PMP_Risk

an uncertain event that may have either a positive or negative effect on the project affected by attitude, tolerence and threshold

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

a documented breakdown of identified project risks

Positive Risks

early warning signs or indicates that a project risk is likely to occur

what should you think of when you see WBS

analysis technique which examines the projects weaknesses & strengths, and opportunities & threats

chracteristics that put the project at a disadvantage

characteristcs of a project that give it an advantage

areas that could be exploited to project advantage

Collectively, these could cause risk for a project

identifies & categorizes risks, potential responses, triggers & warning signs

Probabilistic analysis
Probability of achieving cost and time objectives
Prioritized list of quantified risks
Trends in quantitative risk analysis results

What is the best thing you can do the determine the optimal size of reserve

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.

a response to a threat that has occurred, for which a prior response had not been planned or was not effective

Avoid
Transfer
Mitigate
Accept

Exploit
Enhance
Share
Accept

a risk response strategy developed in advance intended to be used if/when identified risks become reality

Project Management Plan updates only affect the Quality management plan

a. True
b. False