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Project Management Ch. 8 Flashcards

QuestionAnswer
A _____ is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective. risk
_____ includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs. Risk identification
A common approach to identifying the sources of risks is _____. brainstorming
Establishing _____ may help to identify and evaluate risks. risk categories
_____ from past projects is another source that can be helpful in identifying possible risks. Historical information
The project team can _____ on and identify new risks, as well as the estimated impacts of previously identified risks, as more information is known or becomes clear. progressively elaborate
_____ includes determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective. Risk assessment
Risks on the _____ should be given higher priority, because if they occur, they will have a greater impact on the schedule than will activities on a path that has a large positive value of total slack. critical path
A _____ is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs. risk response plan
A _____ can be to avoid the risk, to mitigate the risk, or to accept the risk. risk response plan
Project prices and budgets should include a _____ to pay additional costs associated with implementing response plans. contingency or management reserve
_____ includes implementing risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating the risk response process. Monitoring risk
_____ are a good forum for regularly reviewing, updating, and addressing risks. Project meetings
To manage risk on a project, the team needs to identify and assess risks to determine their_____. impact and likelihood
Created by: akomm11
 

 



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