PMP - Risk Management Review
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Define Risk Management
The process of identifying, analyzying and responding to risk factors throughout the life of a project
When should project risks be identified?
- - At the beginning of the project
- - during the planning for each phase of the project
- - before approval of major scope changes
- - continuously, throughout the entire project
Name three risk factors
- Risk event
- Risk Probability
- Amount at Stake
What are the recommended ways of deflecting or transferring risk to another party?
- - Warranties
- - Insurance
- - Subcontracting
- - Type of Contract
What are the strategies associated with response planning for negative risks?
- - Avoid
- - Transfer
- - Mitigate
- - Accept
What is the difference between a contingency plan and a workaround?
A contingency plan is a predefined action plan in case a risk event occurs later
A workaround is an unplanned response to a risk event when it actually happens.
What is the purpose of qualitative risk analysis?
Improve project performance by focusing on high-priority risks. Analyzing the probability and impact for each risk is an important part of this process
Distinguish management reserve from contingency reserve
Management Reserve: a separately planned quantity used to allow for future situations which are impossible to predict (unknown unknowns). Use of the management reserve requires a change to the project's cost baseline
Contingency reserve is a separately planned quantity used to alow for future situations which may be planned for only in part (known unknowns) Contingency reserves are normally included in the project's cost and schedule baselines
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