a systematic and proactive approach to taking control of projects by

understanding or decreasing the uncertainties

Risk Management Process
Repeated throughout the life of the project Iterative
Determining specific risks by project and by activity Identify Risk Process
Unknowns Uncertainties
Numerically analyzing the risks obtained in the Identify Risks process and
analyzing the extent of overall project risk
Perform Quantitative Risk Analysis Process
Determining how risk management will be done on the project, who will be
involved, and procedures to be used.
Plan Risk Management Process
A risk of a gain or loss Business Risk
Implementing the risk response plans as risks occur, looking for risk triggers,
identifying new risks, and evaluating the effectiveness of risk responses
Monitor and Control Risk Process
Possible events that may positively impact a project Opportunities
Determining what can be done to reduce the overall risk of the project by
decreasing the probability and impact of the threats and increasing the
Plan Risk Responses Process
probability and impact of opportunities
Subjectively analyzing the risks obtained in the Identify Risks process and
deciding which risks warrant a response; creating a "short list" of risks
Perform Qualitative Risk Analysis Process
Possible events that may positively or negatively impact a project Risks
The likelihood that a risk (threat or opportunity) will occur Probability
A risk of loss Pure (insurable) Risk
Probability, Impact, expected timing, frequency of the event Risk Factors
the effect on the activity or the project if the risk (threat or opportunity) occurs Impact
Possible events that may negatively impact a project Threats
those who will be executing the project management plan project team
project team those who will be executing the project management plan
What two levels is it useful to consider project risk? Individual risks and overall project risk
Individual risks and overall project risk What two levels is it useful to consider project risk?
What represents the effect of uncertainty on the project as a whole? Overall Project Risk
Overall Project Risk What represents the effect of uncertainty on the project as a
whole?

Why look at estimates to evaluate risk? estimates that contain padding or other hidden uncertainties add
risk to the project

estimates that contain padding or other hidden uncertainties add risk to the
project
Why look at estimates to evaluate risk?
Why look at path convergence to evaluate risk? places on the network diagram where many paths lead into one
activity; such convergence makes the activity riskier.

places on the network diagram where many paths lead into one activity; such
convergence makes the activity riskier.
Why look at path convergence to evaluate risk?
why review the allocation of resources and their skills? an inexperienced person assigned to an activity on the critical path
adds risk to the project.

Why look at parallel activities to evaluate risk? they must be able to be completed at the same time in order to
decrease risk

Why look at the critical path to evaluate risk? the length of the critical path must be within the allocated time for
the project

why look at the number of near-critical paths to evaluate risk? it is close to the critical path in duration; and they add risk to the
project

Why look at dependencies to evaluate risk? dependencies should be appropriate and logical to minimize risk
how much is too much threshold
What will happen without the necessary inputs? some risks will remain unidentified
a document that describes the approved product and project requirements Project scope Statement
a diagram that shows the decomposition of the project into smaller, more
manageable pieces
WBS
WBS a diagram that shows the decomposition of the project into smaller,
more manageable pieces

a formal plan for when and how resources will be involved in the project, and
what roles they will perform
Human Resources Plan
Human Resources Plan a formal plan for when and how resources will be involved in the
project, and what roles they will perform
a dependency-sequenced organization of the project's activities network diagram
network diagram a dependency-sequenced organization of the project's activities
anything that limits the team's options, e.g., scope, time, cost, quality, risk,
resources, and customer satisfaction
constraints
constraints anything that limits the team's options, e.g., scope, time, cost,
quality, risk, resources, and customer satisfaction

things that must be done or information that must be collected before you can
adequately complete risk management
inputs to risk management
inputs to risk management things that must be done or information that must be collected
before you can adequately complete risk management

a formal or informal plan that describes which part(s) of the project will be
purchased under contract or purchase order; includes a plan for managing
sellers
procurement management plan
procurement management plan a formal or informal plan that describes which part(s) of the project
will be purchased under contract or purchase order; includes a plan
for managing sellers

the individual or organization who will use the product of the project customer
customer the individual or organization who will use the product of the project
information from before the project was approved, articles written about
similar projects, and other such information
project background information
project background information information from before the project was approved, articles written
about similar projects, and other such information

