MAN 4583 FINAL VERIFIED STUDY GUIDE
Known unknowns - Answers - risks you are aware of like weather delays, technology,
widely dispersed project team, deliverable issues, limited options
Unknown unknowns - Answers - risks you can't predict and they come from super
unlikely events like 9/11 event and you plan for them by setting up contingency funds
based on past experiences.
Risk management plan - Answers - documents which risks to worry about and how you
will handle them
1. evaluate risk
2. rate risk by probability and impact
plan for risks of 9 or more
risk responses to use - Answers - 1. accept the consequence
2. avoid the risk by changing project scope
3. mitigate risk aka reducing impact
4. transferring risk like handing risk to someone else (insurance)
keep risk plan up to date and they change as project goes on
protects project from things that might go wrong
monitoring and controlling risks - Answers - -people are assigned to risks
before a risk occurs:
1. implement proactive risk responses
2. watch for high priority risks unfolding
3. monitor events that trigger contingency plans
4.. launch risk responce
5. report on risk status
procurement plan - Answers - involves getting work done by people outside the project
team
includes processes, project phases, and key deliverables
involves build vs. buy decisions
1. identify purchase needs like skills or products
2. document procurement processes like manage contracts
3. describe the make or buy decision process by understanding needs
4. list potential vendors
, procurement with resources outside of your organization - Answers - 1. solicitation
(request for proposal)
2.evaluation
(used with criteria and uses demonstration )
3.selection
4.contracting
5.management
contracting - Answers - prepare and sign a contract for searches, products or resources
needed.
components:
-statement of work
-terms and conditions
-deliverables
-deadlines
-price
fixed price contract - Answers - ideal for well-defined projects
-vendor is paid a fixed price so risk is placed on vendor
time and materials contract - Answers - -pau for time worked and expenses incurred
-often includes "not to exceed value"
cost-plus contract - Answers - its like time and materials contract but added penalty and
rewards incentives
retainer contract - Answers - pay by time and define work during project as you go
monitor what 3 things ... - Answers - contracts
vendor performance
change
centralized contracting - Answers - a separate contracting office that handles contracts
for all projects
decentralized contracting - Answers - a contract administrator is assigned for each
project
privity - Answers - contractual information between customer and vendor
risk register - Answers - objective is to identify as many risks as possible; all it includes
is the risk id, risk title, and brief risk description
Known unknowns - Answers - risks you are aware of like weather delays, technology,
widely dispersed project team, deliverable issues, limited options
Unknown unknowns - Answers - risks you can't predict and they come from super
unlikely events like 9/11 event and you plan for them by setting up contingency funds
based on past experiences.
Risk management plan - Answers - documents which risks to worry about and how you
will handle them
1. evaluate risk
2. rate risk by probability and impact
plan for risks of 9 or more
risk responses to use - Answers - 1. accept the consequence
2. avoid the risk by changing project scope
3. mitigate risk aka reducing impact
4. transferring risk like handing risk to someone else (insurance)
keep risk plan up to date and they change as project goes on
protects project from things that might go wrong
monitoring and controlling risks - Answers - -people are assigned to risks
before a risk occurs:
1. implement proactive risk responses
2. watch for high priority risks unfolding
3. monitor events that trigger contingency plans
4.. launch risk responce
5. report on risk status
procurement plan - Answers - involves getting work done by people outside the project
team
includes processes, project phases, and key deliverables
involves build vs. buy decisions
1. identify purchase needs like skills or products
2. document procurement processes like manage contracts
3. describe the make or buy decision process by understanding needs
4. list potential vendors
, procurement with resources outside of your organization - Answers - 1. solicitation
(request for proposal)
2.evaluation
(used with criteria and uses demonstration )
3.selection
4.contracting
5.management
contracting - Answers - prepare and sign a contract for searches, products or resources
needed.
components:
-statement of work
-terms and conditions
-deliverables
-deadlines
-price
fixed price contract - Answers - ideal for well-defined projects
-vendor is paid a fixed price so risk is placed on vendor
time and materials contract - Answers - -pau for time worked and expenses incurred
-often includes "not to exceed value"
cost-plus contract - Answers - its like time and materials contract but added penalty and
rewards incentives
retainer contract - Answers - pay by time and define work during project as you go
monitor what 3 things ... - Answers - contracts
vendor performance
change
centralized contracting - Answers - a separate contracting office that handles contracts
for all projects
decentralized contracting - Answers - a contract administrator is assigned for each
project
privity - Answers - contractual information between customer and vendor
risk register - Answers - objective is to identify as many risks as possible; all it includes
is the risk id, risk title, and brief risk description
