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14 Cards in this Set
- Front
- Back
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Risk management is... |
...the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives. |
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Known unknowns are... |
... identified potential problems. We don't know exactly what will happen, but we know it has a potential to damage our project and we can prepare for it. |
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Unknown unknowns are... |
... problems that arrive unexpectedly. You honestly couldn't see them coming. |
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What is a project manager's primary task? |
Risk management is a project manager's primary task. They are constantly on the outlook for uncertainty that could lead to project failure. |
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When does risk planning take place in a project? |
Risk planning happens repeatedly throughout the project. |
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Who is responsible for managing business risk? |
The owner of the project, seldom the project manager. |
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What steps are included in a risk management process? |
1. Identify risks 2. Analyze & prioritize 3. Develop response plans 4. Establish reserves 5. Continuous risk management |
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What are four techniques for identifying risks? |
1. Ask the stakeholders. 2. Create a risk profile (a list of possible risks) 3. Learning from past similar projects. 4. Focus on risks on the schedule and budget. |
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What are two ways to ask stakeholders for risks they've identified? |
1. Brainstorming sessions. A. Generate as big a list as possible. B. Don't evaluate them, just get a big list. C. Combine similar risks and sort them by magnitude and probability. D. Cross off risks that have little chance of affecting project. E. Capture easy answers to address later. 2. Interviewing. |
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What is a risk profile? |
A risk profile is a list of questions that address traditional areas of uncertainty on projects. These questions have been gathered and refined from previous, similar projects. |
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What are some basic guidelines for creating and maintaining good risk profiles? |
Creating 1. They are industry specific. 2. They are organization specific. 3. They address both product and management risks. 4. They predict the magnitude of reach risk. Maintaining 1. Maintained by a person or group independent of individual projects. 2. The keeper participates in post-project reviews to learn how well it worked, and to identify new risks to be added. Risk profiles become powerful predictor of project success. The combined experience of the firm's past projects lives in their questions. |
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What historical information can you use to help identify risks? |
1. Planned and actual performance records for accuracy of cost and schedule estimates. 2. Issue logs shows unexpected challenges and how they were overcome. 3. Post-project reviews that generate lessons learned. 4. Customer satisfaction records. 5. Your own project documentation records |
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How does estimating schedules and budget hello with identifying risks? |
As part of detailed planning, each low-level task requires a cost and schedule estimates. Tasks where it's difficult to estimate cost and schedule represents uncertainty. Identify the reason for the uncertainty and create a strategy for managing it. |
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What are three steps to analyze and prioritize the risks. |
1. Define the risks , including the severity of the negative impact 2. Assign a probability to the risk. How likely is it for this to occur 3. Rank the risks |
