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