initiating, planning, executing, monitoring controlling, and closing project management process
project management process initiating, planning, executing, monitoring controlling, and closing
what went right, wrong, or would have been done differently by past project
teams if they could execute their projects again
lessons learned
lessons learned what went right, wrong, or would have been done differently by
past project teams if they could execute their projects again

unwilling to accept risk Risk Averse
Risk Averse unwilling to accept risk
anticipated time or cost of project activities estimates for time and cost
estimates for time and cost anticipated time or cost of project activities
company policies, procedures, templates, and historical information Organizational process assets
Organizational process assets company policies, procedures, templates, and historical information
information from past, similar projects historical records
historical records information from past, similar projects
high-level directive from the sponsor outlining the overall objectives of the
project; it authorizes the existence of a project
project charter
project charter high-level directive from the sponsor outlining the overall objectives
of the project; it authorizes the existence of a project

information about individuals and organizations who are actively involved in
the project or who may affect or be affected by the project
stakeholder register
stakeholder register information about individuals and organizations who are actively
involved in the project or who may affect or be affected by the
project

individual or group who authorizes the project and provides the financial
resource
sponsor
sponsor individual or group who authorizes the project and provides the
financial resource

amounts of risk the company and key stakeholders are willing to accept risk thresholds
risk thresholds amounts of risk the company and key stakeholders are willing to
accept

stakeholders' needs or intents that may be unstated, but are motivators or
non-motivators for working on the project
expectations
expectations stakeholders' needs or intents that may be unstated, but are
motivators or non-motivators for working on the project

a formal plan documenting how and in what form communications will be
handled on the project
Communications Management Plan
Communications Management Plan a formal plan documenting how and in what form communications
will be handled on the project

who should be involved to effectively perform risk management? project team and stakeholders
project team and stakeholders who should be involved to effectively perform risk management?
a number between 1 and 10 chosen to evaluate the probability or impact of a
risk
risk rating
risk rating a number between 1 and 10 chosen to evaluate the probability or
impact of a risk

the sum of the risk scores for each risk in the project Project Risk Score
Project Risk Score the sum of the risk scores for each risk in the project
comparing the risk scores for all the risks Risk Ranking
Risk Ranking comparing the risk scores for all the risks
Probability x Impact Risk Score
Risk Score Probability x Impact
output from the plan risk management process risk management plan
risk management plan output from the plan risk management process
those helping manage the risk management process risk team
risk team those helping manage the risk management process
amount of resources allocated to be spent on the project budget
budget amount of resources allocated to be spent on the project
how records of risk will be documented for the benefit of the current project
and future projects
tracking
tracking how records of risk will be documented for the benefit of the current
project and future projects

a standardized interpretation of the number system used to evaluate risks definitions of probability and impact
definitions of probability and impact a standardized interpretation of the number system used to
evaluate risks

determining how risk management will be done on the project, who will be
involved, and procedures to be followed
Plan Risk Management Process
Plan Risk Management Process determining how risk management will be done on the project, who
will be involved, and procedures to be followed

how risk will be handled on the project and what data and tools will be used methodology
methodology how risk will be handled on the project and what data and tools will
be used

a dept that supplies policies and assistance with project risk management
efforts
Risk management department
Risk management department a dept that supplies policies and assistance with project risk
management efforts

who will do what on the project roles and responsibilities
roles and responsibilities who will do what on the project
department that supports project management within an organization PMO
PMO department that supports project management within an
organization

how the results of risk management will be documented and communicated reporting formats
reporting formats how the results of risk management will be documented and
communicated

when/how often risk management activities will be reformed throughout the
project
timing
timing when/how often risk management activities will be reformed
throughout the project

plan for how risk mgmt will be done on a project risk management plan
risk management plan plan for how risk mgmt will be done on a project
Project Charter, Risk Mgmt Plan, Outputs from Project Planning, list of risk
categories, historical records and project documentation, and stakeholder
register
Inputs to the Identify Risks Process
Inputs to the Identify Risks Process Project Charter, Risk Mgmt Plan, Outputs from Project Planning,
list of risk categories, historical records and project documentation,
and stakeholder register

