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;
7 Cards in this Set
- Front
- Back
|
1. Describe a process for Risk Management |
1. Initiate - set-up the process, such as deciding on such things as risk categories and tools and techniques to be used. 2. Identify - as many possible threats as possible, using techniques such as brainstorming, swot analysis, assumptions analysis, interviews. 3. Assess - identified risks then assessed and prioritised...best done by determining probability and impact and plotting them on a probability and impact grid. 4. Plan responses - appropriate response must be formulated for each identified risk. 5 common strategies for addressing downside risk is Avoid, Transfer, Reduce/Mitigate, Accept, Contingency plan. 5. Implement response - each risk must be proactively managed by responsible person...and needs to be formally reviewed on a regular basis as Project evolves. |
|
|
5 appropriate steps to reduce risk |
ATRAC Avoid - don't do Transfer - the liability or ownership Reduce/Mitigate Accept Contingency plan - if risk gets triggered |
|
|
State actions that a PM would take in planning a response to a particular risk. |
1. Identify possible responses 2. Evaluate each response by estimating cost of mitigation and how much the exposure has been reduced. 3. Identify must cost effective response. 4. Check effect on the budget against business plan to see if project still viable. |
|
|
List and describe 5 techniques used to identify Project risks |
1. Brainstorming 2. SWOT analysis 3. Assumption analysis - look at assumptions made during planning to see if any of them constitute a risk. 4. Using WBS - Identify risks that apply to individual work packs. 5. Delphi - a facilitator solicits info regarding Project risk. Contributors, who are remote and external to the project team, independently arrive at their conclusion. Facilitator consolidates all opinions and recirculates. Process repeated until concensus is reached or it becomes apparent that it will never be reached. |
|
|
Benefits of issue management |
1. Established process for upward escalation so issues are addressed in a timely manner. 2. Issues are escalated to the person best able to solve them. 3. Open issues are tracked so status is always viable and issues don't go unaddressed. 4. Stakeholders are kept aware of the status of all open issues 5. The requirement of good governance is satisfied by having robust issue management. |
|
|
Describe issue |
When PM us presented with a problem that he is unable to solve, which then gets escalated upwards to Project Sponsor. |
|
|
Headings that would be found in a risk/issue register |
Risk/issue description Risk/issue owner Impact - on scope, time, cost, quality Probability of occurrence Mitigation strategy Mitigation cost Residual impact after mitigation Current status |
