Risk
What is a key component of a risk mitigation plan?
Actions and responsibilities
Why is risk management crucial in projects?
To ensure project success
How can risks be prioritised in a mitigation plan?
Based on impact and likelihood
What does risk transfer involve?
Shifting risk to another party
Which strategy involves accepting the consequences of a risk?
Risk acceptance
What is an important skill for managing projects?
Decision-making
Why is planning important in projects?
It sets clear goals and timelines
What should be known before starting a project?
Project goals and objectives
What is crucial for a project's success?
Effective planning
What is a basic concept of project management?
Setting project goals
What are the two components in the risk matrix grid?
Likelihood (How likely is this to happen?) (1 = Rare, 3 = Very Likely) and Impact (How much would it mess up your project?) (1 = Small, 3 = Ruins It)
Why is identifying risks early important?
To plan effective management strategies
What is Risk Management?
The process of identifying, assessing and controlling threats to a company's capital and earnings
What is a Mitigation plan?
A strategy designed to decrease the impact of potential risks on a project.
What factors can affect project success?
Internal and external factors
What is the main purpose of analyzing the project charter?
To understand what the project is about and what needs to be done
What is the term for an action or strategy put in place to reduce the impact of a potential problem in a project?
Mitigation
What is an example of an internal risk in a project? Natural disaster or Resource shortage?
Resource shortage
Why should a mitigation plan be regularly updated?
To adapt to changing project conditions
What is the first step in creating a mitigation plan?
Prioritising risks
What does creating a mitigation plan involve?
Creating a mitigation plan involves prioritising risks and planning actions to reduce their impact.
What are the five steps to manage risks?
Identify: List possible problems
Analyze: Rank by likelihood + impact
Plan: Make Prevent/Fix plans
Monitor: Check it!
Learn: Improve for next time
Define Dynamic risk assessment
The ongoing process of identifying, analysing, and evaluating risks as conditions change
What is the difference between internal and external risks?
Internal risks that originate within the organization or project itself and external risks that arise from outside the organization and are beyond its control.
What is dynamic risk assessment?
Ongoing risk evaluation