PMP Workbook - Risk Management
What is a workaround?
A response to a risk that occurred but wasn't in the risk register.
What does a probability/impact matrix do?
Associate risk tolerances with a scoring methodology
What are the 4 strategies for Negative risks?
Avoid Transfer Mitigate Accept
What is "The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project."
Control Risk
What process group are you in when you identify new risks in the project?
Control Risks
Risk Appetits, tolerances and thresholds are examples of what?
Enterprise environmental factors (climate & Culture)
What are the strategies for Positive Responses?
Exploit Share Enhance Accept
What is another name for the root cause analysis?
Fishbone graph
What is quantitative risk analysis performed on?
High-priority risks that may substantially impact the project
What is "The process of determining which risks may affect the project and documenting their characteristics."
Identify Risks
When in the risk management process are responses documented?
Identify Risks (potential responses) Plan Risk Responses (as the selected plans)
What are the 4 M's of a root cause analysis?
Man Methods Materials Machinery
In a probability/impact matrix, do you multiply or add the two side together?
Multiply
Project background information is an example of what?
Organizational process assets (policies & procedures)
What is "The process for prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact."
Perform Qualitative Risk Analysis
What is "The process of defining how to conduct risk management activities for a project."
Plan Risk Management
How many processes are in Risk management? what are they?
Plan Risk Management • Identify Risks • Perform Qualitative Risk Analysis • Perform Quantitative Risk Analysis • Plan Risk Responses • Control Risks
What is ''The process of developing options and actions to enhance opportunities and to reduce threats to project objectives."
Plan Risk Responses
What do you add to the risk register after Quantitatve Analysis?
Probabilities Prioritized list of quantified risk
What is a tool to score and prioritize risks?
Probability and Impact Matrix
What are the INpouts to Plan Risk Management?
Project Management Plan Project Charter Stakeholder Register
What is "The process of numerically analyzing the effect of identified risks on overall project objectives."
Quantitative Risk Analysis
What are some examples of tools to
Risk Breakdown structure Root Cause Analysis SWOT analysis
What are the inputs for Identify risks?
Risk Management Plan Sources of Risk (All Planning Documents)
What do you add to the risk register after Qualitative Analysis?
Risk Rankings Probability & Impact Risk categories
What are some tools in Control Risk?
Risk Reassessment Risk Audits Variance and Trend Analysis Technical Performance Measu rement Reserve Analysis Meetings
What are the inputs to Control Risk?
Risk Register Project Management Plan Work Performance Data Work Performance Reports
What are hte inputs to Plan Risk Responses?
Risk Register Risk Management Plan
What are the inputs to Quantitative Risk Analysis?
Risk Register Risk Management Plan Cost Management Plan Schedule Management Plan
What are the inputs to Perform Qualitative Risk analysis?
Risk Register Risk Management Plan Scope Baseline
What should accompany the Probability/Impact assessment and categorization
Risk Urgency Assessment
What is the output of Identifying risks?
The Risk Register
where are planned risk responses documented?
The risk register
What are the outputs of plan risk responses?
Update to Risk Register: Response Strategies, contingencies, known triggers
What is the output to Qualitative risk Analysis
Update to the risk register: ranking by priority, grouping, and urgency
What are the outputs of Quantitative Risk Analysis?
Updates to the risk register: probability analysis
What is the Risk management plan?
a document that identifies how the team will structure and perform risk management activities
What is risk response?
an action plan a team will take if a risk event occurs or is about to occur
What is Risk?
an uncertain event or condition that could have a positive or negative effect on at least one project Objectiv
What is risk tolerance?
how much risk an entity (or stakeholder) is willing to take
What is a good example of transfering risk strategy?
insurance
What is a risk trigger?
symptoms or warning signs that a risk event is about to occur
What is risk threshold?
the line of demarcation for an entity's risk tolerance; risks above the line are intolerable and risks below the line are acceptable
What is Risk Appetite?
tolerance for risk in anticipation of a reward