week 5 Flashcards
project risk definition
uncertain event or condition that has positive or negative effect on one or more project objectives (slope, cost, quality)
what can be done about risks
AVOID: use another method
TRANSFER: share or transfer the impact
MITIGATE: reduce probability of impact, reduce degree of impact
ACCEPT: can’t think of any cost effective ways to mitigate the potential impacts
risk appetite
degree of uncertainty an entity is willing to take on anticipation of reward
risk tolerance
degree, amount or volume of risk that an organization or individual with will withstand
risk threshold
point above which stakeholder or organization will be no longer willing to accept level of uncertainty
plan risk management process
INPUTS: project plan, charter, stakeholder register
TOOLS: expert judgement, meetings, analytical techniques
OUTPUTS: risk management plan
COMMENT: complexity of plan will vary with complexity of project
identify risk process
INPUT: enterprise environmental factors
TOOLS: fact finding, expert judgement
OUTPUT: risk register
risk register
list of identified risks and potential responses
using stats to measure and control quality
control limits, central limit theorem
project completion
contract closure, lessons learned, final reporting, document archival
contract closure
all documentation is up to date, final
payments made, post project evaluation s
lessons learned
identify, document, analyze, store, retrieve
document archival
mail, email, fax, project blog, social media presence
completion of all sub plans
schedule , budget, risk, procurement, evaluate customer satisfaction
