PMP Exam Prep

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PMP Exam Prep
2011-02-20 19:53:27

Risk Terminology
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  1. A risk analysis technique which considers the strengths, weaknesses, opportunities, and threats of the project to facilitate a more knowledgeable risk management analysis
    Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis
  2. A technique used in risk management that helps show which risks will likely have the most impact on the project
    Sensitivity Analysis
  3. The documented results of Risk Management Planning which can include the outputs of Qualitative Risk Analysis and Quantitative Risk Analysis, as well as Risk Response Planning
    Risk Register (Output/Input)
  4. The process of determining what risk responses will be used on risk events and who will be responsible for implementing the responses if the risks occur
    Plan Risk Responses
  5. A technique used to simulate the outcome of a project many times to determine the range of possible outcomes and the probablity of their occurrence
    Monte Carlo Analysis
  6. The process of monitoring known risks, reducing any risks, identifying any new risks, and monitoring risk reduction over the life of the project
    Monitor and Control Risks
  7. The product of multiplying the monetary value impact and probability of the risk event; helps an organization make decisions based on potential outcome and impact
    Decision Tree Analysis (Technique)
  8. A data-generating technique which includes team members or subject matter experts for the purpose of solving project problems, identifying project risk, and planning-related activities
  9. Compensation in the planning for unknown items that could occur; typicaly schedule-or-cost-related. Sometimes called reserve
  10. Compensation in the planning for unknown items that could occur; typically schedule-or cost-related; also commonly called buffer
    Contingency Allowance
  11. Pre-established actions that the team executes if a known risk event occurs on the project
    Contingency Plans
  12. Reserves that can help mitigate schedule or cost issues (risk), in the case of changes with the scope or quality on the project
    Contingency Reserves (Output/Input)
  13. The product of multiplying the monetary value impact and probability of the risk event
    Expected Monetary Value (EMV)(Analysis)
  14. A type of plan created for risks with a great impact on project goals, to be executed if attempts to minimize the risk are not successful
    Fallback Plans
  15. The process of determining which risks can impact a project and the documentation of their properties or characteristics
    Identify Risks
  16. Measure the probablity and impact of the risks and estimate the impact on the project
    Perform Quantitative Risk Analysis
  17. The process of defining responses to opportunities arising within the project and to threats to the project
    Plan Risk Management
  18. Documented activities to execute, if needed, that should minimize (or eliminate) the impact of a negative risk on the project
    Preventive Action
  19. A tool used to determine where a risk fits on a project - The typical rating is high, medium, or low for probability and impact
    Probability and Impact Matrix (Tool)
  20. The processes required to manage the uncertainties of a project: planning, identifying, analyzing, responding, and monitoring and controlling
    Project Risk Management
  21. Compensation in the planning for unknown items that could occur; is typically schedule- or cost-related; also commonly called buffer
  22. A decomposition of the risk categorization, and the risks within those categories that could occur on a project
    Risk Breakdown Structure (RBS)(Tool)
  23. A data repository that stores and manipulates information associated with the risk management processes
    Risk Database
  24. Numbers representing the risk of certain events, the likelihood of their happening, plus the impact on the project (if the even does happen)
    Risk Factors
  25. A document that details and describes the plan for managing risk over the life of the project or program
    Risk Management Plan
  26. Minimizing the impact of a risk event by minimizing the lifelihood (probability) of its occurrence
    Risk Mitigation
  27. Characteristics which indicate that a risk event is possibly starting to happen; could also be called risk triggers
    Risk Symptoms
  28. Analyze risks and determine the priority of their effects of the project
    Perform Qualitative Risk Analysis
  29. A technique to determine the amount of reserves needed for a project
    Reserve Analysis
  30. Risk that remains after response strategies have been applied
    Residual Risk
  31. The possibility of a negative (threat) or positive (opportunity) event
  32. Opting to accept the impact or consequences of a risk event
    Risk Acceptance
  33. Eliminating a risk or threat, usually by eliminating the cause
    Risk Avoidance
  34. A grouping of types of risk on a project (e.g., technology, organizational, customer, market)
    Risk Category
  35. Events that may impact the project (either negative or positive)
    Risk Events
  36. Possessing a higher tolerance than most for risk
    Risk Seeking
  37. The level of satisfaction from a potential risk payoff. Also called Risk Utility
    Risk Tolerance
  38. Allocating the responsibility for and impact of the risk event to another party
    Risk Transference
  39. The level of satisfaction from a potential risk payoff. Also called Risk Tolerance
    Risk Utility
  40. Possessing a low desire or tolerance for risk
  41. A middle ground between the risk taken and the benefit received
  42. Risks that result from the execution of a risk response
    Secondary Risks
  43. A negative risk to the project
  44. A signal that a risk event could occur or has occurred
  45. A response to a risk that wasn't planned
    Workaround (Technique)

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