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PMPSelfStudy > Risk Mgmt > Flashcards

Risk Mgmt Flashcards

1
Q

What is the process of risk mgmt?

A
  • Plan Risk Mgmt
  • Identify Risks
  • Perform Qualitative Risk Analysis
  • Perform Quantitative RIsk Analysis
  • Plan Risk Responses
  • Monitor and Control Risks
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2
Q

What is a key ouput of the Plan Risk Mgmt process?

A

Risk mgmt plan

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3
Q

What is the key output of the Identify Risks process?

A

Risk register

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4
Q

What key outputs of the Perform Qualitative Risk Analysis process are added to the risk register?

A
  • Risk ranking for the project
  • Prioritized risks and their probability and impact ratings
  • Risks grouped by category
  • List of risks requiring additional analysis and response
  • Watchlist
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5
Q

What key outputs of the Perform Quantitative Risk Analysis process are added to the risk register?

A
  • Prioritized list of quanitified risks
  • Possible realistic and achievable completion dates and project costs
  • Quantitative probabilit of meeting project objectives
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6
Q

What are key outputs of the Plan Risk Responses process?

A

Risk register updates:

  • Residual risks
  • Contingency plans
  • Risk response owners
  • Secondary risks
  • Triggers
  • Fallback plans
  • Reserves for time and cost

Updates to the project mgmt plan and project documents

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7
Q

What are key outputs of the Monitor and Control RIsk process?

A

Risk register updates:

  • Outcomes of risk reassessments and risk audits
  • Updates to the risk register
  • Closing of risks that are no longer applicable
  • Details of what happened when risks occured
  • Lessons learned

Change requests

Updates to the project mgmt plan and project documents

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8
Q

What is a risk?

A

An occurance that can affect a project for better (opportunity) or worse (threat)

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9
Q

Describe key things one needs to determine about each risk

A
  • Probability
  • Impact
  • Timing
  • Frequency
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10
Q

Someone who is risk averse is:

A

Unwilling to take risks

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11
Q

Name inputs to the risk mgmt process

A
  • Project background information
  • Historical records from previous projects
  • Organizational process assets
  • Project charter
  • Project scope statement
  • Team
  • WBS
  • Network diagram
  • Staffing mgmt plan
  • Procurement mgmt plan
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12
Q

What are risk categories

A

List of common sources of risk, including:

  • Technical
  • Project mgmt
  • Schedule
  • Cost
  • QUality
  • Scope
  • Resources
  • Customer satisfaction
  • Others
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13
Q

What are risk identification techniques?

A
  • Doc reviews
  • Brainstorming
  • Delhi techinique
  • Root cause analysis
  • Interviewing
  • SWOT
  • Checklist analysis
  • Assumptions Analysis
  • Diagraming techniques
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14
Q

What are the types of risks?

A

Business

Pure

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15
Q

What are risk triggers?

A

Early warning signs that a risk event has occurred or is about to occur

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16
Q

What is assumptions analysis? When is it done?

A

Exploring the valitity of project assumptions.

It is done during the Identy Risks process.

17
Q

What is risk data quality assessment? When is it done?

A
  • Determining how well the risk information is understood
  • A method to test reliability of risk information collected
  • It is done during the Perform Qualiative Risk Analysis process
18
Q

What is a probability and impact matrix?

A

The company’s rating system used to determine which risks continue through the risk mgmt process

19
Q

What is the forumula for expected monetary value?

A

Probability times impact

EMV=P x I

20
Q

What is a decision tree?

A

A model of a decision to be made the includes the probabilities and impacts of future events

21
Q

Who is a risk response owner?

A

The perons assigned to execute risk response for each critical risk

22
Q

Name and define risk response strategies for threats

A

Avoid: Eliminate a specific threat by eliminating the cause

Mitigate: Reduce the probability or impact of a threat

**Accept: **

  • Passive acceptance - do nothing if it happens, it happens
  • Active acceptance - develop a contingency plans

Transer: Make another party responsible for a risk; may include outsourcing, insurance, warranties, bonds, and guarantees

23
Q

Name & define the risk response strategies for opportunities

A
  • Exploit: Make sure the opportunity occurs
  • Share: Allocate ownership to a third party
  • Enhance: Increase probability or impact
  • Accept: Do nothing; if it happens, it happens
24
Q

What are residual risk?

A

Risks that remain after sisk response planning:

  • Risks for which contingency and fallback plans have been created
  • Risk that have been accepted
25
Q

What are secondary risk?

A

New risk created by the implemntation of risk response strategies

26
Q

How does buying insurance relate to risk response planning?

A
  • It exchanges an unknown risk for a known risk
  • It is a method to decrease project risk
27
Q

How does a contract relate to risk response planning?

A
  • A contract helps allocate and mitigate risks
  • A risk analysis is done before a contract is signed
28
Q

What are contingency plans?

A

Planned responses to risks

29
Q

What are fallback plans?

A

Actions that will be taken if the contingency plan is not effective

30
Q

What does a revised proejct mgmt plan have to do with risk mgmt?

A

The components of the project mgmt plan will need to be updated based on the results of risk planning

31
Q

What are reserves?

A

Time or cost added to the project to account for risk

There are two types of reserves:

  • Mgmt reserve
  • Contingency reserve
32
Q

What are contingency reserves?

A

Time or cost allocated to cover known unknowns

It is included in the cost baseline

33
Q

What is a mgmt reserve?

A

Time or cost allocated to cover unknown unknowns

It is included in the cost budget

34
Q

What are risk reassessments and when do they occur?

A
  • Reviews of risk mgmt plan and risk register
  • They occur during the Monitor and Control Risks process
35
Q

What is reserve analysis?

When is it done?

A

Managing the reserves and making sure the amount remaining is adequate

It is done during the Monitor and Control Risks, Estimate Activity Durations, and Determine Budget processes

36
Q

What are risk audits?

A

Examining and documenting the effectiveness of the risk process and the risk response owners

PMPSelfStudy (13 decks)

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