PMP_Risk

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Author:
pmpnhorlando
ID:
251016
Filename:
PMP_Risk
Updated:
2013-12-05 14:22:32
Tags:
PMP Risk
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Description:
PMP Risk
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  1. an uncertain event that may have either a positive or negative effect on the project affected by attitude, tolerence and threshold
    Risk
  2. 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
  3. 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
  4. a documented breakdown of identified project risks
    risk breakdown structure (RBS)
  5. Positive Risks
    Opportunities
  6. early warning signs or indicates that a project risk is likely to occur
    triggers
  7. what should you think of when you see WBS
    deliverables
  8. analysis technique which examines the projects weaknesses & strengths, and opportunities & threats
    SWOT
  9. chracteristics that put the project at a disadvantage
    weakness
  10. characteristcs of a project that give it an advantage
    strengths
  11. areas that could be exploited to project advantage
    opportunities
  12. Collectively, these could cause risk for a project
    threats
  13. identifies & categorizes risks, potential responses, triggers & warning signs
    risk register
  14. 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
  15. What is the best thing you can do the determine the optimal size of reserve
    Perform Quantitative Risk Analisys
  16. 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
  17. a response to a threat that has occurred, for which a prior response had not been planned or was not effective
    workaround
  18. Avoid
    Transfer
    Mitigate
    Accept
    Negative Risk Strategies (Threats)
  19. Exploit
    Enhance
    Share
    Accept
    Positive Risk Strategies (Opportunities)
  20. a risk response strategy developed in advance intended to be used if/when identified risks become reality
    contingency plan
  21. 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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