Risk management- Knowledge area Flashcards
Risk mgmt -definition
Develops, implements and monitors risk strategies for the project.
Non event risk
a
Project resilience
a
3 components of risk
The event, Impact, probability
Risk score
RIP, R= Impact*probability
Realized risk
a
Risk trigger
a
Risk breakdown structure (RBS)
Refer to screenshot
Probability and impact matrix
tool to help you rank risk.
SWOT analysis
Strengths , weaknesses, Opportunities and threats
Prompt lists
a
Delphi technique
Information gathering technique
Risk register
a
Risk report
a
Watch list
a
Tornado diagram
Example in deck under sensitivity analysis
EMV
Expected monitory value. EMV=1($) *P
5 strategies for negative risk
escalate, avoid, transfer, mitigate(reduce probability and impact risk), accept( two types- active- (have backup plan) and passive)
5 strategies for positive risk
escalate, exploit(opposite of avoid), share( opposite of transfer), enhance(app of mitigate), accept
secondary risk
alternative risk.
Residual risk
leftover / assessment of the leftover risk
Risk audit
a
Risk assessment
living document