a tool to identify potential failure modes, determine their effects, and identify
action to mitigate the failure
FMEA
FMEA a tool to identify potential failure modes, determine their effects,
and identify action to mitigate the failure

process of seeking consensus of expert opinion Delphi Technique
Delphi Technique process of seeking consensus of expert opinion
common areas or source of risk on similar projects risk categories
risk categories common areas or source of risk on similar projects
theoretical evaluation of a project before it has actually been done Pre-Mortem
Pre-Mortem theoretical evaluation of a project before it has actually been done
process for obtaining opinions or other input on the project from experts expert interview
expert interview process for obtaining opinions or other input on the project from
experts

generic list of risk categories prompt list
prompt list generic list of risk categories
process of collecting and ranking risks contributed by a select group of
participants
Nominal Group Technique
Nominal Group Technique process of collecting and ranking risks contributed by a select
group of participants
as a result of (X), (Y) may occur, which would/could/may lead to (Z) Cause-Risk-Effect Format
Cause-Risk-Effect Format as a result of (X), (Y) may occur, which would/could/may lead to (Z)
meeting to come up with ideas or solve problems brainstorming
brainstorming meeting to come up with ideas or solve problems
determining specific risks by project and by activity Identify Risk Process
Identify Risk Process determining specific risks by project and by activity
underlying risk root cause
root cause underlying risk
list of identified risks risk register
risk register list of identified risks
subjectively evaluate the probability and impact of each risk Qualitative Risk Analysis
Qualitative Risk Analysis subjectively evaluate the probability and impact of each risk
Risk mgmt plan, risk register, project scope statement, organizational process
assets
Inputs to Perform Qualitative Risk Analysis
Inputs to Perform Qualitative Risk Analysis Risk mgmt plan, risk register, project scope statement,
organizational process assets

response strategy to an identified risk to do nothing Accept
Accept response strategy to an identified risk to do nothing
risk response strategy where a contingency plan is developed to deal with the
risk if it occurs
Active Acceptance
Active Acceptance risk response strategy where a contingency plan is developed to
deal with the risk if it occurs

risk identified technique to identify additional risk and risk categories on a
project
Affinity Diagram
Affinity Diagram risk identified technique to identify additional risk and risk
categories on a project
things we believe to be true for project success, but may not be true Assumptions
Assumptions things we believe to be true for project success, but may not be
true

a T&T of the identify risk process which examines the project assumptions to
make sure they are valid
Assumptions Analysis
Assumptions Analysis a T&T of the identify risk process which examines the project
assumptions to make sure they are valid

reviewing the stability/validity of each assumption and the consequences if
each assumption is false
Assumptions Testing
Assumptions Testing reviewing the stability/validity of each assumption and the
consequences if each assumption is false

response to an identified risk to eliminate the threat of the risk by eliminating
the cause
Avoid
Avoid response to an identified risk to eliminate the threat of the risk by
eliminating the cause

chart showing activity information; modified to include the risk score and risk
owner for risk mgmt
Bar Chart
Bar Chart chart showing activity information; modified to include the risk
score and risk owner for risk mgmt

risk identification technique to have the project team identify the risks Brainstorming
Brainstorming risk identification technique to have the project team identify the
risks

What three parts are communication models framed around? the sender, the message, and the receiver
55% of communication is provided in what manner? Nonverbal
pitch and tone of voice to help convey a message par lingual
what does project management require more with communications? formality
why does a project manager need to develop a stakeholder management
strategy?
to determine how to manage all of the stakeholders
What does the plan communications process involve? identifies the information and communication needs of the
stakeholders

