Flashcards
9. Risk Management (Rita's)
Cards in this deck (22)
- 1When do risk identification and risk response happen?Any time during a project
- 2What are "Risk Categories"aka: sources of risk
categories can be broad and common to similar projects/industry - 3Who should be involved in risk identification?EVERYONE!!!
- 4What is the most important output of various risk management processes?Updated Risk Register
- 5Is the content of Risk Register different from time to time?YES. Example: when project starts, there can be: identified risks and potential responses but no response plans yet.
- 6When are responses documented?During both Identify Risks and Plan Risk Responses
- 7What can the Qualitative risk analysis be used for?Compare the risk of the project to others
Determine whether to continue or terminate
Determine whether to proceed to Quantitative analysis - 8Qualitative vs Quantitative?Subjective vs Objective
Rating vs Measurement (impact + probability) - 9What does Monte Carlo analysis achieve?Evaluate the overall risk of the project
Determines the probability of completion on any specific date - 10Decision tree?Models all possible options to deal with an issue. Costs can appear anywhere on the tree
- 11When suggested changes happen?Plan Risk Response - if project work has not been started
Control Risk - otherwise - 12Can risk identification be done without knowing enough about the project?NO
- 13Can padding be a replacement for risk management processes?NO
- 14Can identified risks be general?NO
- 15Can a costly fact be a risk?NO. Risk is about uncertainty
- 16Is using one method to identify risks enough?NO
- 17What is the best thing to do to determine a response strategy?Consider all options and find the best combination before making the decision
- 18Should contracts be signed before risks are discussed?NO
- 19Risk event's probability: 90% and the cost is $10,000. What does $9,000 represent?Expected monetary value (EMV)
- 20A project: 60% of $100,000 profit and 40% of $100,000 loss. What does $20,000 represent?Expected monetary value (EMV)
- 21If you know the risk tolerances, what do you use the info for?Rank the project risks
(Assign levels of risk on each work package or activity.) - 22—
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- Certificate PMP Exam Prep (Tips & Tricks) Flashcards on 9. Risk Management (Rita's), created by Tuan Lam on 21/12/2015.
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- Tuan Lam
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