Exam 2, part 5

Project Quality/Risk Mgmt

100

Used to show the causes of a problem or situation

Causal Loop Diagram

200

Used for analyzing an existing situation or system

Current Reality Tree

300

The process of defining how to conduct risk management activities for a project

Plan Risk Management

400

The process of determining which risks might affect the project and documenting their characteristics. 

Identifying Risks

500

What are the 2 common sources of risk?

Internal and External Risks

Risk Mgmt

100

What are the 3 Main Internal Risks?

Market, Assumption and Technical (MAT)

200

What are the 7 sources of External Risks?

1.Competitor's Actions

2. Market Conditions

3. Govt. Regulations

4. Interest Rates

5. Customer Needs

6. Supplier Relations

7. Available Labor

300

The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and the severity of impact deciding on which ones deserve the most merit of attention.

Perform Quality Risk Analysis

400

Determines how high or low the impact of the even occurs

Risk Analysis Tool

500

The process of numerically analyzing the effect of identified risks on overall project objectives

Perform Quantitative Risk Analysis

Risk Mgmt

100

What two types of Analysis are included in Perform Quantitative Risk Analysis?

1. Schedule Uncertainty Analysis

2. Cost Uncertainty Analysis

200

What are the 3 types of Schedule Uncertainty Analysis?

1. Simple Deterministic Schedule

2. PERT

3. Monte Carlo Simulation

300

Describe Uncertainty Analysis

We assume we know the cost of each activity with certainty so what is your total project cost? The problem here is we don't actually know the cost of each activity with certainty so you consider ranges

400

The process of developing options and actions to enhance opportunities and to reduce threats to project objectives

Plan Risk Responses

500

What are the 5 approaches to Risk Responses?

1. Transfer the Risk

2. Avoid the Risk

3. Reduce the Risk 

4. Prepare Contingency Risk

5. Accept the Risk

Risk Mgmt

100

List the 3 types of Risk Reduction

1. Technical

2. Schedule

3. Cost

200

How do you reduce Technical Risk?

Provide the best technical teams by hiring outside specialists and performing extensive tests and evaluations through minimizing system complexity

300

How do you reduce Schedule Risks?

Create a master project schedule and strive to adhere to it, schedule most risky tasks as early as possible, maintain close focus on critical and near critical activities

400

How do you reduce Cost Risks?

Identify and monitor key cost drivers, use low cost design alternative reviews and verify system design and performance through modeling and assessment

500

The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks and evaluating risk process effectiveness throughout the project

Control Risks

Risk Mgmt

100

List the two ways to control risk

1. Create a Risk Log or Risk Register

2. Continuously Monitor

200

List the 6 Techniques that support Risk Identification

1. Analogy

2. Checklists

3. WBS Analysis

4. Process Flow Charts

5. Brainstorming

6. Cause and Effect Diagram

300

What is a type of Risk Identification that is specific to a particular program

An Analogy 

400

What is a type of Risk Identification that is a logical approach, you can set it up to see how certain things are impacted

WBS Analysis

500

What is a type of Risk Identification where you ask yourself if there are handoffs or steps that are missing that will impact your ability to succeed?

Process Flow Charts