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an uncertain event that may have either a positive or negative effect on the project affected by attitude, tolerence and threshold
Risk
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Components of Risk Management Plan
- Methodology
- Roles and responsibilities
- Budget
- Timeline
- Risk categories
- Definition of risk probability and impact
- Probability and impact matrix
- Revised stakeholders’ tolerances
- Reporting formats
- Tracking documents
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Methodology
Roles and responsibilities
Budget
Timeline
Risk categories
Definition of risk probability and impact
Probability and impact matrix
Revised stakeholders’ tolerances
Reporting formats
Tracking documents
Components of Risk Management Plan
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a documented breakdown of identified project risks
risk breakdown structure (RBS)
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Positive Risks
Opportunities
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early warning signs or indicates that a project risk is likely to occur
triggers
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what should you think of when you see WBS
deliverables
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analysis technique which examines the projects weaknesses & strengths, and opportunities & threats
SWOT
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chracteristics that put the project at a disadvantage
weakness
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characteristcs of a project that give it an advantage
strengths
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areas that could be exploited to project advantage
opportunities
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Collectively, these could cause risk for a project
threats
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identifies & categorizes risks, potential responses, triggers & warning signs
risk register
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Probabilistic analysis
Probability of achieving cost and time objectives
Prioritized list of quantified risks
Trends in quantitative risk analysis results
Perform Quantitative Risk Analysis Outputs
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What is the best thing you can do the determine the optimal size of reserve
Perform Quantitative Risk Analisys
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a method of assessing the relative impact of changing a variable in the project to gain insight into possible outcomes of one or more potential courses of action.
Sensitivity Analysis
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a response to a threat that has occurred, for which a prior response had not been planned or was not effective
workaround
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Avoid
Transfer
Mitigate
Accept
Negative Risk Strategies (Threats)
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Exploit
Enhance
Share
Accept
Positive Risk Strategies (Opportunities)
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a risk response strategy developed in advance intended to be used if/when identified risks become reality
contingency plan
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Project Management Plan updates only affect the Quality management plan
a. True
b. False
b. False
- Updates can include:
- - Schedule management plan
- -Cost management plan
- -Quality management plan
- -Procurement management plan
- -Human resource management plan
- -Scope, schedule, and cost baselines
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