Term
| 6 Project Risk Management Processes |
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Definition
Plan Risk Mangement
Identify Risks
Perform Qualitative Analysis
Perform Quantitative Analysis
Plan Risk Responses
Monitor and control Risks |
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Term
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Definition
Technical
Regulatory
Marketing |
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Term
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Definition
Budget and schedule
Scope nd project requirements
Technical and hardware
Project management processes
Personnel
Political and legal
Contracts
Business, environmental, and management |
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Term
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Definition
Risks of the unknown
Schedule and supply problems
Environmental risk
Political risk |
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Definition
Reducing uncertainty
Determining appropriate responses |
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Term
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Definition
Cost
Schedule
Quality
Scope |
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Term
| Plan Risk Management process - Inputs |
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Definition
Project scope statement
Cost management plan
Schedule management plan
communications management plan
Enerprise environmental factors
Organizational process assets |
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Term
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Definition
Balance between risk and benefits
the amount of risk stakeholders are willing to endure |
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Term
| Organizational process assets for risk management |
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Definition
Risk categories
Risk statement formats
Roles and responsibilities
Authority levels for decision making
Lessons learned
Stakeholder registers |
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Term
| Plan Risk management process - Tools & Technique |
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Definition
| Planning meetings and analysis |
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Term
| Seven agenda items for risk management planning |
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Definition
Methodology
Roles and responsibilities
Budgeting
Timing
Reporting formats
Tracking
Risk Categories
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Term
| Methods for identifying risks |
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Definition
Brainstorming sessions
interviewing subject matter experts
assumptions analysis
process flow diagrams
cause and effect diagrams |
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Term
| Methods for analyzing risks |
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Definition
Probability and impact assessments
probability and impact matrix
probability distributions
simulations |
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Term
| Strategies for responding to risks |
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Definition
avoiding and transferring risks
mitigation and accepting risks |
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Term
| Methods for monitoring and controlling risks |
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Definition
| status meetings to assess project performance and reassess risks |
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Term
| Plan Risk Management Plan process - Outputs |
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Definition
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Term
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Definition
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Term
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Definition
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Term
| Perform Qualitative Risk Analysis - Inputs |
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Definition
Risk Register
Risk Management plan
Project scope statement
Organizational process assets |
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Term
| Qualitative risk analysis - Risk management plan |
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Definition
Risk management roles and responsibilities
Risk analysis budget and schedule
Risk categories
Definitions of probability and impact
Revised stakeholders' risk tolerances |
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Term
| Perform Qualitative Risk analysis - Organizational process analysis |
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Definition
Historical Information
Studied of similar projects
Risk databases |
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Term
| Perform Qualitative Risk analysis - Tools & Techniques |
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Definition
Risk probability and impact assessment
Proability and impact matrix
Risk data quality assessment
Risk categorization
Risk urgency assessment
Expert Judgment |
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Term
| Perform Qualitative Risk analysis - Outputs |
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Definition
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Term
| Perform Quantitative Risk analysis - Inputs |
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Definition
Risk register
Risk management plan
Cost management plan
Schedule management plan
Organizational process assets |
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Term
| Perform Quantitative Risk analysis process - Tools & Techniques |
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Definition
Data gathering and representation techniques
- Interviewing experts and relevant stakeholders
- three-point estimate (rationale & assumptions)
Quantitative risk analysis and modeling techniques
Expert Judgment |
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Term
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Definition
The nature of objectives and risks
How you plan to represent and analyze data |
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Term
| Two types of distributions |
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Definition
Discrete (bar chart)
Continuous (Curve chart) |
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Term
| 5 types of continuous distributions |
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Definition
Normal
Uniform
Beta
Triangular
Lognormal |
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Term
| Project risk analysis can take one of two forms |
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Definition
Event-oriented
Project-oriented |
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Term
| Quantitative risk analysis techniques |
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Definition
Sensitivity analysis
EMV analysis |
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Term
| EMV - Expected monetary value of a risk |
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Definition
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Term
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Definition
Determine EMV for the first path
Determin the EMV for the second path
compare the total EMVs |
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Term
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Definition
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Term
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Definition
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Term
| Perform Quantitative Risk analysis process - outputs |
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Definition
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Term
| Specific outputs of quantitative risk analsysis that are added to the risk register |
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Definition
Probabilistic analysis of the project
Probability of achieving objectives
Prioritized list of risks
Trends in analysis results |
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Term
| Risk Responce planning process - Inputs |
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Definition
Risk register
Risk management plan |
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Term
| Risk Responce planning process - Tools & Techniques |
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Definition
Strategies for negative risks or threats
Strategies for positive risks or threats
Contingent response strategies
Expert judgment |
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Term
| Strategies for negative risk |
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Definition
Avoid
Transfer
Mitigate
Accept |
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Term
| Tools for transferring risk |
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Definition
Insurance
Contracts
Performance bonds
Guarantees
Warranties |
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Term
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Definition
Reduce the probability the risk will occur
- Adopting less complex processes
- Conducting more tests
- Choosing more stable suppliers
- Building redundancy into a system
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Term
| Active or passive acceptance |
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Definition
- Small, unavoidable, unknown risks
- Can't be transferred, shared, or mitigated
Hope for the best
Respond appropriately |
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Term
| Strategies for positive risks |
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Definition
Exploit
Share
Enhance
Accept |
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Term
| Risk Responce planning process - Outputs |
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Definition
Risk register updates
Risk-related contract decisions
Projet management plan updates
Project document updates |
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Term
| Monitor and control risks - 4 main reasons |
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Definition
Track risks and evaluate responses
Identify and plan for new risks
Monitor residual risks
Activate contingency plans |
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Term
| Monitor & control risk process - Inputs |
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Definition
Risk register
Project management plan
Work performance information
Performance reports |
