Project Risk Management

Identify Risks
Plan Risk Management Perform Qualitative Risk
Inputs
Analysis
 Risk management plan
Inputs Inputs
 Activity cost estimates
 Project scope statement  Risk register
 Activity duration estimates
 Cost management plan  Risk management plan
 ____________ (3) baseline
 Schedule management plan  Project scope statement
 Stakeholder register
 _____________________ (1)  Organizational process assets
 Cost management plan
management plan Tools and techniques
 Schedule management plan
 Enterprise environmental factors  Risk probability and impact
 ____________ (4) management
 Organizational process assets assessment
plan
Tools and Techniques  Probability and impact matrix
 Project documents
 ______________________ (2)  Risk data quality assessment
 Enterprise environmental factors
and analysis  Risk ________________ (9)
Outputs  Organizational process assets
Tools and Techniques  Risk _______________ (10)
 Risk management plan assessment
 Documentation ___________
 Expert judgment
(5)
Outputs
 Information gathering techniques
 Risk register __________ (11)
 Po__________ (6) analysis
 Assumptions analysis
 Diagramming techniques
 __________ (7) analysis
 Expert judgment
Outputs
 p________________ (8)

Perform Quantitative Risk Analysis Plan Risk Responses Monitor and Control Risks

Inputs Inputs Inputs

 Risk ________________ (12)  Risk register  Risk register
 Risk management plan  Risk management plan  ________________ (19)
 Cost management plan Tools and Techniques management plan
 Schedule management plan  Strategies for  Work performance information
 Organizational process assets p______________(14)  Performance reports
Tools and Techniques risks or threats Tools and Techniques
 Data gathering and  Strategies for pos______  Risk ________________ (20)
representation techniques (15) risks or opportunities  Risk audits
 _____________________  pos________________  Variance and trend analysis
(13) risk analysis and modelling (16) response strategies  Technical performance
techniques  ______________ (17)(( measurement
 Expert judgment  ___________ (21) analysis
Outputs
Outputs  Status meetings
 Risk register updates
 Risk Register updates Outputs
 _________________ (18)
contract decisions  Risk register updates
 Project management plan  Organizational process assets
updates updates
 Project document updates  Change requests
 Project management plan updates
 Project document updates

CAMPUS
 Project Risk Management

Plan Risk Management Plan Risk Management: Outputs

 Risk management plan becomes a _________
 The Plan Risk Management process should begin (26) of the project management plan.
as a project is _________________ (22) and should  Risks are prioritized according to their
be completed ___________ (23) during project ___________ (27) implications for having an effect
planning. on the project’s objectives.
Tools and Techniques  _________________________ (28) describes the
content and format of the risk register as well as
Planning Meetings and Analysis any other risk reports required.
 ___________ ((24) plans for conducting the risk
management activities are defined in these
meetings.
 Risk _______________________________ (25) Identify Risks
application approaches may be established or
reviewed.
 Determines the risks that affect the project and
documents their p______________ (29).
 Identify Risks is an p__________ (30)
process.
 All project ____________ (31) should be
encouraged to identify risks.
Project Risk Management  The frequency of iteration and who participates
in each cycle will vary by ______________ (32).
 ______________________ (33) outside the
project team may provide additional objective
information.

Identify Risks: Tools and Techniques

Documentation Reviews
 A structured review may be performed of project p___________________ (34).
Brainstorming
 The goal of brainstorming is to obtain a ____________________ (35) list of project risks.
 The project team usually performs brainstorming, often with a _________________________ (36) set
of experts who are not part of the team.
Delphi Technique
 Project risk experts participate in this technique _________________________ (37).
 A facilitator uses a _______________________ (38) to solicit ideas about the important project risks.
Checklist Analysis
 Risk identification checklists can be developed based on historical information and knowledge that has
been accumulated from previous ______________ (39) projects.
 The lowest level of the __________ (40) can also be used as a risk checklist.
Assumption Analysis
 Assumptions analysis explores the validity of ____________ (41) as they apply to the project.
 It identifies risks to the project from __________ (42), instability, inconsistency, or incompleteness
of assumptions.
Diagramming Techniques
 Cause and effect diagrams are also known as _____________ (43) or fishbone diagrams.
 System or process flow chart shows how various elements of a system ___________ (44).
 The influence diagram shows __________ (((45) influences, time ordering of events, and other
relationships among variables and outcomes.
SWOT Analysis
The SWOT analysis factors are often identified using ______________ (46).

Expert Judgment
The experts’ ___________ (47) should be taken into account in this process of risk identification.

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 Project Risk Management

Identify Risks: Outputs

Risk Register
 The primary outputs from Identify Risks are the _________ (48)
entries into the risk register.
 Risk register contains the list of ____________ (49) and the list of
_____________________ (50) responses.

Perform Qualitative Risk Analysis

Perform Quantitative Risk Analysis  This analysis is the process of ________
(51) risks for further action.
 In some cases _____________ (59)
Project Risk  This analysis is usually a rapid and
may not be required to develop effective
Management _________ (52) means of establishing
risk responses.
priorities for Plan Risk Responses.
 _________ (60) can indicate the need  This process can lead into Perform
for more or less risk management Quantitative Risk Analysis or directly into
action. _____________ (53).

Perform Qualitative Risk Analysis:

Tools and Techniques

Risk Probability and Impact Assessment

 The level of probability for each risk and its impacts on
each objective is evaluated during the __________ (54) or
meeting.
 Risks with low ratings of probability and impact will be
included on a __________ (55) for future monitoring.
Risk Data Quality Assessment
 It examines the degree to which the risk is understood and
the __________ (56), quality, reliability, and integrity of
the data regarding the risk.
Risk Categorization
 Grouping risks by po_________ (57) can lead into
developing effective risk responses.
Risk Urgency Assessment
 Risks requiring p_________ (58) responses may be
considered more urgent to address.