All the information about stakeholders is complied in what? Stakeholder Register
What are the outputs of Identify Stakeholders? Stakeholder Register and Stakeholder Management Strategy
describes classes of stakeholders based on their power, urgency, and
legitimacy
Salience Model
grouping their the stakeholders based on their level of authority and their level
of concern
Power/Interest Grid
grouping the stakeholders based on their level of authority and their active
involvement
Power/Influence Grid
grouping stakeholders based on their active involvement and their ability to
effect changes to the project
Influence/Impact Grid
In which ways can communications be expressed? formally or informally and written or verbal
When should formal written communications be used? Complex Problems
When should formal verbal communications be used? presentations and speeches
When should informal written communications be used? email, handwritten notes
When should informal verbal communications be used? meetings and conversations
What is the formula to determine the number of communication channels? [N(N-1)]/2
What is the primary output of the Plan Communications Process? Communications Management Plan
What plan documents how you will manage and control communications? Communications Management Plan
Which process involves implementing the communications management
plan?
Distribute Information
Why type of process is reporting performance? communications
What should you report upon in Reporting Performance? cost, schedule, scope, schedule, and quality performance
Through what does the project change from being in control of the project
manager to the project manager being in control of the project?
Risk Management
What decreases when you eliminate uncertainties? estimates for work
When are risks identified and managed? starting in initiation and continually kept up-to-date or added
through the project life cycle

