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Mod5 P - Planning 4

PMP Module 05 (Prism) - Project Planning (4 of 4)

QuestionAnswer
What is the definition of Risk? an uncertain event that, if it occurs, will have a positive OR negative event on project's objectives
What are the 2 elements that make up a Risk? Probability and Impact
Where are all project Risks and early mitigation/response recorded? Risk Register
Difference between Risk Management Plan and Risk Register? RMP defines how you will approach identifying, managing risk in your project. RR is the documentation of risks and responses.
What are the 4 response options for negative risks? Avoid, Mitigate, Transfer, Accept
What are the 4 response options for positive risks? Exploit, Enhance, Share, Accept
What does the risk response 'Avoid' mean? Remove part of the scope so the risk doesn't occur
What does the risk response 'Mitigate' mean? Define a response plan on the risk occurrence
What does the risk response 'Transfer' mean? Transfer it to someone else (e.g. purchase insurance, buy services)
What does the risk response 'Exploit' mean? take advantage of a positive situation (e.g. buy cheap if priced low)
What does the risk response 'Enhance' mean? increase the probability of a positive risk to occur
What does the risk response 'Share' mean? Divide the cost of risk (i.e. purchasing a service)
What does the risk response 'Accept' mean? Just accept it. Que sera, sera
What is Residual Risk? Risk leftover after mitigation actions
What is a Contingency Plan? Response to residual risk
What is a Fallback Plan? Response if a Contingency Plan is not effective on risk
Events that trigger the risk response plan (warning signs) are called ______ Risk Triggers
The assessment of the accuracy and reliability of risk information is called ___ ? Risk Data Quality Assessment
The Risk impact/probability matrix is the result of a ____ Qualitative risk analysis
What does EMV stand for (risk) ? Expected Monetary Value
What is the formula for EMV (risk) ? EMV = Probability * (monetary) Impact
Created by: anjp
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