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What are the tailoring considerations for project risk management?
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what are the two primary Non-event risks?
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Risk
PMP - Project Risk Management
| Question | Answer |
|---|---|
| What are the tailoring considerations for project risk management? | project size project complexity project importance development approach |
| what are the two primary Non-event risks? | Variability risk - Addressed through monte carlo analysis Ambiguity risk - Expert Judgment |
| involves managing organizational risks from a strategic perspective | Integrated Risk Management |
| The process of defining how to conduct risk management activities for a project | Plan risk management |
| the process of identifying individual project . risks as well as sources of overall project risk, and documenting their characteristics | identify risks |
| the process of prioritisings individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics | Perform Qualitative Risk Analysis |
| The process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives | Perform Quantitative Risk Analysis |
| The process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure, as well as to treat individual project risks. | Plan Risk Response |
| the process of implementing agreed . upon risk response plans | Implement risk response |
| The . process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project | Monitor Risks |
| Is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives | Individual Project Risk |
| Is the effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative. | Overall project risk |
| What are the main components of the risk management plan? | Risk Strategy Methodology Roles and Responsibilities Funding Timing Risk categories Stakeholder risk appetite Definitions of risk probability and impact probability and impact matrix Reporting formats tracking |
| examines the project from each of the strengths, weaknesses, opportunities, and threats perspectives | SWOT Analysis |
| What are the data analysis techniques used during identify risks process | Root Cause Analysis Assumptions and constraint analysis SWOT analysis Document Analysis |
| Is the process of prioritizing individual project risks for r further analysis or action by assessing their probability of occurrence and impact as well as other characteristics | Perform qualitative risk analysis |
| What are the data analysis techniques used during the perform qualitative risk analysis process ? | Risk data quality assessment Risk probability and impact assessment assessment of other risk parameters |
| Evaluates the degree to which the data about individual project risks is accurate | Risk Data Quality Assessment |
| considers the likelihood that a specific risk will occur, and the potential effect on one or more project objectives. | Risk Probability and Impact Assessment |
| Is the process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives | Perform Quantitative Risk Analysis |
| Is the only reliable method to assess overall project risk through evaluating the aggregated effect on project outcomes of all individual project risks and other sources of uncertainty | Quantitative Risk Analysis |
| What are the main data analysis techniques used during the perform quantitative risk analysis | Simulations Sensitivity Analysis Decision tree analysis Influence diagrams |
| Helps to determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes | Sensitivity analysis |
| Used to support selection of the best of several alternative courses of action | Decision Tree Analysis |
| Graphical aids to decision making under uncertainty | Influence Diagrams |
| What are the five alternative strategies that may be considered for dealing with threats | Escalate Avoid Transfer Mitigate Accept |
| What are the five alternative strategies that may be considered for dealing with opportunities | Escalate Exploit Share Enhance Accept |
| What are the strategies for overall project risk | Avoid Exploit Transfer/share Mitigate/enhance Accept |
Created by:
Naser