Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
31 Cards in this Set
- Front
- Back
Risk
|
- Uncertain event
- Opportunity (maximize) - Threat (minimize) |
|
Known Risks
|
- Plan with contingency reserves
|
|
Unknown Risks
|
- Plan with management reserves
- Not in baseline |
|
Risk Attitude =
|
- Risk Appetite
- Risk Tolerance - Risk Threshold |
|
Risk Appetite
|
Degree of risk willing to take
|
|
Risk Tolerance
|
Degree of risk an organization can withstand
|
|
Risk Threshold
|
Level below which organization will take risk
|
|
Overall Project Risk
|
- More than sum of individual risk
- Risk Management Context = Risk Attitude + Risk Exposure |
|
Plan Risk Management
|
- Methodology for Project Risk Management
- DOES NOT include risks or responses |
|
Risk Categories
|
- Similar to WBS for risks
- Technical, External, Organizational, Project Management |
|
Identify Risks
|
- Determine risks and triggers
- Create risk register |
|
Influence Diagrams
|
- Causal influences
- Time ordering of events |
|
Delphi Technique
|
- Experts opinion
- Anonymity of experts |
|
Funnel Analysis
|
Progressively interviews from broader to specific questions
|
|
Root Cause Analysis
|
- 5-WHY method
- underlying cause |
|
SWOT Analysis
|
- Strength
- Weakness - Opportunities - Threats |
|
Risk Register
|
A big excel spreadsheet with:
- Risk - Risk Triggers - Subsequent Info From Other Risk Processes |
|
Risk Qualitative Analysis
|
Prioritize Risks Subjectively:
- low - meduim - high Update Risk Register |
|
Risk Probability Matrix
|
Threats and Opportunities Subjectively Graded on Probability & Impact
|
|
Risk Quantitative Analysis
|
- Numerical Assessment
- Update Risk Register |
|
Decision Tree Analysis
|
- Uses EMV
- Decision Definition - Decision Node - Chance Node - Net Path Value |
|
Plan Risk Responses
|
- Develop options
- Determine Actions |
|
Negative Risk Strategies
|
- Avoidance
- Transferance or Deflection - Mitigation - Acceptance |
|
Contingency Plan
|
- Primary strategies
- Fallback plans - Backup Strategies |
|
Risidual Risks
|
- Left over risk
- Secondary risks - Risks that newly evolve from current strategies |
|
Monitor & Control Risks
|
Manage risks to within acceptable thresholds per plan
|
|
Workaround Plans
|
Unplanned responses to newly emerging risks
|
|
Watchlist
|
Low priority risks that are tracked seperately from the risk register
|
|
Risk Audit
|
Verifies effectiveness of risk response plan and execution of risk response plan
|
|
Force Majeure
|
- "major force"
- Act of god - usually not liable for |
|
Manifest Destiny
|
inevitable event
|