RMC Hot Topics 9th Edition Flashcards - Risk Management: 31-37
What are risk triggers?
Early warning signs that a risk event has occurred, or is about to occur.
They let risk owners know when to take action.
What are reserves?
What are two kinds of reserves?
Time or cost added to the project to account for risk.
Management reserve
Contingency reserve
What are workarounds?
Unplanned responses developed to deal with the occurrence of unanticipated events or problems on a project (or to deal with risks that had been accepted because of unlikelihood of occurrence and/or minimal impact)
What is reserve analysis?
When is it done during the risk management process?
Reserve analysis is checking to see how much reserve remains and how much might be needed.
It is done during Monitor Risks process
What is a risk review?
How often do they take place?
A discussion of the effectiveness of plan risk responses that have been implemented on the project; it may result in the identification of new risks, secondary risks created by risk response plans, and risks that are no longer applicable; risk reviews may also result in risk reassessments, identifying the risks and/or closing risks.
A risk review is held regularly.
What are risk audits?
Assessment of the overall process of risk management on the project.
What are some common risk management mistakes?
Risk identification is completed without knowing enough about the project
Overall project risk is evaluated using tools that do not identify specific individual project risks
Risk identification ends too soon
Padding is used
Some things considered risks are facts, and are therefore not risks
The identified risks are general rather than specific
Whole categories of risks are missed
