Risk Management

Question 1

Plan Risk Management

Answer 1

The process of DEFINING HOW to conduct risk management activities for a project. In Plan Risk Management, the remaining FIVE risk management processes are PLANNED (creating a road map for them) and HOW they will be conducted is documented.

Question 2

Identify Risks

Answer 2

The process of determining WHICH risks may affect the project and documenting their characteristics.

Question 3

Perform Qualitative Risk Analysis

Answer 3

The process of PRIORITIZING risks for further analysis or action by assessing and combining their probability of occurance and impact. It is a SUBJECTIVE ANALYSIS.

Question 4

Perform Quantitative Risk Analysis

Answer 4

The process of NUMERICALLY ANALYZING the effect of identified risks on overall project objectives. Overall project risk exposure; and initial COST & SCHEDULE reserves are determined.

Question 5

Plan Risk Responses

Answer 5

Process of DEVELOPING OPTIONS & ACTIONS to enhance opportunities & to reduce threats to proj objectives

Question 6

Monitor and Control Risks

Answer 6

The process of IMPLEMENTING risk response plans, TRACKING identified risks, MONITORING residual risks, IDENTIFYING new risks, and EVALUATING risk process effectiveness throughout the project