Chapter 11: project risk management [questions]

What are the elements of a risk register?

- ID for each risk event - A rank for each risk(1 representing the highest rank) - The name of the risk event - the category of the risk event - Triggers for each risk - potential responses to each risk - the risk owner for the the risk - the probability of the risk occurring. - the impact of the risk - the status of the risk: did it occur? is it relevant to the project? ...

What are the 4 basic response strategies for positive risks?

- Risk exploitation - risk sharing - Risk enhancement - Risk acceptance

what are the different methods for identifying risks?

- brain storming - Delphi technique - interviewing

What are the several types of risks associated with IT projects?

- lack of user involvements - lack of executive management plans support - unclear requirements - poor planning

what are the 4 basic responses to negative risks?

- risk avoidance - risk acceptance - risk transference - risk mitigation

what are the main outputs of controlling risk?

- work performance info. - change requests - and updates to the project management plan, other docs and organization process assets

what are the 6 main processes of risk management?

1.planning risk management 2. identifying risks 3. performing qualitative risk analysis 4. performing quantitative risk analysis 5. planning risk responses 6. controlling risks

what is the key output of planning risk?

A risk management plan

Your project involves using a new release of a common software application, but if that release is not available, your team has __________ plans to use the current release.

Contingency

Planning risk process involves...

Deciding how to approach risk management activities and plan for them in a project.

Which risk identification tool involves deriving a consensus among a panel of experts by using anonymous input regarding future events?

Delphi technique

identifying risks involves...

Determining which risks are most likely to affect a project and documenting the characteristics of each.

____ is a quantitative risk analysis tool that uses a model of a system to analyze its expected behavior or performance

EMV

controlling risk:

Monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project

What is the main output of performing qualitative risk analysis?

Project document updates

___________ is an uncertainty that can have a negative or positive effect on meeting project objectives.

Risk

What is the key output of identifying risk?

Risk register

__________ management is an investment.

Risk- cost are associated with identifying risks, analyzing those risk and establishing plans to address them.

What are residual risks?

Risks that remain after risk response planning

Planning risk responses:

Taking steps to enhance opportunities and reduce threats to meeting project objectives. often leads to updating project management plan and other project documents.

_________ are indicators or symptoms of actual risk events, such as cost overrun on early activities being a symptom of poor cost estimates.

Triggers

What is a risk register?

a document that contains results of various risk management processes; often displayed in a table or spreadsheet format. It is a tool for documenting potential risk events and related information.

What is project risk management?

a process on which the project team continually assesses what risks may negatively or positively affect the project, determines the probability of such events occurring, and determines the impact if such events occur.

What is Risk Breakdown Structure (RBS) ?

a useful tool that can help project managers consider potential risks in different categories.

Your project team has decided not to use an upcoming release of software because it might cause your schedule to slip. Which negative risk response strategy are you using?

avoidance

Where should the risk costs be included?

cost planning, schedule planning, and resource planning

Fallback plans

developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective

Probability and Impact Matrix

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

Performing quantitative analysis involves:

numerically estimating effects of risks on project objectives.

which risk management process involves prioritizing risks based on their probability and impact of occurrence?

performing qualitative risk analysis.

What are contingency plans?

predefined actions that a project team will take if an identified risk event occurs.

Performing qualitative risk analysis involves:

prioritizing risks based on their probability and impact of occurrence.

what is the main output of performing quantitative analysis?

project document updates

Contingency reserves or allowances

provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level

Risk events:

refer to specific, uncertain events that may occur to the detriment or enhancement of the project

A risk __________ is a document that contains results of various risk management processes, and is often displayed in a table or spreadsheet format.

register

A person who is risk-_________ receives greater satisfaction when more payoff is at stake and is willing to pay a penalty take a risk.

seeking