RMC Hot Topics 9th Edition Flashcards - Risk Management: 11-20
Define risk appetite and risk threshold
Risk appetite: A general high-level description of the acceptable level of risk to an individual or organization.
Risk threshold: The specific point at which risk becomes unacceptable.
A person who is risk-averse is:
Someone who does not want to be negatively affected by risk.
What are the inputs to the risk management process?
Project Charter
Project management plan
Project documents
Enterprise environmental factors (EEFs)
Organizational process assets (OPAs)
Agreements
Procurement documentation
Work performance data and reports
Name the risk categories.
External
Internal
Technical
Commercial
Unforeseeable
What is the risk breakdown structure?
An organizational or hierarchical chart that can help identify and document risk categories.
Name the categories of non-event risks
Ambiguity (lack of understanding) and variability (inability to predict changes).
What are some examples of risk identification techniques?
- Brainstorming
- Checklist analysts
- Interviewing
- Root cause analysis
- Assumption analysis
- Constraint Analysis
- SWOT analysis
- Documentation reviews
- Prompt lists
- Facilitation
What is the purpose of a prompt list?
What is the purpose of a risk report?
A prompt list can help a project team identify risks to individual elements of the project as well as risks to the overall project.
The purpose of a risk report is to keep stakeholders apprised of risk management efforts and outcomes.
What is assumptions analysis?
When is it done?
Assessing the assumptions made on the project and determining whether they are valid.
During Identify Risks
What is risk data quality assessment?
When is it done?
Determining how accurate, reliable, and well understood the risk information is.
Done during Perform Qualitative Risk Analysis
