PMP - Project Risk Management
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| What are the tailoring considerations for project risk management? | project size
project complexity
project importance
development approach
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| what are the two primary Non-event risks? | Variability risk - Addressed through monte carlo analysis
Ambiguity risk - Expert Judgment
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| involves managing organizational risks from a strategic perspective | Integrated Risk Management
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| The process of defining how to conduct risk management activities for a project | Plan risk management
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| the process of identifying individual project . risks as well as sources of overall project risk, and documenting their characteristics | identify risks
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| 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
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| 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
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| 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
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| the process of implementing agreed . upon risk response plans | Implement risk response
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| 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
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| 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
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| 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
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| 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
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| examines the project from each of the strengths, weaknesses, opportunities, and threats perspectives | SWOT Analysis
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| What are the data analysis techniques used during identify risks process | Root Cause Analysis
Assumptions and constraint analysis
SWOT analysis
Document Analysis
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| 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
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| 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
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| Evaluates the degree to which the data about individual project risks is accurate | Risk Data Quality Assessment
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| considers the likelihood that a specific risk will occur, and the potential effect on one or more project objectives. | Risk Probability and Impact Assessment
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| 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
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| 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
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| What are the main data analysis techniques used during the perform quantitative risk analysis | Simulations
Sensitivity Analysis
Decision tree analysis
Influence diagrams
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| Helps to determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes | Sensitivity analysis
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| Used to support selection of the best of several alternative courses of action | Decision Tree Analysis
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| Graphical aids to decision making under uncertainty | Influence Diagrams
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| What are the five alternative strategies that may be considered for dealing with threats | Escalate
Avoid
Transfer
Mitigate
Accept
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| What are the five alternative strategies that may be considered for dealing with opportunities | Escalate
Exploit
Share
Enhance
Accept
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| What are the strategies for overall project risk | Avoid
Exploit
Transfer/share
Mitigate/enhance
Accept
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