An uncertain event or condition, that if it occurs, has a positive or negative effect on a project objective.
What is Risk
100
Probability of occurrence
Range of possible outcomes (impact or amount at stake)
Expected Timing of event
Anticipated frequency of risk events from that source
What are Risk Factors?
100
Relaxed, informal approach to problem solving with lateral thinking.
What is Brainstorming?
100
Risk probability and impact statement
Probability and impact matrix
Risk data quality assessment
Risk categorization
Risk urgency assessment
Expert Judgment
What is Qualitative Risk Analysis?
100
Describes risks that may preclude something from happening, or indicates the source of a risk and possibly its control
What is Narrative?
200
The process involved with identifying, analyzing, and responding to risk
What is Risk Management?
200
A proactive attempt to recognize and manage internal events and external threats that affect the likelihood of a project’s success.
What is Risk Management?
200
Successive anonymous questionnaires on project risks with responses summarized for further analysis
What is Delphi technique?
200
Lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.
What is the Probability Impact Matrix?
200
Expresses risks through an ordinal rating system using adjectives or colors to denote order
What is Qualitative?
300
Project
Technical
Business
Budget
Market
Strategic
What are types of Risk?
300
Risk
- Identification
- Assessment (qualitative & quantitative)
- Response Development
- Response Control
What is the Risk Management Process?
300
Question and answer sessions with project team members and other stakeholders.
What is Interviewing?
300
Numbers that represent the overall risk of specific events based on their probability of occurring and the consequences to the project if they do occur
What is Risk Factor?
300
Expresses risk using a fraction representing the likelihood (or probability) of occurrence or nonoccurrence
What is Quantitative?
400
Someone that does not want to take risks
What is Risk Adverse?
400
Occurrence;
Probability; and
Impact of risks
What are Risk Characteristics
400
List of
- Identified risks
- Potential responses
- Root causes
- Updated risk categories
What is Risk Register?
400
Main techniques include:
Decision tree analysis
Simulation
Sensitivity analysis
Monte Carlo analysis popular
Decision Tree analysis on test
Expected Monetary Value Analysis (EMV)
What is Quantitative Risk Analysis?
400
A systematic methodology used by senior management to reduce organizational risk. Achieved through:
Avoidance
Transference
Assumption
Alleviation
limitation
Planning
What is Mitigation?
500
The amount of acceptable risk
What is Risk Tolerance?
500
Strengths, weaknesses, opportunities, and threats/trends analysis
What is SWOTT Analysis?
500
The product of a risk event probability and the risk event’s monetary value
What is Estimated Monetary Value (EMV)?
500
- Usually for events with low probability but high impact when no alternate strategy is feasible
- Have a contingency plan ready in case event occurs