which phase is weighed against the potential benefit of the project’s success in order to decide if the project should be chosen
100
a future event or circumstance that is possible but cannot be predicted with certainty
What is contingency
100
reporting any risks you think may be possible to the project manager
What is risk communication
100
risk avoidance, risk minimisation and risk acceptance
What are 3 options you have when it comes to risks?
200
uncertain event or condition that, if it occurs, has an effect on at least one project objective.
What is project risk
200
make less severe, serious, or painful.
What is mitigate
200
Understanding where the risks occur on the project
What is important to manage the contingency budget
200
unfortunately, lots of project teams struggle to cross the finish line, being overloaded with work that needs to be done quickly
when does project dynamics occur
200
Risk Management Plan
What does RMP stand for?
300
focuses on identifying and assessing the risks to the project and managing those risks to minimize the impact on the project.
What is risk management
300
the project needs to be approved
What needs to be done fore the planning phase to start from initiation phase?
300
if the contingency is not used, then the funds set aside by the organization can be used for other purposes.
What happens when risk decreases
300
the person in your team that has the responsibility to optimise this risk for the project
What is a risk owner
300
Figure out ways to prevent it
What do you do after you figure out a potential risk?
400
are events that have been identified and analyzed for which advanced planning is possible.
What is known risks
400
can be used to identify increasing levels of detailed risk analysis.
What is a risk breakdown structure
400
The final estimate of loss due to risk can be made and recorded
What is the project documentation
400
Understanding the nature of a risk is a precondition for a good response. Therefore take some time to have a closer look at individual risks and don't jump to conclusions without knowing what a risk is about.
What is risk analysis
400
designed to do more than just identify the risk. The system must also quantify the risk and predict the impact on the project.
what are Risk Management Systems
500
unforeseen events
What is unknown risks
500
total risk list
What is constantly updated in planning phase?
500
A summary of actual costs associated with risks are compared with initial estimates to refine estimating capabilities.The successes and failures of the risk management plan are summarized and saved with the project documentation
What is added to the cooperates knowledge at the closeout phase
500
activity that actually adds value to your project. You prevent a threat occurring or minimise negative effects
What is a risk response
500
This includes; organization, planning and budgeting, and cost control
What is the process of problem identification and resolution