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Preparacion RMP > RMP 01 > Flashcards

RMP 01 Flashcards

1
Q

1

What is the definition of project risk management?

A

1

The processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project

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2
Q

1

Is risk management an optional activity?

A

1

No. It is not an optional activity, and it is applicable throughout the lifecycle of the project

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3
Q

1

What are the 6 critical success factors of risk management?

A

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  1. Recognize the value of risk management 2. Individual commitment/ responsibility 3. Open and honest communication 4. Organizational commitment 5. Risk Effort scaled to Project 6. Integration with Project Management
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4
Q

1

What is the definition of project risk?

A

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An uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective

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5
Q

1

What type of reserve can you allocate for known-unknowns?

A

1

These are risks that can be identified and analyzed. You can allocate contingency reserve for known-unknowns.

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6
Q

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What type of reserve can you allocate for unknown-unknowns?

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These are events that cannot be predicted with any accuracy and you cannot prevent from happening e.g. a natural disaster. You can allocate a management reserve. (“buy the insurance to reduce impact”)

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7
Q

1

Name 8 factors influencing risk management

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  1. Scale of the project 2. Level of public commitments 3. Stakeholders’ sensitivity 4. Organisation culture 5. Industry-specific factors 6. Cultural values 7. Cross-industry implications 8. Multi-organisational considerations –
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8
Q

1

Does the probability of a risk event increase or decrease as the project progresses?

A

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The probability of the event typically decreases as you approach project completion; but the impact if the risk event does occur increases.

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9
Q

1

How can you document the role and responsibilities of project people and stakeholders with regard to risk management?

A

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Use a RAM - Responsibility Accountability Matrix

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10
Q

1

Which of the following is NOT an input to Perform Qualitative Risk Analysis process? a) Organizational Process Assets b) Project scope statement c) Risk Management Plan d) Enterprise environmental factors

A

1

D. Perform qualitative risk analysis uses A, B and C and also risk register as inputs to carry out the process.

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11
Q

1

All the following will update the Risk Register from Perform Qualitative Risk Analysis process except:

a) List of potential risk responses
b) Causes of risk
c) A priority list of risks
d) Trends in qualitative risk analysis

A

1

A.

The list of potential responses is identified in the Identify Risk process. The risk register contains this update already before starting qualitative risk analysis.

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12
Q

1

How many processes are included in Project Communications Management?

A

1

Five.

  • Identify Stakeholders;
  • Plan Communications;
  • Distribute Information;
  • Manage Stakeholder Expectations;
  • Report Performance
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13
Q

1

What are the 5 processes included in Project Communications Management?

A

1

  • Identify Stakeholders;
  • Plan Communications;
  • Distribute Information;
  • Manage Stakeholder Expectations;
  • Report Performance
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14
Q

1

What are the inputs for identifying stakeholders?

A

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There are 4.

  1. Project Charter
  2. Procurement documents
  3. Enterprise Environmental Factors
  4. Organizational Process Assets
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15
Q

1

What are the tools and techniques for Identify Stakeholders?

A

1

There are 2.

  1. Stakeholder analysis
  2. Expert judgement
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16
Q

1

What are the outputs of Identify Stakeholders?

A

1

There are 2.

  1. Stakeholder register
  2. Stakeholder management strategy
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17
Q

1

How might you prioritize your stakeholders?

A

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Use a power/ interest grid; use a power / influence grid; use an influence/ impact grid; use a salience Model (describing stakeholders in terms of their power, urgency and legitimacy)

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18
Q

1

What are the inputs for Plan Communications?

A

1

There are 4.

  1. Stakeholder register
  2. Stakeholder management strategy
  3. Enterprise environmental factors
  4. Organizational Process Assets
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19
Q

1

What are the tools and techniques for Plan communications?

A

1

There are 4.

  1. Communication requirements analysis
  2. Communication technology.
  3. Communication models.
  4. Communication methods.
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20
Q

1

What are the outputs of Plan Communications?

A

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There are 2.

  1. Communications management plan.
  2. Project document updates.
21
Q

1

What is the formula to calculate the number of communication channels?

A

1

n (n-1) / 2
where n represents the number of stakeholders.

22
Q

1

Who is responsible for ensuring that communication is properly understood?

A

1

The sender is responsible for making the information clear and complete so that the recipient can receive it correctly, and for confirming that it is properly understood.

23
Q

1

What is the receiver of communication responsible for?

A

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The receiver is responsible for making sure that the information is received in its entirety, understood correctly and acknowledged.

