Risk Management Part Deux Flashcards
1
Q
Individual Project Risk
A
- an uncertain event or condition that , if it ocurs, has a positive or negative impact on one or more parts of the project
2
Q
Overall Project Risk
A
- The risk exposure of the project as a whole
- Made up of the sum of individual project risks plus other sources of uncertainty
3
Q
Negative vs. Positive Risk
A
- Negative risk are threats
- Positive risks are opportunities
4
Q
Risk Appetite
A
- The amount of risk you are willing to take for a reward
5
Q
Risk tolerance
A
- The amount of volume of risk you are willing to take
6
Q
Type of Risks
A
- Known-Known
- Known-Unknowns
- Unknown-Unknowns
7
Q
Known-Unknown
A
- Risks that are known but are not analyzed
- Not sure of the impacts
8
Q
Unknown-Unknown
A
- Risks that could have not been identified
- E.g.: future regulations, earthquake, or weather event that could not have been predicted or did not follow a trend
9
Q
What are the Two Non-Event Risks?
A
- Variability Risk
- Ambiguity Risk
10
Q
Variability Risk
A
- Some aspect of a planned task or situation that is uncertain
- Eg.: Productivity targets, error during testing, weather patterns
11
Q
Ambiguity Risk
A
- Uncertainties arising form lack of knowledge or understanding
- E.g.: Use of new technology, future regulations
12
Q
Project Resilience
A
- Ability to handle risks that were not known, the unknowable-unknowns
13
Q
What is Integrated Risk Management in 1 sentence?
A
- The management of risk at the appropriate level
