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Project Management > Study Cards - Chapter 11 (more studying needed) > Flashcards

Study Cards - Chapter 11 (more studying needed) Flashcards

1
Q

Key to understanding risk management

A
  • for the most part it is done poorly on most projects

- it is usually done very poorly on technology projects

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2
Q

Risk

A
  • impacts every area of the project management lifecycle and the nine key knowledge areas
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3
Q

Risk management includes these processes…

A
  • planning risk management
  • identifying risks
  • performing qualitative analysis
  • performing quantitative analysis
  • planning responses
  • monitoring and controlling risk
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4
Q

Risk is…

A
  • always in the future
  • involves uncertainty
  • known or unknown
  • negative or positive
  • considered from the moment the project is conceived
  • tolerated differently by different organizations (low/high tolerance)
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5
Q

Cost of risk

A
  • like quality, there is a cost to managing risk

- failure to address risk can be much more costly

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6
Q

RBS

A
  • Risk breakdown structure

- groups risks by basic themes

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7
Q

Risk categories

A
  • can number into the hundreds

- are grouped into five key categories on a software project (Tom DeMarco)

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8
Q

Five key risk categories of software projects

A
  • Scope creep
  • Inherent schedule flaws
  • Employee turnover
  • Specification breakdown
  • Poor productivity

-Tom DeMarco

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9
Q

Identifying risks

A
  • iterative process

- new risks may become apparent as the project evolves

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10
Q

Brainstorming

A
  • Focus on quantity
  • Withhold criticism
  • Welcome unusual ideas
  • Combine and improve ideas
  • Alex Osborn
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11
Q

Delphi Technique

A
  • forecasting method that relies on a panel of independent experts
  • participants maintain anonymity
  • RAND corporation
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12
Q

Root cause analysis

A
  • performed after an event has occured to identify ‘triggers’ which can be used to forecast
  • Safety-based RCA (accident)
  • Production-based RCA (quality control)
  • Process-based RCA (business processes)
  • Failure-based RCA (failure analysis)
  • Systems-based RCA (amalgamation)
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13
Q

RCA techniques

A
  • Kepner-Tregoe
  • FMEA
  • Pareto Analysis
  • Bayesian inference (conditional probability)
  • Ishikawa diagram
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14
Q

SWOT analysis

A
  • Setup as a grid
  • Organizational analysis of Strengths, Weaknesses, Opportunities, Threats
  • Albert Humphrey (stanford research)
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15
Q

Risk register

A
  • key planning tool for the project

- includes attributes for risks including probability and impact in dolars

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16
Q

Risk becomes an issue

A
  • when it has a probability percentage of 70% or greater
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17
Q

Qualitative risk analysis

A
  • Only output is to update the risk register
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18
Q

Qualitative risk assessment matrix

A
  • offers a summary level of the potential impact of the risk
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19
Q

Risk register updates

A
  • Ranking and prioritization of project risks
  • Grouping risks by categories
  • Risk requiring near-term response
  • Risks requiring additional analysis and response
  • Low priority risks to monitor
  • Look for trends in results
20
Q

Risk register updates are outputs from

A
  • Perform qualitative risk analysis
  • Perform quantitative risk analysis
  • Plan risk responses
  • Monitor & control risks
21
Q

Quantitative risk analysis

A
  • numerical quantification of the effects of identified risks on the project
  • involves sophisticated mathematical modeling
22
Q

FMEA

A
  • Failure Modes Effects Analysis
  • Severity, Probability, Detectability
  • useful for manufactured product or where risk may be undetectable
23
Q

Severity

A
  • Numberic scale for FMEA measure
  • No effect (1)
  • High hazard (10)
24
Q

Probability

A
  • Numberic scale for FMEA measure
  • less than .0007% (1)
  • 20% or greater (10)
25
Q

Detectability

A
  • Numberic scale for FMEA measure
  • highly detectable (1)
  • completely undetectable (10)
26
Q

RPN

A
  • Risk Priority Number
  • scale of 1-1000
  • Multiply the three FMEA measures (Severity, Probability, Detectability)
27
Q

EMV

A
  • Expecte monetary value

- Multiply the probability of an event by it’s impact

28
Q

Monte Carlo Analysis

A
  • mathematical modeling technique
  • can use PERT or Triangular Distribution
  • can use hundreds or thousands of data points
29
Q

Decision Tree Analysis

A
  • Form of EMV used for more complex decision making
  • Decision branches illuminate possible paths forward
  • Uncertainty branches illuminate the probability of success
30
Q

Risk strategies - negative risks

A
  • Avoid (eliminate)
  • Transfer (shift)
  • Mitigate (reduce)
  • Accept
31
Q

Risk strategies - positive risks

A
  • Exploit (ensure)
  • Share (transfer)
  • Enhance (increase probability)
  • Accept
32
Q

Contingency plans

A
  • developed for a specific risk

- generally developed when you have accepted a risk

33
Q

Residual risk

A
  • risks that remain after a risk response strategy was implemented
34
Q

Secondary risk

A
  • risk that results from implementing a risk response strategy
35
Q

Contingency reserves

A
  • handle the known unknowns

- part of the cost baseline and project budget

36
Q

Management reserves

A
  • handle the unknown unknowns

- part of the project budget

37
Q

Qualitative risk analysis

A
  • risk ranking
  • group risks by category
  • risks needing special attention
  • risks needing near term responses
  • watchlists of low priority risks
  • Trends in qualitative risk analysis
38
Q

Quantitative risk analysis

A
  • Probabilistic analysis of project
  • Probability of meeting cost/time objectives
  • Prioritized list of quantified risks
  • Trends in quantitative risk analysis results
39
Q

Monitor and control risks

A
  • performing risk assessments of the project on a regular basis
40
Q

Risk audits

A
  • carried out throughout the project life

- typically conducted by people outside of your immediate organization

41
Q

Risk reviews

A
  • Periodic and scheduled

- Should occur to determine if risk ratings have changed

42
Q

Variance and Trend

A
  • compares planned results to actual results
43
Q

Technical Performance Measurement

A
  • compares technical accomplishments
44
Q

Reserve Analysis

A
  • compares the amount of contingency reserves remaining to the amount of risk remaining
  • apply only to the specific risks on the project for which they were set aside
45
Q

Workarounds

A
  • employed when no contingency exists

- generally executed on the fly

Project Management (28 decks)

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