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Term
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Definition
Priority
Causes
Warning signs
Risk owners |
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Term
| Risk register components inform how to handle risks |
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Definition
Risk responses and actions
Triggers
Residual and secondary risks
contingency reserves
Impact thresholds |
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Term
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Definition
Risk tolerances of stakeholders
Methodology used to manage risk
Risk monitoring and control responsibilities |
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Term
| Work performance information |
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Definition
Deliverable status
Schedule process
Costs incurred |
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Term
| Monitor & control risk process - Tools & Techniques |
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Definition
Risk reassessment
Reserve analysis
Technical performance measurement
Status meetings
risk audits
Variance and trend analysis |
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Term
| Monitor & control risk process - Outputs |
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Definition
Risk register updates
Organizational process assets updates
Change requests
Project management plan updates
Project document updates |
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Term
| Risk register updates trigger |
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Definition
Outcomes of reassessments and audits
Outcomes of responses |
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Term
| Monitor & control risk process - Organizational process assets |
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Definition
Risk planning documents
Finalized risk management documents
Lessons learned |
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Term
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Definition
- risk management plan
- probability and impact matrix
- risk breakdown structure
- risk register
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Term
| Finalized risk management documents |
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Definition
finalized risk management plan
checklists
risk breakdown structure
risk register |
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Term
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Definition
risk audit results
changes to assumptions
identified risks and their priorities |
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Term
| Which sections of the project management plan may be updated after the Plan risk responses process |
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Definition
All of them
(Quality managment plan, Schedule management and schedule baseline, Cost management plan and cost performance baseline, procurement management plan, human resource management plan, work breakdown structure)
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Term
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Definition
the budget
the schedule
the project scop or requirements
project management processes
personnel issues
equipment and facilities |
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Term
| Many different forms of risks |
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Definition
Political
Business
Legal
Environmental
Management |
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Term
| Identify Risks process - Inputs |
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Definition
Risk management plan
Activity cost estimates
Activity duration estimates
Scope baseline
Stakeholder register
Cost management plan
Project documents
Enterprise environmental factors
Organizational process assets |
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Term
| Identify Risks process - Tools & Techniques |
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Definition
Documentation reviews
Information gathering techniques
checklist analysis
Assumptions analysis
Diagramming techniques
SWOT analysis
Expert judgment |
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Term
| Identify Risks process - Outputs |
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Definition
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Term
| Identify risks - input groups |
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Definition
Documents that assist in identifying risk
Activity cost and duration estimates
Baselines and management pland
Other sources of information
Documents for ongoing risk identification |
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Term
| Risk management plan includes |
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Definition
Roles and responsibilities
Budget and schedule provisions
Categories of risk |
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Term
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Definition
external
financial
operational
reputational |
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Term
| Enterprise environmental factors |
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Definition
Risk studies or academic papers
Industrial benchmarking
risk attitudes |
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Term
| Organizational process assets |
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Definition
| Historical project data and lessons learned |
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Term
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Definition
Identify contradictions and gaps
Check the quality of management plans
Investigate constraints and assumptions |
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Term
| Documentation Review Inputs - Risk management plan |
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Definition
| roles and responsibilities
provision for risk management activities in the budget and schedule
categories of risk (risk breakdown structure) |
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Term
| Documentation Review Inputs - stakeholder register |
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Definition
| provides a list of people that can be used in soliciting inputs for identifying risks |
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Term
| Documentation Review Inputs - Estimates |
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Definition
| activity cost estimates
activity duration estimates |
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Term
| Documentation Review Inputs - Baselines and management plans |
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Definition
| scope baseline - project assumptions, work breakdown structure
cost management plan
schedule management plan
quality management plan |
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Term
| Documentation Review Inputs - Other sources of information |
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Definition
| enterprise environmental factors – external to the project environment – such as academic studies, benchmarking, industry studies, and risk attitudes
organizational process assets, such as project files, risk statement templates, and lessons learned |
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Term
| Documentation Review Inputs - Project documents for ongoing risk identification |
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Definition
| work performance reports
earned value reports
updated baselines |
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Term
| Types of people to include in risk managment information gathering sessions |
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Definition
Project team members
Risk management team
Customers
Subject matter experts
project managers
Stakeholders
Risk managment experts |
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Term
| Risk identification techniques |
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Definition
Brainstorming
Interviewing
Delphi technique |
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Term
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Definition
Identify your objective or problem
Record the ideas generated
Prevent criticism of anyone else's ideas
Build on one another's ideas |
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Term
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Definition
Risk source
Area of the project affected
Project phase |
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Term
| Which types of plans and estimates are useful for inputs for identifying risks? |
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Definition
Activity cost and duration estimates
Cost, schedule, and quality management plans
The Work breakdown structure
Assumptions and constraints outlined in the project scope statement |
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Term
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Definition
| Strengths, Weaknesses, Opportunities, and Threats |
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Term
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Definition
| List the advantages you, your team, and your organization have that will help you reach project objectives. Include activities you do well, special skills you may have, or resources that can boost productivity or quality. |
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Term
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Definition
| List anything internal to your organization or team that could prevent you from meeting objectives, such as resources or skills you lack. These are factors that can be improved on. |
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Term
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Definition
| List anything external to your organization that could lead to a positive outcome in meeting objectives. Opportunities can arise, for example, from particular events, new technology, changes in societal attitudes, or policy changes. |
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Term
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Definition
| List anything external to your organization that could disrupt, damage, or hinder project objectives. Look for obstacles such as supplier failure, environmental factors, competition, changes in market demands, or late deliveries. |
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Term
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Definition
How can we Use each strength?