level of risk on a project Risk Exposure
something that is identified in advance that may or may not happen which
may or may not have a positive or negative impact
Risk Event
What % of threats that are identified and investigated can be eliminated? 90
lack of knowledge about an event that reduces confidence in conclusions
drawn from the data
Uncertainty
What are the risk factors that should be determined? Probability, Impact, Timing, and Frequency
someone who does not want to take risks risk averse
areas of risk that are acceptable or unacceptable Risk Tolerance
point at which a risk becomes unacceptable Risk Threshold
When can risks be identified? any time
Should stakeholders be involved in identifying Risks? yes
a technique used to build consensus of experts who participate anonymously Delphi Technique
reorganizing the identified risks by their root causes which can identify more
risk
Root Cause Analysis
When in the risk management process are responses documented? in both the Ide
What is the key information contained in the project management plan that will
be needed for any performance reporting?
Performance measurement baseline
performance report that describes where the project now stands regarding the
performance measurement baseline
Status Report
performance report that describes what has been accomplished Progress Report
performance report that examines project results over time to see if
performance is improving or deteriorating
Trent Report
a performance report that compares actual results to baselines Variance Report
performance report that integrates scope, cost, and schedules to measure
and assess project performance
Earned Value Report
performance report used as lessons learned for future projects Lessons Learned Documentation
What are the 3 basic elements of interpersonal communications? encoder, message, and decoder
What integrates scope, cost and schedule measures to help assess project
performance.?
Earned Value Analysis
performance report which predicts future project status and performance Forecasting Report
risk of a gain or loss Business Risk
a tool to evaluate the cause of risks; fishbone; T&T of Identify Risks Cause and Effect Diagram
as a result of (X), (Y) may occur which would/could/may lead to (Z) Cause-Risk-Effect Format
makes sure all items within the project have been considered; uses historical
information and the RBS to create; T&T of Identify Risk
Checklist Analysis
bias due to difference in perception Cognitive Bias
when one activity, person, event etc is cause more than one risk Common Causes of Risk
formal approved plan documenting the communication methods, what, whom,
frequency of the project communications
Communications Plan
anything that limits the team's options such as scope, time, cost, quality, etc. Constraints
plan developed with the actions to take if the risk happens Contingency Plan
an amount of cost and/or time added to the project to deal with known
unknown risk
Contingency Risk
used to show uncertainty in values Continuous Distributions
legal agreement for the purchase or sale of services or goods Contract
changes implemented in order to bring future project performance back in
sync with the project management plan
Corrective Action
determining the degree of how well the risk is understood Data Quality Assessment
model of a situation used to see the potential impacts or decisions by taking
into account associated risks, probabilities, and impacts; T&T of Quantitative
Risk Analysis
Decision Tree
standardized interpretation of the numbering system to be used to evaluate
risks; is defined in the risk mgmt plan
Definitions of Probability and Impact
process to collect consensus information unanimously from experts Delphi Technique
includes cause and effect diagrams, system or process flow charts, and Diagramming Techniques
influence diagrams; T&T Identify Risk Process
used to show uncertain events Discrete Distributions
technique to integrate scope, time and cost to monitor overall project
performance against the baseline
Earned Value Analysis
response to a positive risk to increase the time, quality or monetary value of a
risk by increasing its probability or impact of occurrence
Enhance
make sure policies, procedures, and plans are adhered to Ensure Compliance
factors from inside and outside the organization comprising the project's
environment
Enterprise Environmental Factors
stakeholders' needs or intents that may be unstated, but are motivators for
working on the project
Expectations
the probability weighted average of all possible outcomes, calculated by
summing all the quantitative probabilities times' impact for risks on a project
Expected Monetary Value (EMV)
a response to a positive risk to increase the opportunity by making the cause
more probable
Exploit
a tool to identify potential failure modes, determine their effects and identify
actions to mitigate the failures
Failure Modes and Effects Analysis (FMEA)
planned actions developed to be taken in the event a risk does occur and
contingency plans are not effective
Fallback plan
probability, impact, expected timing, frequency of the event Risk Factors
oversight of the entire risk mgmgt process Risk Governance
What is the output to Identify Risks? Risk Register
technique used to evaluate the degree to which the risk is understood and the
accuracy, quality, reliability, and integrity of the data for the risk
Risk Data Quality Assessment
someone who embraces risk and sees it as a potential opportunity Risk Neutral
The Delphi method is best suited for what? Decision-making
What is the best approach to obtain project information that can help to
minimize the potential threats on a project?
Organizational process assets
What are the three factors that characterize project risk? Risk event, risk probability, and the amount at stake
When analyzing risks using the certainty vs. uncertainty spectrum the term
"known-unknowns" is best described as what?
Items that will affect you, although you have no control over them
should this project proceed based on the identified risks compared to the
potential benefits
Go/No-Go Decisions
part of the organizational assets; information from past, similar projects Historical Records
determining specific project risks by activity Identify Risk Process
the potential impact on the activity or the project if the risk does occur Impact
reflects uncertainty within potential paths, allowing the risk mgmt team to see
how elements influence each other; T&T of Identify Risk
Influence Diagrams
assigns the liability for a risk to someone else; a form of transference Insurance
risk that has already occurred; it is being dealt with in the present Issue
added to the OPAs; documentation of what went well and what not to repeat
on a project
Lessons Learned
risks that are identified for further analysis List of risks to move forward
amount of time/cost allocated to deal with project unknown-unknowns that
require mgmt approval to spend
Management Reserve
standards of performance that, once evaluated, tell how work is performing
against the plan
metrics
response to a threat to reduce the probability and/or the impact of the risk
occurrence
Mitigate
translates uncertainties provided at a detailed level of the project into the
potential impacts that could have on project objectives; T&T of Quantitative
Analysis
Modeling and Simulation
Computer based simulation to estimate the confidence level of meeting the
project objectives based on probability distributions; uses the pessimistic,
optimistic and most likely estimates of cost and time
Monte Carlo Simulation
risk that requires an immediate response near-term risk
dependency-sequenced organization of all of the project's activities Network Diagram
process of collecting and ranking risk contributed by a select group of
individuals
Nominal Group Technique
possible events that may positively impact a project Opportunities
risk response strategy where nothing is done Passive Acceptance
displayed on a network diagram when multiple predecessors converge into
one successor
Path Convergence
likelihood that a risk will occur Probability
a standardized method of determining probability and impact of identified risks Probability and Impact Scales
generic list of risk categories prompt list
risk of loss only vs. a business risk as a loss or gain potential Pure (Insurable) Risk
how the results of risk mgmgt will be documented and communicated Reporting Format
an amount of time/cost added to the project to account for risks Reserve
risks that remain after risk response planning residual risks
