9462801
Description
Flashcards by Lukas Berger, updated more than 1 year ago
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Created by Lukas Berger
almost 7 years ago
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| Question | Answer |
| Waht is Risk management: | the art of identifying, analyzing, and responding to risk factors throughout the life of a project and in the best interest of its objectives. |
| Project risk | – any possible event that can negatively affecta projec |
| Risk Vs Amount at Stake |
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| What are the Four Stages of Risk Management? | Risk identification Analysis of probability and consequences Risk mitigation strategies Control and documentation |
| Risk Management Assessment Matrix |
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| What are any four common categories of risk? | • Financial • Technical • Commercial • Execution |
| What are some Risk Mitigation Strategies? | Accept • Minimize • Share • Transfer • Contingency Reserves – Task contingency – Managerial contingency • Mentoring • Cross training |
| Control & Documentation Help managers classify and codify risks, responses, and outcomes Change management report system answers are? | • What? • Who? • When? • Why? • How? |
| Exercise 1 How does risk level vary with project life cycle stage? Where is the period of highest risk impact? Why | Risk is at its highest during a project's concept phase, falling off gradually during development phase and reduces dramatically during implementation and termination phases. At project completion, risk is at its lowest point. - see risk life cycle table |
| Exercise 2 What are the four distinct stages of systematic risk management and what takes place at each? | Risk identification — the process of determining the specific risk factors that can reasonably be expected to affect the project. Analysis of probability and consequences — the potential impact of these risk factors is determined by how likely they are to occur and the effect they would have on the project if they did occur. Risk mitigation strategies — steps taken to minimize the potential impact of these risk factors deemed sufficiently threatening to the project. Control and documentation — creating a knowledge base for future projects based on lessons learned. |
| Exercise 3 What are any four common categories of risk? What is an element of each category?? | - Financial risk refers to the financial exposure a firm opens itself up to when developing a project. - Up-front capital expenditures are at risk in any project. - Technical risk emerges when a project contains unique technical elements or new and unproven technology. - Commercial risk must be handled when a project is being developed for definite commercial intent since success in the marketplace is never guaranteed. - Execution risk is a broad category relating to the unknowns associated with the project plan being carried out. |
| Exercise 4 What are the basic qualitative methods for identifying risk factors? What are the advantages and disadvantages of each method? | -A brainstorming meeting: generate mayn ideas, one member might dominate -The Delphi method: collects expert opinions anonymously in two or more rounds of questions posed by an expert. -Multiple (or team-based) assessments:bring together many different members of a group, have a wider perspective of risks. -The "experience counts"approach looks for individuals in the organization that have had similar project experiences and seeks their input with regards to "lessons learned" and risks anticipated. |
| Exercise 5 Sketch a 2x2 risk management assessment matrix and discuss the impact of each quadrant. |
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| Exercise 6 What are the four alternatives a project organization can adopt in deciding how to address their risks? What are the advantages and disadvantages of each? Which is best and why? | Accept-consequences are low so not too bad • Minimize- lower condequences • Share- share with members to have more power over risk and consequences • Transfer- give problem away, risky because no control over the risk |
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