Risk Management Flashcards
What is variability risk?
Risks caused by inability to predict future
Alternative expression for “risk categories?”
“Sources of Risk”
What is P x I for cost?
Expected Monetary Value (EMV)
What is P x I for time?
Expected Value
Main purpose of Perform Qualitative Risk Analysis?
RANK and PRIORITIZE risks to apply correct EMPHASIS on its risk response and focus
Difference between Risk Quality and Quantitiy?
Quality = High/Low or Category
Quantity = Cost or Time
Difference between Risk Register and Risk Report?
Register = living document for risk management w/ all risks listed and associated info
Report = overview/summary of risk info, trends, sources of risk
Important Tool for Plan Risk Management?
Stakeholder Analysis
What is a watchlist?
Monitors low priority risks
How often should you discuss the risks with team?
At every status meeting
What are secondary risks?
Risks caused by a response to another risk
What is ambiguity risk?
Risk caused by lack of understanding
Two main types to classify risks
Business Risk = gain or loss
Pure Risk = only loss (insurable)
What is Active and Passive acceptance?
Active = accepting risk and establishing contingency reserve/plan for its potential occurrence
Passive = accepting risk and creating a WORKAROUND after the risk occurs. Not proactive.
What is PIM score?
Probability and Impact Matrix Score
