Risk
At what stages is risk management performed?
At ALL stages of the life cycle
Emerging practices are focusing on what?
Non-event risks
The key benefit of this process is that it focuses efforts on high-priority risks
Qualitative Risk Analysis
What are 3 of the 5 strategies for opportunities in Risk Management?
Escalate
Exploit
Share
Enhance
Accept
Risk management includes: plan, identify, perform qualitative and quantitative analysis, implement and _________.
Monitor Risk Management
What are the two main types of non-event risks that should be managed?
Variability risk and ambiguity risk
The key benefit of this process is that it quantifies overall project risk exposure, and it can also provide additional quantitative risk information to support risk response planning.
When would you you use the escalate opportunity in risk management?
when the project team or the project sponsor agrees that an opportunity is outside the scope of the project or that the proposed response would exceed the project manager’s authority.
What is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives
Individual Project Risk
Productivity may be above or below target, the number of errors found during testing may be higher or lower than expected, or unseasonal weather conditions may occur during the construction phase are examples of what type of risk?
Variability risk
What two types of risk analysis can be performed with quantitative risk analysis?
Simulation and Decision Tree Analysis
When would you use the enhance opportunity in risk management?
The enhance strategy is used to increase the probability and/or impact of an opportunity.
What is the effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative.
Overall Project Risk
Uncertainty exists about what might happen in the future is an example of what type of risk?
Ambiguity risk
Which qualitative analysis looks at the degree to which a risk is perceived to matter by one or more stakeholders?
Propinquity, strategic impact, connectivity, detectability or controllability?
Propinquity
When would you use the exploit opportunity in risk management?
The exploit strategy may be selected for high-priority opportunities where the organization wants to ensure that the opportunity is realized.
What are at least two things a project's risk can impact?
such as time, cost, content, or quality.”
Pick two: time, cost, content, or quality.
What does it take to develop project resilience? List at least 3 necessary factors.
Right level of budget and schedule contingency
Flexible project process
Empowered project team with clear objective
Frequent review of early warning signs
Clear input from stakeholders
During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not in the Risk Register. As a Project Manager, what is the first action you would take after being notified of the risk?
a) Discuss the risk with the team to ascertain the impact and probability of the risk
b) Analyze the risk.
c) Hold a meeting with the team leads to determine dependency and secondary risks.
d) Update the Risk Register
B. When the Project Manager is notified of a risk, it is her responsibility to analyze the risk and take it further. She can ask for more details from the team, if required. However, the first action will always be to analyze the risk.
What are all 5 strategies that can be considered when dealing with threats? Explain 2 of these strategies.
Escalate
Avoid
Transfer
Mitigate
Accept