Risk Management Flashcards
1
Q
Process “Plan Risk Management”
A
- Goal: define how to conduct risk mangement activities for a project
- Inputs: Project charter, PMplan (all parts), stakeholder reg, EEFs, OPAs
- Tools+Techniques: Expert judgement, stakeholder analysis, meeting
- Outputs: risk mgmt plan
2
Q
Risk Management Plan
A
- risk strategy (general approach)
- methodology (specific approach, tools, sources)
- roles and responsibilities
- funding (funds need for risk management and protocols for applying contigency and mgmt reserves)
- timing (when to perform risk mgmt)
- risk categories (to group individual risk usually with RBS)
- stakeholder risk appetite
- definitions of risk probability and impact
- probability and impact matrix
- reporting format
- tracking
3
Q
Process “Identify Risks”
A
- Goal: identify project risks as well as sources for overall project rik, and document their characteristics
- Inputs: Req, schedule, cost, quality, resource and risk mgmt plan; scope, schedule and cost baseline; project docs (assump and issue log, cost and duration estimates, reqs doc, resource reqs, lessons learned and stakeholder reg), agreements, procurement documentation, EEFs, OPAs
- Tools+Techniques: Expert judgment, data gathering (brainstorming, checklists, interviews); data analysis (root cause analysis, assump and constraint analysis, SWOT, document analysis), facilitation, prompt lists, meetings
- Outputs: risk register, risk report, Updates (assumpt log, issue log, lesson learned reg)
4
Q
Process “Perform Qualitative Risk Analysis”
A
- Goal: prioritize individual project risks for further analysis or action by assessing their probabilty of occurrence and impact
- Inputs: risk mgmt plan, project docs (assump log, risk and stakeholder register), EEFs, OPAs
- Tools+Techniques: Expert judgment, interviews, data analysis (risk data quality assessment, risk probability and impact assessment, assessemnt of other risk parameters), facilitation, risk categorization, data representation (probability and impact matrix, hierarchical charts), meetings
- Outputs: Project documents updates (assumption and issue log, risk register, risk report)
5
Q
Process “Perform Quantitative Risk Analysis”
A
- Goal: numerically analyze the combined effect of identfied individual risks and other sources of uncertainty on overall project objectives
- Inputs: PMplan (risk mgmt plan; scope, schedule and cost baseline), project docs (assump log, basis of estimates, cost estimates and forecasts, duration estimates, milestone list, resouce reqs, risk register and reports, schedule forecasts), EEFs, OPAs
- Tools+Techniques: Expert judgment, interviews, facilitation, representations of uncertainty, data analysis (simulation, sensitivity and decision tree analysis, influence diagrams)
- Outputs: Risk report
6
Q
Process “Plan Risk Responses”
A
- Goal: develop options, select strategies and agree to action to address overall risk exposure as well as to treat indiv. project risk
- Inputs: PMplan resource and risk mgmt plan, cost baseline); project documents (lessons learned and stakeholder reg, project schedule, project team assignments, resource calendars, risk register and report) ; EEFs, OPAs
- Tools+Techniques: Expert judgement, interviews, facilitation, strategies for threats/opportunities, contingent response strategies, strategies for overall project risk, data analysis (alt. analysis, cost-benefit-analysis), multicriteria decision making
- Outputs: CRs, Project mgmt updates (schedule, cost, quality, resource and procurement mgmt plan; scope, schedule and cost baseline), project docs updates (assump log, cost forecasts, lessons learned reg, project schedule, project team assignments, risk report and register)
7
Q
Risk Register (on completion of risk identification)
A
captures details of identified individual risks and includes
- list of risks with ID and description
- potential risk owners
- list of potential risk resonses
8
Q
Risk Register (on completion of qualitative risk analysis)
A
- assessments of probability and impacts
- priority level or risk score
- nominated risk owners
- risk urgency or risk categorization
- watch list for low-priority risk or risk that need further analysis
9
Q
Risk Report (on completion of risk identification)
A
presents information on sources of overall project risk and a summary information on identified individual project risks
10
Q
Process “Implement Risk Responses”
A
- Goal: implement agreed-upon risk response plans
- Inputs: Risk mgmt plan, project docs (lessons learned reg, risk reg and report); OPAs
- Tools+Techniques: Expert judgment, Influencing (interpers.), PMIS
- Outputs: CRs, Porject docs updates (issue log, lessons learned reg., project team assignments, risk reg and report)
11
Q
Process “Monitor Risks”
A
- Goal: monitor implementation of agree-upon risk response plans, track identified risks, identify and analyze new risk, and evaluate risk process effectiveness
- Inputs: Risk mgmt plan, project docs (issue log, lessons learned reg, risk reg and report), work performance data and reports
- Tools+Techniques: data analysis (technical performance analysis, reserve analysis), audits, meetings
- Outputs: work performance info, CRs, PMplan updates (all parts), Project docs updates (assump and issue log, lessons learned reg, risk reg and report), OPAs
12
Q
Risk data quality assessment
A
- evaluates the degree to which the data about individual project risks is accurate and reliable as a basis for qualitative risk analysis
- may be assessed via a questionnaire measure stakeholder’s perception of completeness, objectivity, relevancy and timeliness
13
Q
Assessment of other risk parameters
A
- urgency: time within a response has to implemented to be effective
- proximity: time before the risk might have an impact on project objectives
- dormancy: time that may elapse before the impact of an occured risk is discovered
- manageability: ease with which the risk owner can manage occurence or impact
- controllability: degree to which the risk owner is able to control the outcome
- detectability: ease with which the results of risk occuring can be detected ad recognized
- connectivity: extent to which risk is related to other individual risks
- strategic impact
- propinquity: degree to which a risk is perceived to matter by stakeholders
-> data analysis technique that is only used in ‘Perform Qualitative Risk Analysis’
14
Q
Risk categorization (tools+techniques)
A
projects can be categorized by sources of risk (e.g. using RBS) or area affected (e.g. using WBS) or other useful categories like project phase or roles and responsibilities
15
Q
Monte Carlo analysis/simulation
A
- evaluates overall risk in the project
- determines the probability of completing the project on any specific day or for any specific cost
- determines the probability of any activity actually being on the critical path
- translates uncertainties into impacts to the total project
- can be used to assess cost and schedule impacts
- results in probability distribution
- data analysis technique that is only used in ‘Perform Quantitative Risk Analysis’ and ‘Develop Schedule’
