RMC Hot Topics 9th Edition Flashcards - Risk Management: 1-10
What is the process of risk management?
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
The Plan Risk Responses
Implement Risk Responses
Monitor Risks
What is the key output of the Plan Risk Management process?
Risk management plan
What are the key outputs of the Identify Risk process?
Risk register
Risk report
What key outputs of the Perform Qualitative Risk Analysis process are added to the risk register?
Risk ranking for the project compared to other projects.
List of prioritized risks and their probability and impact ratings.
Results of other risk parameter assessments.
Risks grouped by categories.
List of risks for additional analysis and response.
List of risks requiring additional analysis in near term.
Watch list (noncritical risks).
What key outputs of the Perform Quantitative Risk Analysis process are added to the risk register?
Prioritize list of quantified individual project risks.
The quantified probability of meeting project objectives.
Trends in quantitative risk analysis.
Initial contingency time and cost reserves needed.
Assessment of the overall project risk exposure.
Possible realistic and achievable completion date and project costs.
Recommended risk responses.
What key outputs of the Plan Risk Responses process are added to the risk register?
Residual risks
Contingency plans
Fallback plans
Risk owners
Secondary risks
Risk triggers
Contracts
Reserves for time and cost
What are the key outputs of the Monitor Risks process?
Work performance information
Risk register updates
Change requests
Project management plan updates
Organizational process assets updates
What are the key outputs of the Monitor Risks process are added to the risk register
Outcomes of risk reassessments and risk audits.
Results 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Closing of risks that are no longer applicable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 occurred
Lessons learned
What is risk
A future occurrence that may or may not happen that can have a positive (opportunity) or negative (threat) impact on the project.
What are the four key factors that need to be determined for each risk?
Probability
Impact
Frequency
Timing
(PIFT)
