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Risks Management Flashcards

1
Q

What is the process of risk management?

A

Plan Risk Management

Identify Risks

Perform Qualitative Risk Analysis

Performa Quantitative Risk Analysis

Plan Risk Responses

Control Risks

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2
Q

What is the key output of the Plan Risk Management process?

A

Risk management plan

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3
Q

What is the key output of the Identify Risk 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

List of risks requiring analysis in the near term

Watch list (noncritical risks)

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5
Q

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

A

Prioritized list of quantified risks

Initial amount of contingency time and cost reserves needed

Possible realistic and achievable completion dates and project costs

Quantified probability of meeting project objectives

Trends in quantitative risk analysis

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6
Q

What key outputs of the Plan Risk Responses process are added to the risk register?

A

Residual risks

Contingency plans

Fallback plans

Risks owners

Secondary risks

Risk triggers

Contracts

Reserves for time and cost

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7
Q

What are the key outputs of the Control Risks process?

A

Work performance information

Risk register updates

Changes requests

Updates to the project management plan and project documents

Updates to organizational process assets

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8
Q

What key outputs of the Control Risks process are added to the risk register?

A

Outcomes of risk reassessment and risk audits

Result of implemented risk responses

Updates to previous parts of risk management

Closing of risks that are no longer applicable

Details of what happened when risks occured

Lesson learned

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9
Q

What is a risk?

A

A future occurence that may or may not happen that can have a positive (opportunity) or negative (threat)
impact on the project

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10
Q

What are the 4 key factors that need to be determined for each risk?

A

Probability
Impact
Timing
Frequency

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11
Q

A person who is risk averse is:

A

Unwilling to take risk

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12
Q

Define risk appetite, risk tolerance, and risk threshold.

A

Risk appetite: a general, high-level description of the acceptable level of risk.

Risk tolerance: a measurable amount of acceptable risk

Risk threshold: the specific point at which risk becomes
unacceptable.

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13
Q

What are the inputs to the risk management process?

A

Project background information and other organizational process assets

Enterprise environment factors

Project charter, network diagram, and other project documents

Project management paln (including scope baseline and the knowledge area plans)

Time and cost estimates

Procurement documents

Stakeholders register

Risk register

Work performance data and reports

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14
Q

What are some example of sources of risk?

A

Technical

Project management

Schedule

Cost

Quality

Scope

Resources

Customer satisfaction

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15
Q

What are some examples of risk identification techniques?

A

Documents reviews

Information-gathering techniques

SWOT analysis (strenghs, weaknesses, opportunities, threats)

Checklilst analysis

Assumption analysis

Diagramming techniques

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16
Q

What are risk triggers?

A

Early warning signs that a risk event has occured, or is about to occurs

They let risk owners know when to take action

17
Q

What is assumption analysis?

When is it done?

A

Assessing the assumptions made on the project and determining whether they are valid.

During Identify Risks

18
Q

What is risk data quality assessment?

When is it done?

A

Determine how accurate, reliable, and well understood the risk information during Performan Qualitative Risk Analysis

19
Q

What is probability and impact matrix?

A

The company’s standard rating system to promote a common understanding of what each risk rating means

20
Q

What is sensitivity analysis ?

A

A technique to analyze and compare the potential impacts of identified risks

21
Q

What is the formulat for expected monetary value?

A

Probability times impact, or EMV = P x I

22
Q

What is a decision tree?

A

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

23
Q

Who is a risk owner?

A

The person assigned to develop and execute risk responses for a critical task

24
Q

What are the possible risk response strategies for threats?

A

Avoid:Eliminate the threat by eliminating its cause

Mitigate: Reduce the probability or impact of the threat

Transfer:Make another party responsible for the risk
(outsourcing,insurance, warranties,bonds,guarantees)

Accept:

  • Passive acceptance - do nothing; if it happens, it happens
  • Active acceptance - develop contingency plans in advance.
25
Q

What are the possible risk response strategies for opportunities?

A

Exploit: Make sure the opportunity occurs

Enhance: Increase probability or positive impact of the risk event

Share: Allocate full or partial ownership of the opportunity to a third party

Accept: Do nothing; if it happens, it happens

26
Q

What is a residual risks?

A

Risks that remains after risk response planning

27
Q

What are secondary risks?

A

New Risks created by the implementation of risk responses strategies

28
Q

How does buying insurance relate to risk responses planning?

A

It exchnages an unknown cost impact of a know risk for a known cost impact

It is a method to decrease project risk

29
Q

How does a contract relate to risk responses planning

A

A contract helps allocate and mitigate risks

Risk analysis must be done before a contract is signed

30
Q

What are contingency plans?

A

Planned responses to be implemented when and if a risk event occurs

31
Q

What are fallback plans?

A

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

32
Q

What are reserves?

What are 2 kinds of reserves?

A

Time or cost added to the project to account for risk

Management reserve

Contingency reserve

33
Q

What is a contingency reserve?

A

Time or cost allocated to cover known unknows

It is included in the cost baseline

34
Q

What is a management reserve?

A

Time or cost allocated to cover unknow unknows

it is added to the cost baseline to get the cost budget

35
Q

What are workarounds?

A

Unplanned responses developed to deal with the occurence of unanticipated events or problems on a project (or to deal with risks that had been accepted because of unlikelihood of occurence and/or minimal impact)

36
Q

What are risk assessments?

When do they occur?

A

Reviews of the risk management plan and risk register

During Control Risks

37
Q

What is reserve analysis?

When is it done during the risk management process?

A

Managing the reserves and making sure the amount remaining is adequate

During Control Risks

38
Q

What are risk audits

A

Assessing the effectiveness of the risk management process and specific risk responses that have been implemented

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