Flashcards
11 PROJECT RISK MANAGEMENT
Cards in this deck (21)
- 111.1 Plan Risk ManagementProcess of defining how to conduct risk management activities for a
project. - 211.2 Identify RisksThe process of determining which risks may affect the project and documenting
their characteristics. - 311.3 Perform Qualitative Risk Analysis*Prioritizing risks for further analysis or action
*Assessing and combining their probability of occurrence and impact. - 411.4 Perform Quantitative Risk Analysis*Numerically analyzing the effect of identified risks on overall project objectives.
- 511.5 Plan Risk Responses*Developing options and actions to enhance opportunities and
to reduce threats to project objectives - 611.6 Control Risks*Implementing risk response plans *Tracking identified risks
*Monitoring residual risks
*Identifying new risks
*Evaluating risk process effectiveness throughout the project. - 7Project risk isan uncertain event or condition that, if it occurs, has a positive or negative effect on one or
more project objectives such as scope, schedule, cost, and quality. A risk may have one or more causes and,
if it occurs, it may have one or more impacts. A cause may be a given or potential requirement, assumption,
constraint, or condition that creates the possibility of negative or positive outcomes - 8Known risks are thosethat have been
identified and analyzed, making it possible to plan responses for those risks - 9Unknown riskscannot be managed proactively and therefore
may be assigned a management reserve. A negative project risk that has occurred is considered an issue. - 10Overall project risk representsthe effect of
uncertainty on the project as a whole. It is more than the sum of the individual risks within a project, since it includes
all sources of project uncertainty. It represents the exposure of stakeholders to the implications of variations in
project outcome, both positive and negative. - 11Risk appetite*Degree of uncertainty an entity is willing to take on in anticipation of a reward.
- 12Risk tolerance*Degree, amount, or volume of risk that an organization or individual will
withstand. - 13Risk thresholdwhich refers to measures along the level of uncertainty or the level of impact at which a
stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk.
Above that risk threshold, the organization will not tolerate the risk. - 14Positive and negative risks are commonly referred to asopportunities and threats
- 15Participants in risk identification activities may include the followingproject manager, project team members,
risk management team (if assigned), customers, subject matter experts from outside the project team, end
users, other project managers, stakeholders, and risk management experts. - 16The risk register is a* Contains the results of risk analysis and risk response planning
*Contains the outcomes of the other
risk management processes as they are conducted, resulting in an increase in the level and type of information
contained in the risk register over time. - 17Risk probability assessment investigates thelikelihood that each specific risk will occur.
- 18Risk impact assessment investigates the ...potential effect on a project objective such as schedule, cost, quality, or performance,
including both negative effects for threats and positive effects for opportunities. - 19Risk data quality assessment is a technique to...evaluate the degree to which the data about risks is useful
for risk management. It involves examining the degree to which the risk is understood and the accuracy, quality,
reliability, and integrity of the data about the risk. - 20Perform Quantitative Risk Analysis is performed on...risks that have been prioritized by the Perform Qualitative
Risk Analysis process as potentially and substantially impacting the project’s competing demands - 21Other purposes of the Control Risks process are to determine if:• Project assumptions are still valid,
• Analysis shows an assessed risk has changed or can be retired,
• Risk management policies and procedures are being followed, and
• Contingency reserves for cost or schedule should be modified in alignment with the current risk
assessment.
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- Flashcards on 11 PROJECT RISK MANAGEMENT, created by Has Maj on 26/03/2017.
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- Has Maj
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- Created by miguelabascal · Jul 13, 2013
- Copied by kat atkins · Mar 25, 2017
- Copied by Has Maj · Mar 26, 2017
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