Understanding Risk Management in Project Environments
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Cards in this deck(82)
An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is known as _____.
What can go wrong on a project is referred to as _____.
A risk has a cause and, if it occurs, a _____.
No amount of planning can overcome _____, or the inability to control chance events.
Some potential risk events can be identified before the project _____.
Risks can be anticipated consequences or have _____ consequences.
Every project manager understands risks are inherent in projects, such as deliveries being delayed, accidents happening, or people getting _____.
Risk management attempts to recognize and manage potential and unforeseen trouble spots that may occur when the project is _____.
Risk Management (IMMP) identifies as many risk events as possible, minimizes their impact, manages responses to events that do materialize, and provides contingency funds to cover risk events that actually _____.
The chances of a risk event occurring, such as an error in time estimates, are greatest during the _____ stages.
This is when uncertainty is highest and many questions remain unanswered: the _____ stages.
Risk declines as the answers to critical issues are resolved as the project progresses toward _____.
The cost impact of a risk event increases over the life of the project as it progresses toward _____.
Risk management is a _____ approach.
Risk management is a preventive process designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are _____.
Risk management prepares the project manager to take action when a time, cost, and/or technical advantage is _____.
Successful management of project risk gives the project manager better control over the future and can significantly improve the chances of reaching project objectives on time and within _____.
The sources of project risks are _____.
External sources of project risks include inflation, market acceptance, exchange rates, and government regulations, which are considered _____.
The steps in the Risk Management Process include Risk Identification, Risk Assessment, Risk Response Development, and Risk Response _____.
The risk management process begins by trying to generate a list of all the possible risks that could affect the _____.
Typically, the project manager pulls together a risk management team during the planning phase, consisting of core team members and other relevant _____.
Research has demonstrated that groups make more accurate judgments about risks than _____.
The team uses brainstorming and other problem-identifying techniques to identify potential _____.
Participants are encouraged to keep an open mind and generate as many probable risks as possible. More than one project has been bushwhacked by an event that members thought was _____ in the beginning.
One common mistake made early in the risk identification process is to focus on objectives and not on the events that could produce _____.
Organizations use Risk Breakdown Structures (RBS) in conjunction with work breakdown structures (WBSs) to help management teams identify and eventually analyze _____.
A Risk Breakdown Structure (RBS) is an effective tool for identifying specific _____.
A Risk Breakdown Structure (RBS) reduces the chance a risk event will be _____.
At the beginning of a Risk Breakdown Structure (RBS), the focus should be on risks that can affect the _____ project.
After the macro risks have been identified, specific areas can be checked using a _____.
On large projects, multiple risk teams are organized around specific deliverables and submit their risk management reports to the project _____.
A Risk Profile is a list of questions that address traditional areas of uncertainty on a _____.
In the Risk Profile, questions have been developed and refined from previous, similar projects to address areas such as technical requirements, design, testing, and _____.
Good risk profiles, like RBS, are tailored to the type of project in _____.
Risk Profiles are organization _____.
Risk profiles recognize the unique strengths and weaknesses of the _____.
Risk profiles address both technical and management _____.
Risk profiles are generated and maintained usually by personnel from the project office and are updated and refined during the post-project _____.
When kept up to date, a risk profile can be a powerful resource in the risk management _____.
The collective experience of the firm's past projects resides in their _____.
Historical records can complement or be used when formal risk profiles are not available. Project teams can investigate what happened on similar projects in the past to identify potential _____.
Inquiries should not be limited to recorded _____.
The risk identification process should not be limited to just the core team. Input from customers, sponsors, subcontractors, vendors, and other stakeholders should be _____.
One of the keys to success in risk identification is _____.
While a 'can do' attitude is essential during implementation, project managers have to encourage _____ thinking when it comes to risk identification.
RBS and risk profiles are useful tools for making sure no stones are left unturned. However, when done well, the number of risks identified can be _____.
Managers have to develop methods for sifting through the list of risks, eliminating inconsequential or redundant ones, and stratifying worthy ones in terms of importance and need for _____.
Scenario Analysis is the easiest and most commonly used technique for analyzing risks. Team members assess the significance of each risk event in terms of probability and _____.
Impact Scales can be a bit more problematic since adverse risks affect project objectives _____.
Detection Difficulty is a measure of how easy it would be to detect that the event was going to occur in time to take mitigating action, that is, how much _____ there would be.
A Risk Severity Matrix provides a basis for prioritizing which risks to _____.
The matrix is divided into zones: Red zone (Major Risk), Yellow zone (Moderate Risk), and Green zone (_____ Risk).
When a risk event is identified and assessed, a decision must be made concerning which response is appropriate for the specific event. Responses to risk can be classified as mitigating, avoiding, transferring, escalating, or _____.
Mitigating Risk refers to a very specific strategy of reducing the probability and/or impact of the _____.
Avoiding Risk is changing the project plan to eliminate the risk or _____.
Transferring Risk involves passing risk to another party, which almost always results in paying a _____ for this exemption.
Escalating Risk occurs when the project encounters a threat that is outside the scope of the project or the authority of the project _____.
Retaining Risk occurs when a conscious decision is made to accept the risk of an event _____.
A Contingency Plan is an alternative plan that will be used if a possible foreseen risk event becomes a _____.
Technical Risks are problematic; they can often be the kind that cause the project to be _____.
Often organizations will defer the threat of a project coming in late until it _____.
Projects of long duration need some contingency for price changes—which are usually upward. The important point to remember when reviewing price is to avoid the trap of using one lump sum to cover price _____.
Seasoned project managers recognize that a complete risk assessment must include an evaluation of funding _____.
An event that can have a positive impact on project objectives is known as an _____.
The five types of response to an opportunity are Exploit, Share, Enhance, Escalate, and _____.
The Exploit strategy seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely _____.
The Share strategy involves allocating some or all of the ownership of an opportunity to another party who is best able to capture the opportunity for the benefit of the _____.
The Enhance strategy is the opposite of mitigate in that action is taken to increase the probability and/or the positive impact of an _____.
Sometimes projects encounter opportunities that are outside the scope of the project or exceed the authority of the project _____.
Accepting an opportunity means being willing to take advantage of it if it occurs, but not taking action to _____.
Uncertainty is reflected in the 'newness' of the project, inaccurate time and cost estimates, technical unknowns, unstable scope, and problems not _____.
Contingency Reserves are set up to cover identified risks and are allocated to specific segments or deliverables of the _____.
Management reserves are set up to cover unidentified risks and are allocated to risks associated with the total _____.
Contingency and Management reserves are separated because their use requires approval from different levels of project _____.
Managers use Time Buffers to cushion against potential delays in the project. Like contingency funds, the amount of time is dependent upon the inherent _____ of the project.
The Risk Register is the backbone for the last step in the risk management process: risk _____.
Risk Control involves executing the risk response strategy, monitoring triggering events, initiating contingency plans, and watching for new _____.
A major element of the risk control process is _____.
Change management systems involve reporting, controlling, and recording changes to the project _____.
Change Request Logs are used to monitor change _____.
The plan of record is the current official plan for the project in terms of scope, budget, and _____.
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