CAMPUS
 Project Risk Management

Plan Risk Responses

Perform Quantitative Risk Analysis:
 Plan Risk Responses develops actions to
Tools and Techniques
pos_______ (70) opportunities and reduce
threats. Quantitative Risk Analysis and Modelling
 It must be _____________ (71) in meeting the
Techniques:
challenge.
Sensitivity Analysis
 Selecting the best ___________ (72) from  It examines the extent to which uncertainty of each project
several options is often required. element affects the objective being examined when all
other uncertain elements are held at their _________ (61)
Plan Risk Responses: Tools and Techniques values.
 One typical display of sensitivity analysis is the
Strategies for Negative Risks or Threats ______________ (62) diagram.
 ___________ (73) involves changing the Expected Monetary Value Analysis
project management plan to eliminate the threat  EMV calculates the __________ (63) outcome when
entirely. the future includes scenarios that may or may not happen.
 The most radical avoidance strategy is to  EMV for a project is calculated by multiplying the value of
___________ (74) the project entirely.
posi________ (64) by its probability of
each possible
 Risk transfer requires shifting some or all of the
negative impact of a threat, along with
po__________ (65) and adding the products together.
 The EMV of opportunities will generally be expressed as
p_________ (75) of the response, to a third
____________ (66) values.
party.
 EMV requires a __________ (67) assumption.
 ______________ (76) may be used to transfer
 A common use of this type of analysis is in
liability for specified risks to another party.
______________ (68).
Mitigate
Modelling and Simulation
 It implies a reduction in the probability and/or
 Iterative simulations are typically performed using the
impact of an adverse risk event to be within
_______________ (69) technique.
acceptable p_________ (77) limits.
 Mitigation may require prototype development to
reduce the risk of scaling up from a __________
(78) model of a process or product.
Strategies for Positive Risk or Opportunities
 ______________ (79) may be selected for risks
with positive impacts where the organization
wishes to ensure that the opportunity is
___________ (80).
 ___________ (81) a positive risk involves
allocating some or all of the ownership of the
opportunity to a third party.
 __________ (82) strategy is used to increase the
probability and/or the positive impacts of an
opportunity.
 Identifying and maximizing ___________ (83)
of these positive-impact risks may increase the
probability of their occurrence.
 Accepting an opportunity is being _____________
(84) to take advantage of it if it comes along, but
not actively pursuing it.
Contingent Response Strategies
 Contingent Response Strategies are designed for
use___________ (85) certain events occur.
 Events that ___________ (86) the contingency
response should be defined and tracked.

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 Project Risk Management

Monitor and Control Risks:

Monitor and Control Risks Tools and Techniques

 Monitor and Control Risks monitor Risk Reassessment

_____________ (87) risks.  Monitor and Control Risks often results in identification
 This process applies techniques, such as of new risks, reassessment of __________ (90) risks,
______________ (88) analysis. and the closing of risks that are outdated.
 One of the purposes of this process is to Risk Audits
determine if project __________ (89) are  Risk Audits examines and documents the
still valid. ___________ (91) of risk responses.
Variance and Trend Analysis
 ___________ (92) analysis and other methods of
project variance and trend analysis may be used for
monitoring overall project performance
Technical Performance Measurement
 It compares __________ (93) during project
execution to the project management plan’s schedule
of technical achievement.
Reserve Analysis
 Reserve Analysis compares the amount of the
contingency reserves remaining to the amount of risk
remaining at any time in the project in order to
.
determine if the remaining reserve is _________
(94).

CAMPUS
 Project Risk Management

Answers

1. Communications 32. Situation 64. Outcome

2. Planning meetings 33. Stakeholders 65. Occurrence
3. Scope 34. Documentation 66. Positive
4. Quality 35. Comprehensive 67. Risk-neutral
5.Reviews 36. Multidisciplinary 68. Decision tree analysis
6.Checklist 37. Anonymously 69. Monte Carlo
7.SWOT 38. Questionnaire 70. Enhance
8.Risk register 39. Similar 71.Cost effective
9.Categorization 40. RBS 72. Risk response
10.Urgency 41. Assumptions 73. Risk avoidance
11.Updates 42. Inaccuracy 74. Shut down
12.Register 43. Ishikawa 75. Ownership
13.Quantitative 44. Interrelate 76. Contracts
14.Negative 45. Causal 77. Threshold
15.Positive 46. Brainstorming 78. Bench-Scale
16.Contingent 47. Bias 79. Exploit
17.Expert judgment 48. Initial 80. Realized
18.Risk-related 49. Identified risks 81. Sharing
19.Project 50. Potential 82. Enhance
20.Reassessment 51. Prioritizing 83. Key drivers
21.Reserve 52. Cost-effective 84. Willing
22.Conceived 53. Plan Risk Responses 85. Only if
23.Early 54. Interview 86. Trigger
24.High-level 55. Watch list 87. Residual
25.Contingency reserve 56. Accuracy 88. Variance and Trend
26.Subset 57. Common root causes 89. Assumptions
27.Potential 58. Near-term 90. Current
28.Reporting formats 59. Perform Quantitative Risk 91. Effectiveness
Analysis
29.Characteristics 92. Earned Value
60. Trends
30.Iterative 93. Technical accomplishments
61. Baseline
31 .Personnel 94. Adequate
62. Tornado
63. Average

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