Project Risk
The process of brain storming to capture individual risks and documenting them.
What is Identify Risks?
This is the amount of time spent by a project manager communicating project information
What is 90%?
3 of the 10 things a Project Manager/Coordinator/ROW Agent should know.
What is Risk, Procurement, Cost, Resource, Stakeholder, Communication, Scope, Schedule, Quality, and Integration Management?
This is the ability to calculate the project’s estimated cost, request funding, and make sure dollars are adequately spent
What is Cost management?
This is the skill of knowing the frequency and best communication method to keep internal/external interest groups engaged
What is Stakeholder Management?
Name at least three techniques that can be used to identify project risks.
What is Interviewing, Brainstorming, Checklists, historical data, lessons learned register, seasonal trends?
The knowledge gained during a project which shows how project events were addressed or should be addressed in the future for the purpose of improving future performance.
What is Lessons Learned?
5 things a Project Manager/Coordinator/ROW Agent should Do.
What is Initiate, Plan, Execute, Monitor and Control, and close out a project?
This information is needed before a project manager can adequately estimate project costs
What is project requirements/project scope (customer requirements, project requirements, user requirements, etc.)?
These are two types of stakeholders
What are Internal and External?
These are the steps in risk management.
What is Identify Risks, Risk Assessment, Plan Responses, and Monitor and Control?
Project documents, such as change log, lesson learned register, risk register, issue log, QA/QC log, and stakeholder register are examples of these.
What is Communication tools?
The Triple Constraint Triangle includes this.
What is scope, schedule, cost and quality?
This involves developing an approximation of expenses needed to complete the project.
You can use the 3-point estimation formula to help you.
What is Cost Estimating?
A stakeholder who is part of the project team is this type of stakeholder.
What is Internal stakeholder?
This is the SMART criteria for risk statements.
What is Specific, Measurable, Action Oriented, Relevant and Time Sensitive?
A plan that describes how, when, and by whom information about the project will be shared. Also, known as the 5W's.
What is the Communication Plan?
This is Integration
What is the practice of overlap and interaction in various phases of the project?
This includes controlling change to the project budget.
What is Cost Control?
The key benefit of this step is that it allows you to increase support and minimize stakeholder resistance.
What is Manage Stakeholder Engagement?
Probability * Impact = X.
What is Severity of the Risk?
Making sure that the informational needs of the project and its stakeholders are met.
ex. following up with a stakeholder to ensure they received the email update.
What is Monitor Communications?
10 things a Project Manager/Coordinator/ROW Agent should know.
What is Risk, Procurement, Cost, Resource, Stakeholder, Communication, Scope, Schedule, Quality, and Integration Management?
The schedule and/or the scope is usually affected when there is a change to this.
hint: triple constraint
What is Cost?
This table is broken into four sections labeled, Keep Satisfied; Monitor Closely; Monitor; and Keep Informed.
What is the Power Interest grid?