Project Risk Management Processes
This is the first step in the Risk Management Process, which involves recognizing the potential risks associated with a project and considering ways to alleviate their harm.
This is a risk identification technique that involves gathering group members together and having a general discussion on potential risks without any specific structuring.
What is "Brainstorming"?
These are the two types of variables which each qualitative analysis method is categorized under.
What is "Discrete and Continuous"?
These risk strategies see a project manager choosing to come to terms with a specific risk encountered during a project or rejecting it entirely.
What is "Accept or Ignore"?
This method of risk monitoring involves having a third party separate from a project's development analyze any risks present.
What is "Risk Audit"?
This is the second step in the Risk Management Process, which involves stakeholders observing risks through various frameworks and techniques dependent on business impact to help gauge risk further.
What is "Identify Risks"?
This is a risk identification technique which involves meeting with group members and having them list any risks which they believe may occur during the project by writing them down on paper.
What is "Nominal Group Technique"?
This qualitative analysis method involves creating a distribution with only two possible outcomes, which is represented in it's frequency by a bar graph/histogram.
What is "Binomial Probability Distribution"?
This risk strategy sees a project manager choosing to reduce the impact of a risk by minimizing the effect of an encountered risk or neutralizing the potential for that risk occurring in the first place.
What is "Mitigate"?
This is the fourth section of a risk plan table, which specifies the exact method used to address the risk present within the rest of the table.
What is "Response"?
The third step in the Risk Management Process is "Analyzing Risks", which involves utilizing this formula to estimate risk impact further depending upon each stakeholder's ability to tolerate those risks.
What is "Risk = f(Probability * Impact)"?
This is a risk identification technique that involves consulting experts on a particular concept of concern in order to come to a conclusion on how to address those issues.
What is "Delphi Technique"?
This is the percentage of a normal distribution which falls under 2 deviations from the mean on a bell curve.
What is "95%"?
This risk strategy sees a project manager choosing to take additional steps in order to eliminate the potential of encountering a risk as much as possible.
What is "Avoidance"?
This is the third section of a risk plan table, which recognizes the individual(s) responsible for addressing any risks present and ensuring that it will be handled properly until the project's completion.
What is "Owner"?
This is the fourth step in the Risk Management Process, which involves creating more specific methods for enduring individual risk which have been recognized by stakeholders.
What is "Develop Risk Strategies"?
This is a risk identification technique which involves considering a project's specific benefits, concerns, potential risk and overall potential for improving following projects conducted by the company.
What is "SWOT Analysis"?
This qualitative analysis method involves utilizing the mean and standard deviation of a distribution to recognize the impact of a risk within a certain degree of confidence.
What is "Normal Distribution"?
This risk strategy sees a project manager choosing to distribute the responsibility of handling a risk to the specific department members which are impacted by it.
What is "Transfer"?
This is the second section of a risk plan table, which clarifies the initial stimuli which allowed the risk to be present in the project and come to fruition before it could be properly addressed.
These are the final two steps in the Risk Management Process, which involve observing and condensing any risks that crop up during the execution of the project, creating a specific response plan and analyzing the outcomes of each risk following the completion of the project.
What is "Monitor and Control Risks" and "Risk Response Plan/Evaluation"?
This is a risk identification technique which involves isolating what causes a risk to 3-4 cause categories and the resulting issue in order to warn current team members prior to further stages in the Project Life Cycle.
What is "Fishbone(Ishikawa) Diagram"?
This qualitative analysis method involves calculating the realistic impact of a risk by calculating the most optimistic, pessimistic and most likely outcomes of it occurring using the formula "a + 4b + c)/6".
What is "PERT Analysis"?
This is a secondary risk strategy where a Project Manager contributes or isolates part of a project's budget to addressing any risk which may be present in later stages of development.
What is "Management Reserves"?
This method of risk monitoring involves having external stakeholders periodically review the project's status to observe and address any potential concerns that they might have.
What is "Risk Reviews"?