Risk Knowledge Area

Home > Preview

The flashcards below were created by user jridoret001 on FreezingBlue Flashcards.


  1. artifacts
    are previous project documents that were archived for future reference. Documents include contracts, invoices, bills, project plans, meeting minutes, lessons learned, peer reviews and all organizational process assets pertaining to the project
  2. Binomial Distribution
    is used with events or occurrences that have two outcomes
  3. brainstorming
    is an information-gathering technique that is a tool and technique of the Identify Risks process. It involves assembling in one place subject matter experts, team members, risk management team members, and anyone else who might benefit from the process and querying them on possible risk events
  4. budget
    is a planning, monitorization, and recording tool that includes estimates and final totals for a project and all its activities to ensure that costs are constrained
  5. change control
    is the process of identifying, controlling and documenting changes to a control unit. It is typically executed by a change control board, which evaluates a formal change request and recommends to approve or reject it. This process also provides for tracking activities
  6. change requests
    are part of the formal written process of making a minor or major change to project areas. Without these documents, a change cannot be implemented to any part of the project
  7. Chi-square distribution
    is named after the Greek letter Chi, and is used for hypothesis testing and helps determine the distribution of a sample variance
  8. communications management plan
    outlines the communication expectations and needs and describes how they will be addressed throughout the entirety of the project. It is an output of the Plan Communication Management process
  9. contingency response strategy
    is a risk response that requires the development of scenarios or alternatives to an identified risk once the risk has been realized
  10. Control Procurement processes
    incorporate risk management to ensure that resources required for the project are readily available when needed
  11. Control Risk
    help determine whether or not to choose alternative strategies or the execution of a failover or fall back plan. In this process, the individual or group responsible for respective risks would provide periodic updates to the project team and manager in regard to risk plan effectiveness, unplanned impacts and any corrective actions taken as a result of realized risks
  12. corrective action
    is a documented process to help drive project activities back into alignment with the project's critical path and project management plan
  13. cost assumption
    is when the project can be completed with existing resources and no additional raw materials other than existing inventories
  14. Cost Management Plan
    is an input to all other cost management processes because it commonly consists of the plans, guidance, and descriptions on how to best approach or perform the other cost management processes. Contents include: Units of measure, Levels of precision, Levels of accuracy, Organizational procedures and their locations. And a few of particular importance to the next process that we are going to discuss are: Control thresholds, Rules of performance measurement, and Reporting formats
  15. critical path
    is the longest path through the project. It's made up of activities with zero float
  16. deliverables
    refer to the services or products produced when the project is completed for the project sponsor
  17. Delphi Technique
    is used to gain consensus among a team of experts. Within this technique, experts participate anonymously and are asked a series of questions provided by a facilitator
  18. directed brainstorming
    is a variation of electronic brainstorming. It can be done manually or electronically. Each participant is given a form and asked specific brainstorm questions. Then all of the forms are randomly swapped among the participants
  19. distribution (Student?s t)
    is used to estimate a degree of confidence when the variance of a population is not known and the sample size is not large
  20. earned value
    is a measurement of the project's progress to date or the value of the work completed to date
  21. electronic brainstorming
    is a computerized version of brainstorming, where ideas are shared over a network and entered independently
  22. enhance
    is a response to a positive risk, or opportunity, where the aim is to gain an advantage or opportunity by increasing the size or scale
  23. Enterprise Environmental Factors
    are internal or external factors based on an organization?s culture that can impact, negatively or positively, project management options, such as industry or regulatory standards, organizational culture or structure and global trends or known practices.
  24. Expected Monetary Value Analysis
    is a statistical concept that calculates the average outcome when future activities include scenarios that may or may not happen
  25. expert judgment
    is knowledge functioning as a project management tool that aids the project manager and project team by providing necessary details and skills on different subject matters
  26. external risks
    are probably the biggest risks that a project manager needs to take into consideration, simply because of the level of control the project manager and team may have. Contributors to this type of risk include regulatory issues, contractor concerns, union activities, and third-party stakeholder impacts
  27. Flow Charts
    also known as process maps, display the sequence of steps and illustrate possibilities that exist for a process that transforms inputs into outputs. They show activities, decision points, branching, parallel paths and the overall order of a process by detailing operational procedures. They serve to provide understanding and assist in the estimation of the cost of quality in a process
  28. force majeure
    equates to risks that are totally beyond the control of the project manager and team. Examples include work stoppages, natural calamities, economic imbalances or collapse
  29. historical information
    is knowledge base information such as lessons learned, project records and all related documentation and appendices
