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PMP > Risk Mgmt > Flashcards

Risk Mgmt Flashcards

1
Q

Risk mgmt processes

A

Initiating - none
Planning - plan risk mgmt, identify risks, perform qualitative analysis, perform quantitative analysis, plan risk responses
Executing - implement risk responses
Monitoring & controlling - monitor risks
Closing - none

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2
Q

Risk mgmt process outputs

A

Plan risk mgmt - risk mgmt plan
Identify risks - risk register, risk report
Perform qual analysis - none
Perform quan analysis - none
Plan risk responses - none
Implement risk responses - change requests
Monitor risks - none

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3
Q

Risk

A

1) related to an uncertain event
2) may affect the project for good OR bad
3) individual project risk - threatens an objective
Overall project risk - threatens the success of the project

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4
Q

Risk approaches

A

Size of project, complexity, inherent project risk, project methodology, importance

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5
Q

Plan risk mgmt

A

Creating the risk mgmt plan

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6
Q

Risk mgmt plan

A

Roadmap to the other six risk mgmt processes

Defines what level of risk will be tolerable for the project, how risk will be managed, who will be responsible for risk activities, the amounts of time and resources that will be allotted torsion activities and how risk findings will be communicated

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7
Q

Risk breakdown structure (RBS)

A

Creating consistent risk categories

Graphical or hierarchical decomposition used to facilitate understanding and organization of risk categories

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8
Q

Identify risks

A

Evaluates the project to create a list of risks that could potentially impact the project and to understand the nature of those risks

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9
Q

Identify risks tools

A

Data gathering
Data analysis - root cause analysis, SWOT
Prompt list

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10
Q

Root causes analysis

A

Ishakawa diagram - fishbone - 5 whys

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11
Q

SWOT

A

Internal/external, helpful/harmful

Strength, weakness, opportunities, threats

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12
Q

Prompt list

A

Framework for identifying new risks

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13
Q

Risk register

A

A list of all identified risks on the project, what the possible reactions are, root causes, and what categories the risk falls into

Identified risk, owners and responses

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14
Q

Risk report

A

Summary document of risk register, high-level information on identified risks

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15
Q

Perform qualitative analysis

A

Done to determine which risks are the highest priority on a project

Takes each risk from the risk register an works to analyze the probability it will occur and impact if it does

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16
Q

Perform qualitative analysis tools

A

Data analysis - risk data quality assessment, risk probability and impact assessment, risk categorization
Data representation - hierarchical charts (bubble chart)

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17
Q

Risk data quality assessment

A

If the data for risks is not high quality then the decisions you make will have more uncertainty

Data should be objectively evaluated to determine whether or not it is acceptable and accurate of quality

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18
Q

Risk probability and impact assessment / probability and impact matrix

A

Highest priorities for risk, score (high medium low or a scale)

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19
Q

Assessment of other risk parameters

A

Urgency, proximity, manageability, controllability, connectivity, strategic impact, propinquity, dormancy, detectability

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20
Q

Urgency

A

How much time you have to respond to a risk event

Lower is desired

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21
Q

Proximity

A

How much time you have before the risk impacts project goals

Lower is desired

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22
Q

Dormancy

A

How much time will pass after the risk has occurred before it is detected

Lower is desired

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23
Q

Manageability

A

How easily a risk’s impact can be managed

Higher is desired

24
Q

Controllability

A

How easily a risk event can be changed

Higher is desired

25
Q

Detectability

A

How easily a risk can be notified/recognized

Higher is desired

26
Q

Connectivity

A

How risks are connected

Lower is desired

27
Q

Strategic impact

A

How likely the risk is to impact the organization’s strategic goals

Lower is desired

28
Q

Propinquity

A

Measure of how important the project’s stakeholders perceive this risk to be

Lower is desired

29
Q

Risk categorization

A

Can hep you build a big picture of the risks, usually done with a RBS

30
Q

Perform quantitative analysis

A

Seeks to assign a projected value to quantify the risks that have been ranked by the perform qualitative analysis process

Usually specified in terms of cost or time

31
Q

Perform qualitative analysis tools

A

Representations of uncertainty

Data analysis - simulations (monte Carlo, sensitivity, decision tree, influence diagram)

32
Q

Representations of uncertainty

A

Likelihood of a risk occurrence

Probability distributions - beta and triangular

33
Q

Quantitative analysis simulatio

A

Monte Carlo analysis
Sensitivity analysis
Decision tree analysis
Influence diagrams

34
Q

Sensitivity analysis

A

Tornado diagram

Provides a way to depict the project’s sensitivity to cost or other risk factors

Ranks bars from highest to lowest (looks like a tornado)

35
Q

Decision tree analysis

A

Probability and arrive at a dollar amount associated with each risk

Each branches gets an expected monetary value (EMV)

36
Q

Influence diagram

A

Entities, influences and possible outcomes

37
Q

Plan risk response

A

Ready to create a detailed plan for managing them

38
Q

Plan risk response tools

A 
Strategies for threats 
Strategies for opportunities 
Contingent response strategies 
Strategies for overall project risk 
Data analysis - alternatives, cost-benefit analysis
39
Q

Strategies for threats

A

Escalate, avoid, transfer, mitigate, accept

Harmful and external

40
Q

Strategies for threats - escalate

A

Not a favored choice, should only be used when a risk is outside the PMs authority

41
Q

Strategies for threats - avoid

A

Appropriate for working with undesirable risk in some cases

42
Q

Strategies for threats - transfer

A

Contractual agreements and insurance

Moved outside the organization

43
Q

Strategies for threats - mitigate

A

Make it less, does not eliminate but diminishes

44
Q

Strategies for threats - accept

A

Perfectly reasonable whether positive or negative

Passive acceptance - no proactive steps
Active acceptance - may involve contingency plan if it occurs

45
Q

Strategies for opportunities

A

Escalate, exploit, share, enhance, accept

Helpful and external

46
Q

Strategies for opportunities - escalate

A

Managed at level above PM

47
Q

Strategies for opportunities - exploit

A

Trying to remove an uncertainty

48
Q

Strategies for opportunities - share

A

Working with another party

49
Q

Contingent response strategies

A

Contingency/fallback plan

Project team may make one decision related to risk, but make that decision contingent upon certain conditions

50
Q

Strategies for overall project risk

A

Point is to establish your project’s overall posture towards risk, to understand and analyze risk and to plan appropriate action

51
Q

Alternatives analysis

A

Alternative ways to deal with risks

52
Q

Cost-benefit analysis

A

Response doesn’t cost more than the risk

53
Q

Implement risk responses

A

Puts the risk response plan into action

54
Q

Monitor risks

A

Looks over the plan and execution and compares them

Takes work performance information and data and compares to plan

55
Q

Monitor risks tools

A

Data analysis - technical performance analysis, reserve analysis
Audits
Meetings

PMP (14 decks)

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