How can we Stop each weakness?
How can we Exploit each opportunity?
How can we Defend against each threat? |
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Term
| Assumptions analysis involves |
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Definition
Examining the validity of assumptions
Assessing the impact of false assumptions |
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Term
| Assumptions analysis questions |
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Definition
Is the assumption valid?
What impact could the assumption have if it proves false? |
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Term
| Criteria to check the validity of assumptions |
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Definition
Inaccuracy
Inconsistency
Incompleteness |
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Term
| Negative impacts for false assumptions |
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Definition
Budget overruns
Unanticipated schedule delays
Lack of resources
Lack of supplies |
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Term
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Definition
| the technique of creating a list of project risks and assessing whether the risks apply to the current project |
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Term
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Definition
First understand the cause...
...then solve the problem |
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Term
| Diagramming techniques that assist in a root cause analysis |
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Definition
Cause-and-effect diagrams
Flowcharts
Influence diagrams |
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Term
| Cause and effect diagrams |
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Definition
| Ishikawa or fish bone diagrams |
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Term
| 4 steps to identify causes of risks |
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Definition
Record the risk
Identify major contributing factors
List cuases
Analyze the diagram |
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Term
| Cause and effect diagram rules |
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Definition
Must contain the main categories of causes
Main categories branch off the spine
Causes and sub-causes related to main category and risk |
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Term
| Plan procurements process - Outputs |
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Definition
Procurement management plan
Procurement statement of work (SOW)
Make-or-buy decisions
Change requests
Procurement documents
Source selection criteria |
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Term
| Procurement management plan includes the following categories |
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Definition
Procurement documents
Seller selection policies and criteria
Supplier management methods
Risk management and mitigation methods
Assumptions and constraints |
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Term
| Procurement Management Plan Template - Procurement documents |
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Definition
| In this section, you describe the kinds of contracts to be used, and the form and structure of the procurement contract statements of work. You also identify any standardized procurement documents or templates, if necessary. |
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Term
| Procurement Management Plan Template - Seller selection |
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Definition
| Here you state whether independent estimates, such as quotations, bids, or tenders, will be used and if they are needed as evaluation criteria. You identify any prequalified or preferred sellers, if available. You also define the procurement metrics to be used to manage contracts and evaluate sellers. |
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Term
| Procurement Management Plan Template - Supplier management |
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Definition
| In a section on supplier management, you describe how you'll handle multiple suppliers. You establish the type of direction to be provided to the sellers on developing and maintaining a work breakdown structure (WBS). |
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Term
| Procurement Management Plan Template - Risk management |
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Definition
| Under risk management, you clarify known risk issues and identify requirements for measures – such as performance bonds or insurance contracts – that will mitigate specific risks. |
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Term
| Procurement Management Plan Template - Assumptions and constraints |
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Definition
| Here you describe any constraints and assumptions – limiting factors or unproven beliefs – that could affect planned procurements. |
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Term
| Procurement Management Plan Template - Responsibilities |
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Definition
| In a section on responsibilities, you describe the actions the project management team is authorized to take. For instance, if the performing organization has an existing department that handles procurements, contracting, or purchasing, the project management team might not be responsible for procurements. |
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Term
| Procurement Management Plan Template - Project integration |
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Definition
| Under project integration, you plan how to coordinate procurements with other project areas such as scheduling and performance reporting. You plan how to coordinate purchasing lead times with the project schedule development. You plan how to manage make-or-buy decisions and how to link them to the Estimate Activity Resource and Develop Schedule processes. You set the scheduled dates in each contract for the contract deliverables. You also plan how to coordinate the schedule development and schedule control processes. |
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Term
| What info would u expect to find in a procurement SOW |
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Definition
The performance data related to the required service.
A description of the supply details, including the location and timing of supply, and the type of contract to be used.
A clear description of the service that is required. |
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