  30. Human Resource Plan
    helps detail risks associated with resource availability and their aptitude in regard to project deliverables
  31. Identify Risks
    has to do with determining which risks may have an impact on a project and what may trigger that risk
  32. impact
    estimates the severity and magnitude of a potential gain or loss
  33. Integrate Change Control process
    begins when a change is necessary. It is involved in resolving risks as they surface
  34. Issue Log
    is a list of realized risks. Once a risk becomes apparent and has an impact, it escalates to an issue, whereby an individual, or team, takes responsibility to address and resolve the issue
  35. knowledge area
    defines a collection of information, skills, and techniques on a specific topic. The number of knowledge areas adjusts as PMI? sees fit
  36. large client risk
    is a risk that vendors can have if they deal holistically with a few large clients
  37. lifecycle
    focuses on the entire process of building project deliverables
  38. Nominal Group Technique
    encourages participants to have equal say in participation, ideas are collected by a facilitator in an individual manner (say ideas submitted to an ?idea box? or collecting post-it notes, then the group discuses and ranks or votes on each idea
  39. organizational process assets
    are an accumulation of tools, processes, and techniques that are retained by the business in order to standardize processes and practices
  40. organizational risk
    is illustrated by any impact that the organization can have on project activities. Things like funding a project, or prioritizing resources to meet the time-bound deliverables of the project
  41. Perform Integrated Change Control
    is the process of formally reviewing all change requests and managing approved changes into the project plan for development
  42. Perform Risk Analysis
    is the process of prioritizing risks for further analysis or action by combining and assessing the probability and impact of risks occurrence
  43. Plan Risk Management
    defines the manner in which risk management activities will be undertaken throughout the project. It helps provide visualization of risks throughout the project and aligns those risks to the level of tolerance and appetite that the sponsor and stakeholders have identified
  44. poisson distribution
    is used to determine the random occurrence of a project constraint such as a period of time or an event
  45. preventive action
    is a documented process that will provide direction and guide resources to prevent a deliverable from going off track or not conforming to project requirements
  46. preventive actions
    are a documented process that will provide direction and guide resources to prevent a deliverable from going off track or not conforming to project requirements
  47. probability
    measures the likelihood that an opportunity or threat identified in the risk register will occur and is expressed as either a numerical value or a ranking which is traditionally High, Moderate, or Low
  48. probability and impact matrix
    identifies and helps prioritize risks for quantitative analysis and response planning
  49. probing assumptions
    draws out biases beliefs used to support an argument
  50. Program Evaluation and Review Technique (PERT)
    uses expected value?or weighted average?of critical path tasks to determine project duration by establishing three estimates: most likely, pessimistic, and optimistic. The formula for PERT is optimistic + pessimistic + (4 * most likely) / 6. PERT is used when activity duration estimates are highly uncertain
  51. project
    is a temporary endeavor with a defined beginning and end, undertaking to meet unique goals and objectives, typically to bring about beneficial change or added value
  52. Project Charter
    describes a project in the initial approach toward the project's product. Helps illustrate what needs to be accomplished and provides a preliminary approach on how the project will proceed
  53. Project Cost Management
    is comprised of the Plan Cost Management, Estimate Costs, Determine Budget, and Control Costs processes. Inputs, tools and techniques, and outputs of this knowledge area function together to ensure that the project stays under budget. It entails processes that break down requirements to the activity level, where control accounts can monitor expenditures
  54. project deliverables
    refer to the services or products produced when the project is completed for the project sponsor
  55. Project Management Body of Knowledge (PMBOK?)
    is the sum of knowledge within the profession of project management. Includes proven traditional practices that are widely applied and innovative practices that are emerging in the profession. Includes both published and unpublished materials
  56. Project Management Institute? (PMI?)
    is a not-for-profit professional organization developed from a group of working project managers. Today its primary goal is to advance the practice, and profession of project management throughout the world
  57. project management plan
    is the document detailing all aspects of a project including baselines that are referenced throughout the project?s lifecycle to keep the project on track
  58. project management risks
    impact the manner in which project activities are carried out and is more of a function of administering the project than developing components of the project
  59. project manager
    is the individual charged with managing a temporary endeavor from beginning to end who monitors project progress and ensures that project activities stay on task, under budget, and finishes on time
  60. Project Procurement Management
    incorporates processes required to acquire goods and services or results provided by a third party. Within procurement management the organization driving the project may be either the buyer or the seller of goods and services. Project procurement management incorporates contract management and change control activities needed for the proper administration of contracts and purchase orders authorized by the project team
  61. Project Quality Management
    incorporates risk activities to ensure that quality assurance and quality planning are delivering the level of quality expected. Qualitative and quantitative analysis helps identify risk and determine whether corrective or preventive measures are necessary
