Risk management- Knowledge area

Question 1

Risk mgmt -definition

Answer 1

Develops, implements and monitors risk strategies for the project.

Question 2

Non event risk

Answer 2

a

Question 3

Project resilience

Answer 3

a

Question 4

3 components of risk

Answer 4

The event, Impact, probability

Question 5

Risk score

Answer 5

RIP, R= Impact*probability

Question 6

Realized risk

Answer 6

a

Question 7

Risk trigger

Answer 7

a

Question 8

Risk breakdown structure (RBS)

Answer 8

Refer to screenshot

Question 9

Probability and impact matrix

Answer 9

tool to help you rank risk.

Question 10

SWOT analysis

Answer 10

Strengths , weaknesses, Opportunities and threats

Question 11

Prompt lists

Answer 11

a

Question 12

Delphi technique

Answer 12

Information gathering technique

Question 13

Risk register

Answer 13

a

Question 14

Risk report

Answer 14

a

Question 15

Watch list

Answer 15

a

Question 16

Tornado diagram

Answer 16

Example in deck under sensitivity analysis

Question 17

EMV

Answer 17

Expected monitory value. EMV=1($) *P

Question 18

5 strategies for negative risk

Answer 18

escalate, avoid, transfer, mitigate(reduce probability and impact risk), accept( two types- active- (have backup plan) and passive)

Question 19

5 strategies for positive risk

Answer 19

escalate, exploit(opposite of avoid), share( opposite of transfer), enhance(app of mitigate), accept

Question 20

secondary risk

Answer 20

alternative risk.

Question 21

Residual risk

Answer 21

leftover / assessment of the leftover risk

Question 22

Risk audit

Answer 22

a

Question 23

Risk assessment

Answer 23

living document