Risk Management (With errorless answers)

Risk Management: correct answers Includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. The goal is to increase the likelihood and impact of positive events and decrease the likelihood and impact of negative events. Risk Management Steps: correct answers 1. Plan Risk Management, 2. Identify Risks, 3. Perform Qualitative Risk Analysis, 4. Perform Quantitative Risk Analysis, 5. Plan Risk Responses, 6. Implement Risk Responses, 7. Control Risks. Plan Risk Management: correct answers Includes the process of defining how to conduct risk management activities for a project. Creates a risk management plan which is a component of the PM plan that provides processes for how the risks will be identified, evaluated, and managed through the project. Includes methodology, roles and responsibilities, budgeting of risk management, timing of identifications and responses, risk categories, probability and impact definitions. Identify Risks: correct answers Includes the process of determining which risks may affect the project and documenting their characteristics. Occurs in initiating, in planning, and throughout the rest of the project. Risk Identification Tools: correct answers document reviews, info gathering techniques like brainstorming surveys and interviewing, SWOT analysis, checklist analysis, assumption analysis, diagramming techniques. Risk Categorization: correct answers Ways to partition risks often by internal and external, or by who or what generates the risk like the customer, suppliers, time, cost, quality, scope, resources, EEFs etc. Perform Qualitative Risk Analysis: correct answers includes the process of prioritizing risks for further analysis or action by assessing and combine their probability of occurrence and their impact. A subjective process that requires the probability of each risk and the impact of each risk. To minimize bias usually there is a standard rating system. Qualitative Risk Analysis: correct answers used to compare risk of one project to another, to determine whether the project should be terminated, to determine whether quantitative risk analysis is required or not. Perform Quantitative Risk Analysis: correct answers includes to process of numerically analyzing the effect of identified risks on the overall project objectives. A more objective or numerical evaluation used to attempt to measure the actual probability and impact. Used in determining a quantified probability of meeting objects, determining a cost and schedule reserves definitively, and to create a realistic and achievable cost, schedule or scope.