24
Q

1

Name 3 communication methods:

A

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Interaction communication - a multi-directional exchange of information
Push communications 
Pull communications (intranet, e-learning, knowledge repositories etc)
25
Q

1

What are the inputs to distribute information?

A

1

There are 3.

  1. Project management plan
  2. Performance reports
  3. Organizational process assets
26
Q

1

What are the tools and techniques for Distribute Information?

A

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There are 2.

  1. Communication methods
  2. Information Distribution Tools
27
Q

1

What are the outputs of Distribute Information?

A

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There is 1.
1. Organizational process assets updates

28
Q

1

Who is responsible for stakeholder expectations management?

A

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The project manager is responsible for stakeholder expectations management. Actively managing stakeholder expectations decreases the risk that the project will fail to meet its goals and objectives due to unresolved stakeholder issues, and limits disruptions during the project.

29
Q

1

What are the inputs of Manage Stakeholder expectations?

A

1

There are 6.

  1. Stakeholder register
  2. Stakeholder management strategy
  3. Project management plan
  4. Issue log
  5. Change log
  6. Organization Process assets
30
Q

1

What are the tools and techniques of Manage Stakeholder Expectations?

A

1

There are 3.

  1. Communication methods
  2. Interpersonal skills
  3. Management skills
31
Q

1

What are the outputs of Manage Stakeholder expectations?

A

1

There are 4.

  1. Organizational process assets
  2. Change requests.
  3. Project management plan updates.
  4. Project document updates
32
Q

1

Describe Report Performance process within Project Communications Management.

A

1

Report performance is the process of collecting and distributing performance information, including status reports, progress measurements and forecasts.

33
Q

1

What are the inputs of Report Performance?

A

1

There are 5.

  1. Project management plan
  2. Work performance information.
  3. Work performance measurements.
  4. Budget forecasts
  5. Organizational process assets
34
Q

1

What are the tools and techniques of Report Performance?

A

1

Performance?

There are 4.

  1. Variance analysis
  2. Forecasting methods.
  3. Communication methods.
  4. Reporting systems.
35
Q

1

What are the outputs of Report Performance?

A

1

There are 3.

  1. Performance reports
  2. Organisation Process Asset Updates
  3. Change requests
36
Q

1

What is variance analysis?

A

1

Variance analysis is an after-the-fact look at what caused a difference between the baseline and the actual performance. It is part of the Report Performance process step in Project Communication Management.

37
Q

1

What are forecasting methods?

A

1

Forecasting is the process of predicting future project performance based on the actual performance to date. Forecasting methods may be classified in different categories - time series methods, causal /econometric methods, judgment methods.

38
Q

1

What is project risk management?

A

1

Project risk management is the process of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project.

39
Q

1

What are the objectives of project risk management?

A

1

The objectives of project risk management are to increase the probability and impact of positive events and decrease the probability and impact of negative events in the project.

40
Q

1

How many processes are there in Project Risk Management?

A

1

There are 6.

  1. Plan Risk Management
  2. Identify Risks.
  3. Perform Qualitative Risk Analysis.
  4. Perform Quantitative Risk Analysis.
  5. Plan Risk Responses.
  6. Monitor and Control Risks
41
Q

1

When in time is project risk placed?

A

1

Project risk is always in the future. Risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective. (objectives can include scope, schedule, cost and quality).

42
Q

1

What might cause a risk?

A

1

Casues may be a requirement, assumption, constraint or a condition that creates the poosibility of negative or positive outcomes.

43
Q

1

Is project risk present in all projects?

A

1

Yes. Project risk has its origins in the uncertainty present in all projects.

44
Q

1

What are known risks?

A

1

Known risks are those that have been identified and analyzed, making it possible to plan responses to those risks.

45
Q

1

What are unknown risks?

A

1

Specific unknown risks cannot be actively managed proactively, which suggests that the project team should create a contingency plan.

46
Q

1

What is an issue?

A

1

A project risk that has occurred can also be considered an issue.

47
Q

1

What is risk tolerance?

A

1

Organizations and stakeholders are willing to accept varying degrees of risk. This is called risk tolerance.

48
Q

1

What is Plan Risk Management?

A

1

Plan Risk Management is the process of defining how to conduct risk management activities for a project. good risk management planning increases the probability of success of the other five risk management processes.

49
Q

1

When should Plan Risk Management be done?

A

1

The plan risk management process should begin as a project is conceived and should be completed early in the project.

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