  62. Project Risk Log
    is another method used to help determine the level of risk and manage it. The log can be a spreadsheet based template that aligns to the project schedule and details activities within each work package
  63. Project Risk Management
    is the process of conducting risk management planning, identification, analysis, response planning and controlling risks within a project
  64. Project Risk Management Knowledge Area
    encompasses all the processes involved in conducting risk management planning, identification, analysis, response planning and controlling risks within a project
  65. Project Risk Management Plan
    is part of the overall Project Management Plan, provides guidance, sets the tone for risk-related activities, and informs stakeholders and project team members. This plan ensures the degree, type and visibility are in line with organizational expectations
  66. project risk register
    serves to identify risks, their root cause(s), potential responses, individuals or groups that will own the risk, triggers that help determine a risk event, the relative ranking of the risk itself in alignment with all other risks identified; as well as near-term risk responses, risks that need additional analysis or rework, trends based upon qualitative analysis applied and a watch list that the team can use during weekly project update meanings to ensure that kind risk events are managed appropriately
  67. project scope
    is the work required to deliver a product or service
  68. Project Scope Baseline
    incorporates project assumptions into the scope of a project. It contributes to the development of the project Work Breakdown Structure which, in turn, can serve as an analytical tool to help determine risk at the summary, control account, and work package levels
  69. project team
    refers to a group of people brought together to work toward achieving a common goal to work on the project deliverables
  70. qualitative risk analysis
    is the process of prioritizing risks for further analysis and action. It combines risks and their probability of occurrences and ranks them accordingly
  71. quality assumptions
    determines the proper level of quality and the risk inherent to project deliverables requires assumptions that pertain to the degree of quality and the level of risk that the project stakeholders are willing to assume
  72. Quality Management Plan
    will be used to help determine the risks associated with integrating quality within work packages, or at the activity level. First section client identifies Completeness and Correction Criteria, part 2 is Quality Assurance to create the deliverables, third, Quality Control to record and track activities.
  73. quantitative risk analysis
    has results that may be based upon mathematical formulas, simulation methods and statistical analysis. This analysis type goes through the usual process practice of generating inputs and applying those inputs to tools and techniques to generate project artifacts or project document updates
  74. RACI diagram
    stands for Responsible, Accountable, Consulted, Informed. It can be used to detail what roles are associated to key team members
  75. Rayleigh Distribution
    illustrates asymmetrically all positive outcomes. Outcomes typically cluster around a value identified to be a most likely outcome
  76. reserve analysis
    addresses the project budget and serves to ensure that negative impacts to a project have ample funding to cover the risk. Can be established for both contingency reserves and management reserves within the project
  77. Resource assumptions
    pertain to having the right people, with the right level of expertise, at the right time
  78. risk
    refers to the potential external events that will negatively impact a project?s progress
  79. risk acceptance
    typically takes place when both the probability and impact is identified as low. Here the project team acknowledges the risks and determines that no action is required to be taken. It is a response to positive and negative risks
  80. risk appetite
    is the degree of uncertainty an entity is willing to take in anticipation of a reward
  81. risk audits
    are used to detail and document effectiveness of root cause analysis, risk identification based upon assumptions and the overall risk response plan
  82. risk avoidance
    is a strategy used to deal with negative risk, where the project team works to eliminate a threat to a project where the potential impact will be negative. Involves changing a project deliverable to eliminate a threat or high-probability, high-impact risk. Examples include de-scoping an item from a project or applying a buy vs. build decision.
  83. risk breakdown structure (RBS)
    is a matrix that ties roles and responsibilities with the WBS elements to ensure that each element has a resource assigned
  84. Risk Categories
    help the project team quantify and group risks that may be similar in nature
  85. Risk Category
    identifies the risk by area impacted- such as technology, organizational, project management, external
  86. risk data quality assessment
    evaluates the degree of relevance and applicability risk information gathered has to project deliverables
  87. risk log
    is another method used to help determine the level of risk and manage it. The log can be a spreadsheet based template that aligns to the project schedule and details activities within each work package
  88. Risk Management Approach
    describes and summarizes how risk management activities will be applied to project artifacts, the type of analyses intended to be used, the group expected to perform the work and the timeframes relevant to planned activities
  89. risk management plan
    is part of the overall Project Management Plan, provides guidance, sets the tone for risk-related activities, and informs stakeholders and project team members. This plan ensures the degree, type and visibility are in line with organizational expectations
  90. risk mitigation
    involves the project team acting to reduce probability and or impact. Providing the project team has the ability to do so, they can manage activities to within acceptable levels or risk thresholds
  91. risk planning
