calculations are assessed in which process?

A

Perform Qualitative Risk Analysis

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13
Q

The most common means of graphically depicting the results of a Sensitivity Analysis is a __________ diagram.

A

Tornado

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14
Q

Name the Data Gathering and Representation Techniques.

A
  • Interviewing
  • Probability
  • Distributions
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15
Q

Monte Carlo is a ____________ Technique

A

Simulation or Modeling (usually software to run many time using many different variables to show which is the most advantageous outcome.)

16
Q

What is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives?

A

Plan Risk Responses

17
Q

What is “Residual Risk”?

A

Risk that is expected to remain after planned responses have been implemented, as well as those that have been deliberately accepted.

18
Q

Avoid, Transfer, and mitigate are part of whih group of risk response strategies?

A

Negative Risks/Threats

19
Q

Exploit, Share, and Enhance are part of which group of risk response strategies?

A

Positive Risks/Opportunities

20
Q

The Risk Management Plan is a/an __________ to the Plan Risk Responses processes.

A

Input

21
Q

A common Strategy for both threats and opportunities is:

A

Accept

22
Q

A new risk that is identified after a risk response was implemented is called a ________ __________.

A

Secondary Risk

23
Q

Which type of reserves is used for “unknown - unknowns”?

A

Management Reserves

24
Q

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?

A

Control Risks

25
Q

Variance, Trend analysis, and Technical Performance Measurements are used to compare the planned vs. __________ Work Performance Data.

A

Actual

26
Q

Regular Risk Audits may also be conducted to evaluate the ___________ of risk responses and the risk management processes.

A

Effectiveness

27
Q

The project manager also performs Reserve Analysis to assess the adequacy of ________ for taking care of the _________ _________ in the project.

A

Reserves; Remaining Risks

28
Q

Planned vs. actual data is assessed using ________ Analysis.

A

Variance

29
Q

Overall project performance is monitored using __________ Analysis.

A

Trend

30
Q

A _________ __________ examines the effectiveness of risk responses and risk management processes.

A

Risk Audit

31
Q

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?

A

Risk Register

32
Q

Risk ___________ should be conducted throughout the project to reassess current risks and identify new risks.

A

Reassessment

33
Q

Probability x impact (Quantified in $) = ____________.

A

Expected Monetary Value

34
Q

Name the three factors that are used to categorize risk?

A

Risk Event
Probability
Impact

Project Management Professional v5 (20 decks)

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