PMP Certification Prep Flashcards

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Author:
alvincolon
ID:
246005
Filename:
PMP Certification Prep Flashcards
Updated:
2013-11-11 13:12:28
Tags:
RISK MANAGEMENT
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Description:
RISK MANAGEMENT
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  1. What does this statement describe? Uncertainty; an unknown future event; positive risks are opportunities, negative risks are threats?
    RISK
  2. What is any risk that remains after the risk response strategy has been implemented; left-over risk?
    RESIDUAL RISK
  3. What are risks that occur as a result of implementing a risk response strategy?
    SECONDARY RISK
  4. What is a quick and easy risk assessment method that combines the probability and impact to assign a risk score?
    QUALITATIVE RISK
  5. What is a more rigorous risk assessment which numerically analyzes the effect of identified risks on overall project objectives?
    QUANTITATIVE RISK
  6. What is the matrix used during qualitative risk analysis that multiplies the risk probability (high, medium or low) by the impact to come up with a risk score, which is then used to create a prioritized list of risks?
    PROBABILITY IMPACT MATRIX
  7. What is EVM?
    EXPECTED MONETARY VALUE
  8. What is the formula for EVM (EXPECTED MONETARY VALUE)?
    EVM = Probability X Impact
  9. What graphically shows which variables have the greatest impact on the project?
    SENSITIVITY ANALYSIS (E.G that tornado diagram)
  10. What strategy does this statement describe? Avoid (change something so that the threat no longer exists), Transfer (shift the risk to a third-party, perhaps via a contract), Mitigate (reduce the probability or impact, an alternate plan), Except (live with it.)
    THREAT STRATEGIES
  11. What strategy does this statement describe? Exploit (change something to in sure the opportunity occurs), Share (share with a third-party, perhaps via a joint venture), Enhance (increase the probability or impact, an alternate plan), Except (live with it.)
    OPPORTUNITY STRATEGIES
  12. What is used only when an unidentified (unknown–unknown) risk event occurs?
    WORKAROUNDS
  13. What does this statement describe? Money or time set aside in case a risk occurs.
    RESERVES (Contingency reserves are four identified risks, Management reserves are for unidentified risks.)
  14. What kind of reserve is set aside for identified risks?
    CONTINGENCY RESERVES
  15. What kind of reserve is set aside for unidentified risks?
    MANAGEMENT RESERVES

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