    helps ensure that accurate cost estimates are applied to each activity within work packages, and that all activities are associated to work packages
  92. risk register
    helps the project team determine and allocate costs against risks identified while reviewing activities within the work breakdown structure
  93. Risk response
    is process occurs after quantitative risk analysis activities are complete when each risk response is based upon a thorough understanding of how it will address an impact the risk
  94. Risk Response Strategy
    provides details relevant to options available and thresholds required for consideration
  95. risk reviews
    permit the project team to ensure that no risk is overlooked relevant to timing improbability
  96. Risk Score or Exposure
    measures the overall threat of the risk. It combines the probability and the impact into a single number value
  97. risk threshold
    refers to measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest
  98. Risk tolerance
    is the degree, amount or volume of risk that an organization or individual will withstand
  99. risk transfer
    takes place when the project team shifts the impact of a threat to a third party that will assume ownership of the response. While this does not serve to eliminate the risk, it does transfer the responsibility for its management
  100. risk transference
    moves the risk to a third party that assumes ownership and responsibility for the risk
  101. risk urgency assessment
    is a prioritization technique predicated on time
  102. risks
    refer to the potential external events that will negatively impact a project?s progress
  103. Root cause analysis (RCA)
    is another information-gathering technique that permits the project team to identify multiple causes that correlate to risk and, through analysis, arrive at the single root cause
  104. schedule
    can help identify risks as it details the amount of time required for and sequence of activities
  105. Schedule Management Plan
    is used to identify risks associated with project development, especially predecessors and successors, and how risk can impact their ability to meet a project?s critical path
  106. scope baseline
    incorporates project assumptions into the scope of a project. It contributes to the development of the project Work Breakdown Structure which, in turn, can serve as an analytical tool to help determine risk at the summary, control account, and work package levels
  107. sensitivity analysis
    is used to determine risks with the highest potential to impact a project, also enables the project team to determine how variations to project objectives correlate with variations in different uncertainties
  108. Sole Source Risk
    is the risk of shutting down a supply chain due to a lack of alternatives. This type of risk can bring a project to a stop until the source concern is mitigated
  109. (project) sponsor
    is the individual or group outside the project team that initiates the project by requesting for the service or product and beginning the project charter
  110. stakeholder register
    is a communication tool that a project manager can customize. Helps provide the answers up front in regard to engaging and coordinating efforts amongst stakeholders
  111. stakeholders
    are identified individuals who have influence and impact in a project?s outcome. They can either be internal or external to an organization
  112. Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis
    is a problem-solving technique that can be used in many situations, from strategic planning to reviewing a business proposition
  113. subject matter experts (SMEs)
    are individuals with knowledge on a specific topic or trade who provide details that can be used in expert judgment; it?s knowledge sharing
  114. switchover risk
    pertains to the impact of time and costs in transitioning from one source to another
  115. Team Idea Mapping method
    works through association, improves collaboration, and increases the quantity of ideas. The process starts with one topic and each participant brainstorms individually. Once individual brainstorming is complete, all ideas are incorporated into one single idea map
  116. technical performance measurements
    compare technical accomplishments throughout project execution to the schedule of technical achievement
  117. technical risk
    is a type of risk that is usually aligned to quality and performance objectives
  118. The Gartner Group
    is a company that provides information and analysis relevant to technology
  119. Time assumptions
    ensures delivering a project meets its critical path commitment, which is essential to maintaining the integrity of the project management process
  120. tornado diagram
    is appropriately named because its appearance resembles the final of a tornado. It is simply a bar chart used for comparative analysis
  121. trend analysis
    examines performance over time to indicate deterioration or improvement
  122. Triangular Distribution
    is a statistical distribution that increases linearly from a minimum to a maximum based upon an arbitrary value of ?X?, and then decreases from the maximum to a minimum. ?A? is defined as the minimum, ?C? is defined as the peak and ?B? is defined as the maximum. The triangular distribution provides the project team with a probability density for each value of X
  123. variance analysis
    is used with earned value management compares actual project performance to planned or expected performance most frequent analysis pertains to costs and schedule
  124. work breakdown structure (WBS)
    gives the project manager and team the ability to decompose project-based features to their lowest elements that can be monitored, managed, measured, and delivered upon. Details developed within the WBS permit the project manager to determine the project's critical path and schedule, and provide a tool to develop and deliver project metrics
  125. work package
    is a specific task that is part of a project's Work Breakdown Structure

Card Set Information

Author:
jridoret001
ID:
314728
Filename:
Risk Knowledge Area
Updated:
2016-01-26 03:00:18
Tags:
PMP Risk Knowledge Area
Folders:

Description:
LearnSmart PMP Course glossary items Risk Knowledge Area
Show Answers:

Home > Flashcards > Print Preview