9. Risk Management (Rita's)

Tuan Lam
Flashcards by , created almost 4 years ago

Certificate PMP Exam Prep (Tips & Tricks) Flashcards on 9. Risk Management (Rita's), created by Tuan Lam on 12/21/2015.

Tuan Lam
Created by Tuan Lam almost 4 years ago
PMP Prep quiz
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6. Quality Management (Rita's)
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Summary of Definitions/Key Terms for the PMP Exam
Andrea Leyden
Question Answer
When do risk identification and risk response happen? Any time during a project
What are "Risk Categories" aka: sources of risk categories can be broad and common to similar projects/industry
Who should be involved in risk identification? EVERYONE!!!
What is the most important output of various risk management processes? Updated Risk Register
Is 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.
When are responses documented? During both Identify Risks and Plan Risk Responses
What 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
Qualitative vs Quantitative? Subjective vs Objective Rating vs Measurement (impact + probability)
What does Monte Carlo analysis achieve? Evaluate the overall risk of the project Determines the probability of completion on any specific date
Decision tree? Models all possible options to deal with an issue. Costs can appear anywhere on the tree
When suggested changes happen? Plan Risk Response - if project work has not been started Control Risk - otherwise
Can risk identification be done without knowing enough about the project? NO
Can padding be a replacement for risk management processes? NO
Can identified risks be general? NO
Can a costly fact be a risk? NO. Risk is about uncertainty
Is using one method to identify risks enough? NO
What is the best thing to do to determine a response strategy? Consider all options and find the best combination before making the decision
Should contracts be signed before risks are discussed? NO
Risk event's probability: 90% and the cost is $10,000. What does $9,000 represent? Expected monetary value (EMV)
A project: 60% of $100,000 profit and 40% of $100,000 loss. What does $20,000 represent? Expected monetary value (EMV)
If 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.)