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Risk

This document discusses risk management in project planning. It provides information on different types of risks that may occur on a project: - Business risks refer to risks of gain or loss, while pure (insurable) risks only pose a risk of loss due to events like theft, fire, or injury. - The project manager considers the probability and impact of each risk to determine its overall severity and whether it requires immediate action or just monitoring. - Risks identified during planning are documented in a risk register for ongoing review and management over the course of the project.

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695 views2 pages

Risk

This document discusses risk management in project planning. It provides information on different types of risks that may occur on a project: - Business risks refer to risks of gain or loss, while pure (insurable) risks only pose a risk of loss due to events like theft, fire, or injury. - The project manager considers the probability and impact of each risk to determine its overall severity and whether it requires immediate action or just monitoring. - Risks identified during planning are documented in a risk register for ongoing review and management over the course of the project.

Uploaded by

PRIYA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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http://www.brighthubpm.

com/certification/48955-free-pmp-test-questions-risk-management/#imgn_0

Project Sponser may also be involved in Planning Risk Management.

Aprt from risk categories, risks can be classified under two main types:

Business Risks-risk of gain or loss

Pure(insurable) risk-Only a risk of los(theft,fire,injury etc)

A project Manager may consider the urgency of the risk as well as probability and Impact of the Risk to
determine overall severity of the risk.

Watch List (non critical risks)- Risks documented In risk register for later review during control risk process.

During the Identify Risks process, you’ve invited 18 participants for a brainstorming session. You’ve divided the
participants into groups. For you to have an effective brainstorming session, what is the recommended size of
each group?

a) 2

b) 3

c) 6

d) 9

Answer-B. Research has shown that to have effective brainstorming sessions the size of each group should be limited to 3. Each
group should also be diverse. For more information, read Effective Brainstorming Methods.

During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not
in theRisk Register. As a Project Manager, what is the first action you would take after being notified of the risk?

a) Discuss the risk with the team to ascertain the impact and probability of the risk

b) Analyze the risk.

c) Hold a meeting with the team leads to determine dependency and secondary risks.

d) Update the Risk Register.

Answer-B. When the Project Manager is notified of a risk, it is her responsibility to analyze the risk and take it further. She can ask for more details from the team,
if required. However, the first action will always be to analyze the risk. For more information, read PM Certification and Risk Management.

Your project has met with an unexpected problem. The supply of a critical component of your final product is
delayed by 25 days. You need to show an alpha prototype of the product in 15 days. You’ve called a
brainstorming team meeting to determine if you can deliver this limited version without the critical component.
What are you trying to create?
a) A risk management plan
b) A risk mitigation strategy

c) A workaround

d) An updated scope baseline

Answer-C. Options B and C are the only possible answers. Mitigation strategies are planned for identified risks. In this case
the risk has already happened. Therefore, the meeting is to determine a workaround
EARNED VALUE MEASURING TECHNIQUES: http://h222767.temppublish.com/EVM/BCF102_PF_L8.pdf

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