individual assigned by the risk owner to implement preapproved risk
responses
Risk Action Owner
looking for new risks when changes are made on the project Risk Assessment
risk monitoring & control technique; analysis of what the project team has
done for risk mgmgt to determine whether it has worked
Risk Audit
unwilling to accept a risk Risk Averse
a graphic display of risk categories Risk Breakdown Structure
individual assigned to watch for triggers and manage the risk response if the
risk occurs
Risk Owner
comparison of the risk scores for all risks on the project Risk Ranking
number between 1 and 10 chosen to evaluate the probability or impact of a
risk
Risk Rating
a list of all the risks identified and their characteristics Risk Register
running balance of the reserve available Risk Reserve Report
documented plans for risks that warrant a response to reduce the P and/or I to
the threats and enhance the P and/or I of Opportunities
Risk Response Plans
analysis of what the project team has planned for risk management review to
determine whether it is still appropriate
Risk Review
calculated by multiplying the probability by the impact to obtain a numerical
value for each risk
Risk Score
amounts of risk the company and key stakeholders are willing to accept Risk Thresholds
determines the level of urgency in addressing a risk; results in a list of near-
term risks
Risk Urgency Assessment
the underlying risk Root Cause
risks that are generated by a response to a plan secondary risk
response to a positive risk share
lists all stakeholders and their influence and interest relative to the project Stakeholders
Pessimistic - Optimistic over 6 Standard Deviation
What are the strategies for negative risks or threats Avoid, Transfer, Mitigate, and Accept
What are the strategies for positive risks or opportunities Exploit, Share, Enhance and Accept
possible events that may negatively impact the project Threats
diagram compares the importance of variables that have a high degree of
uncertainty to more stable variables
Tornado Diagram
early warning signs that a risk has occurred or is about to occur Trigger
theory that attempts to formalize the subjective nature of stakeholders; reflects
how a person's risk attitude will impact their level of satisfaction received from
a risk payoff
Utility Theory
diagram that shows the decomposition of the project into smaller more
manageable deliverables
Work Breakdown Structure
unplanned responses to unidentified risks that occur workarounds
comparing actual project results to planned or expected results in terms of
cost, schedule, scope, quality, and risk
Variance Analysis
listening in which the recipient is attentive and asks for clarification of
ambiguous messages
Active Listening
What is a major cause of conflict between the PM and functional managers? Schedules
looking at the stability/validity of each assumption and the consequences if
each assumption is false
Assumptions Testing
risks that will be addressed in the Perform Quantitative Risk Analysis or Plan
Risk Response Processes
List of Risks to Move Forward
subjectively analyzing the risks obtained in the Identified risk process and
deciding which risks warrant a response; creating a "short list" of risks
Perform Qualitative Risk Analysis Process
instances where one activity, person, event, etc., is causing more than one
risk
Common Causes of Risk
method of determining probability and impact of identified risks Probability and Impact Scales
a chart showing activity information; in risk mgmt it is modified to include the
risk score and risk owner
Bar Chart
is the project too risk to continue compared to the potential benefits? Go/No Go Decision
prioritization of risks based on risk scores Risk Ranking
a numerical value of a risk calculated by multiplying probability times impact Risk Score
determining "How well understood is the risk" Data Quality Assessment
as illustrated on a network diagram, many activities leading into a central
activity
Path Convergence
bias due to a difference in perception Cognitive Bias
intentionally biasing results in one direction or another Motivational bias
What is the probability weighted average of all possible outcomes? Earned Monetary Value (EMV)
How is EMV calculated? P * I
What is used where there are continuous probability distribution iterations
performed to calculate the possible impact on project objectives?
Monte Carlo Simulation
two events are said to be this if they cannot both occur in a single trial mutual exclusivity
the level of risk on a project Risk Exposure
model of a situation used to see the potential impacts of decisions by taking
into account associated risks, probabilities, and impacts
Decision Tree
What process is about using creativity? Plan Risk Response
risks that are generated by a response to another risk Secondary Risk
eliminate the threat of a risk by eliminating the cause Avoid
do nothing - if it happens , it happens or create a contingency plan Accept
retain appropriate opportunities or parts of opportunities instead of attempts to
transfer them to others
Share
increase the expected time, quality, or monetary value of a risk by increasing
its probability or impact of occurrence
Enhance
increase the opportunity by making the cause more probable Exploit
assigns the liability for a risk to someone else Insurance
an amount of time and/or cost added to the project to account for risks Reserve
a legal agreement for the purchase or sale of goods and services Contract
an amount of time and/or cost added to the project to deal with known
unknowns
Contingency Reserve
planned actions to be taken if the risk happens and contingency plans are not
effective
Fallback Plan
risks that remain after risk response planning residual risks
assign the risk to someone else by subcontracting or buying insurance transfer
planned actions be taken if the risk happens Contingency Plans
reduce the EMV of a risk by reducing its impact or probability of occurrence Mitigate
an amount of time and/or cost added to the project to deal with unknown
unknowns
Management Reserve
the person assigned by the PM to watch for triggers and manage the risk
response if the risk occurs
Risk Owner
early warning sign that a risk has occurred or is about to occur trigger
the person assigned by the risk owner to implement approved risk responses risk action owner
the per assigned by the risk owner to implement preapproved risk responses risk action owner
White though items must be controlled and not just used for any need that
arises?
Contingency and Management Reserves
Do all risks get identified in the Identify Risk Process? No
What should be one of the most important topics at each team meeting? Risk Management
What should be less frequent than implementing risk response plans? Workarounds
Who do you proved the effectiveness of risk mgmt to stakeholders? By showing and reporting results
What helps you determine lessons learned? Risk Response Audits
analysis of what the project team has planned for risk management to
determine whether it is still appropriate
Risk Review
control of the appropriate use of reserves manage reserves
analysis of what the project has done for risk management to determine
whether it has worked
Risk Audit
changes implemented in order to bring performance back in line with the
project management plan
corrective action
method to quantitatively measure and monitor overall project performance
against the project baseline
Earned Value Analysis
making sure policies, procedures, and plans are followed ensure compliance
looking for new risks when changes are made on the project Risk Reassessment
oversee project performance and activities monitor
measurement of factors such as strength of concrete, measurable wind
resistance of a building, meeting functionality requirements, etc to identify
deviations from the plan
technical performance measurement
measure to determine the results of actions taken evaluate the effectiveness
unplanned responses to unidentified risks that occur workarounds
which process identifies as many knowable risks as practicable? Identify Risks
Which process evaluates key characteristics of individual risks enabling them
to be prioritized for further action?
Qualitative Risk Analysis
Which process evaluates the combined effect of risks on the overall project
outcome?
Quantitative Risk Analysis
Effective Risk Management requires the creation of what? a risk management plan
Risk-related communications occurs at what two levels? within the project team and b/w the project team and other project
stakeholders

