Review terms and
definitions Focus your studying with a path Get faster at matching terms ANSWER: Planning risk
management involves deciding how to approach and plan risk management activities for the project. The main output of this process is a risk management plan. ANSWER: Brainstorming: technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment. This approach
can help the group create a comprehensive list of risks to address later in the qualitative and quantitative risk analysis processes. An experienced facilitator should run the brainstorming session and introduce new categories of potential risks to keep the ideas flowing. After the ideas are collected, the facilitator can group and categorize the ideas to make them more manageable. ANSWER: (1) Collect the most likely, optimistic, and pessimistic estimates for the variables in the model. For example, if you are trying to determine the likelihood of
meeting project schedule goals, the project network diagram would be your model. You would collect the most likely, optimistic, and pessimistic time estimates for each task. Notice that this step is similar to collecting data for performing PERT estimates. However, instead of applying the same PERT weighted average formula, you perform the following steps in a Monte Carlo simulation. 79. What are the basic response strategies for negative risks? Describe each strategy. Sets found in the same folderWhich risk management process involves prioritizing risks for further analysis?Perform Qualitative Risk Analysis is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact. The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks.
Which process involves determining what risks are likely to affect a project?Risk identification involves determining which risks might affect the project and documenting their characteristics. Risk identification is an ongoing process and should be performed throughout the project.
Which of the following is the process of identifying and prioritizing risk to the business?Risk management in a business involves identifying, evaluating and prioritizing risk and thereby on the basis of such evaluation and prioritization using the coordinated economical application of the resources for the purpose of minimizing, monitoring and controlling the probability or impact of such risks.
What are the risk management steps in their order of priority?There are five basic steps that are taken to manage risk; these steps are referred to as the risk management process. It begins with identifying risks, goes on to analyze risks, then the risk is prioritized, a solution is implemented, and finally, the risk is monitored.
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