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Project Management > Risk Management > Flashcards

Risk Management Flashcards

1
Q

What is the process of risk management?

A 
Plan risk management
Identify risks
Perform qualitative risk analysis 
Perform quantitative risk analysis
Plan risk responses
Control risks
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2
Q

What is the key output of the Plan Risk Management process?

A

Risk management plan

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3
Q

What is the key output of the Identify Risks process?

A

Risk register

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4
Q

What key outputs of the Perform Qualitative Risk Analysis process are added to the risk register?

A

Risk ranking for the project
Prioritized risks and their probability and impact ratings
Risks grouped by category
List of risks requiring additional analysis and response
List of risks requiring analysis in the near term
Watch list (noncritical risks)

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5
Q

What key outputs of the Perform Quantitative Risk Analysis process are added to the risk register?

A

Prioritized list of quantified risks, initial amount of contingency time and cost reserves needed, possible realistic and achievable completion dates and project costs, quantified probability of meeting project objectives, trends in quantitative risk analysis

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6
Q

What key outputs of the Plan Risk Responses are added to the risk register?

A

Residual risks, contingency plans, fallback plans, risk owners, secondary risks, risk triggers, contracts, reserves for time and cost

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7
Q

What are the key outputs of the Control Risks process?

A

Work performance informaiton, risk register updates, change requests, updates to the project management plan and project documents, updates to organizational project assets

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8
Q

What key outputs of the Control Risks process are added to the risk register?

A

Outcomes of risk reassessments and risk audits, results of implemented risk responses, updates to previous parts of risk management, closing of risks that are no longer applicable, details of what happened when risks occured, lessons learned

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9
Q

What is a risk?

A

A future occurrence that may or may not happen that can have a positive (opportunity) or negative (threat) impact on the project

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10
Q

What are the four key factors that need to be determined for each risk?

A

Probability, impact, timing, frequency

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11
Q

A person who is risk averse is:

A

Unwilling to take risks

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12
Q

Define risk appetite, risk tolerance, and risk threshold.

A

Appetite: a general high-level description of the acceptable level of risk
Tolerance: a measurable amount of acceptable risk
Threshold: the specific point at which risk become unacceptable

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13
Q

What are the inputs to the risk management process?

A

Project background information and other organizational process assets, enterprise environmental factors, project charter, network diagram, and other project documents, project management plan (including scope baseline and the knowledge area plans, time and cost estimates, procurement documents, stakeholder register, risk register, work performance data and reports

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14
Q

What are some examples of sources of risk?

A

Technical, project management, schedule, cost, quality, scope, resources, customer satisfaction

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15
Q

What are some examples of risk identification techniques?

A

Documentation reviews, information-gathering techniques, SWOT analysis (strengths, weaknesses, opportunities, threats), checklist analysis, assumptions analysis, diagramming techniques

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16
Q

What are risk triggers?

A

Early warning signs that a risk event has occurred, or is about to occur; they let risk owners know when to take action

17
Q

What is assumption analysis?

When is it done?

A

Assessing the assumptions made on the project and determining whether they are valid
During identify risks

18
Q

What is risk data quality assessment?

When is it done?

A

Determining how accurate, reliable, and well understood the risk information is
During perform qualitative risk analysis

19
Q

What is a probability and impact matrix?

A

The company’s standard rating system to promote a common understanding of what each risk rating means

20
Q

What is sensitivity analysis?

A

A technique to analyze and compare the potential impacts of identified risks

21
Q

What is the formula for expected monetary value?

A

Probability times impact, or EMV=P x I

22
Q

What is a decision tree?

A

A model of a decision to be made that includes the probabilities and impacts of future events

23
Q

Who is a risk owner?

A

The person assigned to develop and execute risk responses for a critical risk

24
Q

What are the possible risk response strategies for threats?

A

Avoid, mitigate, transfer, accept

25
Q

What are the possible risk response strategies for opportunities?

A

Exploit, enhance, share, accept

26
Q

What are residual risks?

A

Risks that remain after risk response planning

27
Q

What are secondary risks?

A

New risks created by the implementation of risk response strategies

28
Q

How does buying insurance relate to risk response planning?

A

It exchanges an unknown cost impact of a known risk for a known cost impact
It is a method to decrease project risk

29
Q

How does a contract relate to risk response planning?

A

A contract helps allocate and mitigate risks

Risk analysis must be done before a contract is signed

30
Q

What are contingency plans?

A

Planned responses to be implemented when and if a risk event occurs

31
Q

What are fallback plans?

A

Actions that will be taken if the contingency plan is not effective

32
Q

What are reserves?

What are the two kind of reserves?

A

Time or cost added to the project to account for risk

Management reserve, contingency reserve

33
Q

What is a contingency reserve?

A

Time or cost allocated to cover known unknowns

It is included in the cost baseline

34
Q

What is a management reserve?

A

Time or cost allocated to cover unknown unknowns

It is added to the cost baseline to get the cost budget

35
Q

What are workarounds?

A

Unplanned responses developed to deal with the occurrence of unanticipated events or problems on a project (or to deal with risks that had been accepted because of unlikelihood of occurrence and/or minimal impact)

36
Q

What are risk reassessments?

When do they occur?

A

Reviews of the risk management plan and risk register

During control risks

37
Q

What is reserve analysis?

When is it done during the risk management process?

A

Managing the reserves and making sure the amount remaining is adequate

38
Q

What are risk audits?

A

Assessing the effectiveness of the risk management process and specific risk responses that have been implemented

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