Which plan describes the frequency and scope of the various risk mgmt
meetings?
Risk Management Plan
Which plan describes the reports required to carry out the corresponding Risk
Mgmt processes?
Risk Management Plan
Which plan defines the structure of risk meetings and risk reports? Risk Management Plan
A clear definition of the project objectives and a high-level view of the project
environment and solution approach are required for what purpose?
to validate the basis for risk management
Which T&T is recommended in order to build a common understanding of the
project's risk approach b/w project stakeholders and to gain agreement on the
techniques to be used for managing risk?
Planning Sessions
Where are the results of risk management planning documented? in the risk management plan
What are the T&Ts for the Plan Risk Management process? Planning Sessions, Analysis, and Templates
What are the T&Ts for Qualitative Risk Analysis? Data gathering and representation techniques, risk analysis and
modeling techniques, expert judgment

When are risks categorized into risk causes? Qualitative Risk Analysis
When are risks prioritized by Probability and Impact? Qualitative Risk Analysis
Which process adds structure to the list of undifferentiated risks into
categories of priority?
Qualitative Risk Analysis
Which type of analysis can be used to evaluate the likelihood of success in
achieving project objectives and to estimate contingency reserves?
Quantitative Risk Analysis
Which process predicts likely project outcomes based on combined effects of
risks?
Quantitative Risk Analysis
Which process uses probability distributions to characterize the risk's
probability and impact?
Quantitative Risk Analysis
Which process uses a project model (schedule, cost estimate, etc.)? Quantitative Risk Analysis
Which process uses a quantitative method requires specialized tools? Quantitative Risk Analysis
Which process estimates the likelihood of meeting targets and contingency
needed to achieve desired level of comfort?
Quantitative Risk Analysis
Which process identifies risk with greatest effect on overall project risk? Quantitative Risk Analysis
Which process addresses individual risks descriptively? Qualitative Risk Analysis
Which process assesses the discrete probability of occurrence and impact on
objectives if it does occur?
Qualitative Risk Analysis
Which process prioritizes individual risks for subsequent treatment? Qualitative Risk Analysis
Which process leads to quantitative risk analysis? Qualitative Risk Analysis
Who should take ownership of risks with political or organizational causes? Management