Topic 8: Risk management Flashcards
What are the 6 steps for risk management?
- Plan Risk Management
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
- Plan Risk Responses
- Monitor and Control Risks
What are the two kinds of risk
- Negative risk
- Positive risk
They are as their title implies.
Define risk
Risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on one or more project objectives.
What are some sources of risk in IT projects
- Technology risk
- User acceptance
- Aquisition and loss of personnel
What are 5 inputs of the plan risk management process?
- Project Charter
- Project management plan
- Project documents
- Enterprise Environmental Factors
- Org process assets
What is the main output of the plan risk management process?
- The risk management plan.
What are some of the main tools and techniques that a project manager can use to identify risk?
- SWOT analysis
- Historical Information (internal and external)
- Document analysis
What is the primary output of the identify risk process?
Risk register
What is a risk register?
A formal record listing all project risks, explaining the nature of the risk and management of the risk.
What is a trigger?
Event that serves as an early warning of risk.
What does the perform qualitative risk analysis process involve?
The evaluation of the potential impact and likelihood of specific risk occurrence.
What is a risk breakdown structure?
A hierarchical model used to identify the risks, organized by project component.
What two dimensions can be used to qualitatively analyze risk?
- Probability
2. Impact
What is a common tool used to analyze qualitative risk impact?
Probability/Impact matrix
