Chapter 11 (Project Risk Management) Questions & Answers(RATED A+)

Project Risk Management - ANSWERThe processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. ***The objectives are to increase the probability and impact of positive events and decrease the probability and impact of negative events. What are the six process for Project Risk Management? - ANSWERPlan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Control Risks Plan Risk Management - ANSWERThe process of defining how to conduct risk management activities for a project. Plan Risk Management Inputs - ANSWERProject Management Plan, Project Charter, Stakeholder Register, Enterprise Environmental Factors, Organizational Process Assets Plan Risk Management Tools and Techniques - ANSWERAnalytical Techniques, Expert Judgment, Meetings Plan Risk Management Outputs - ANSWERRisk Management Plan Analytical Techniques - ANSWERAre is a combo of stakeholder risk attitudes and the strategic risk exposure of a given project based on the overall project context Risk Management Plan - ANSWERDescribes how risk management will be structured and performed on the project. The Risk Management Plan includes Methodology, Roles and Responsibilities, Budgeting, Timing, Risk Categories, Definitions of Risk Probability and Impact, Probability and Impact Matrix, Revised Stakeholders Tolerances, Reporting Formats, and Tracking Identify Risks - ANSWERThe process of determining which risks may affect the project and documenting their characteristics. **Is an iterative process because new risks may evolve or become known as the project progresses. Identify Risks Inputs - ANSWERRisk Management Plan, Cost Management Plan, Schedule Management Plan, Quality Management Plan, Human Resource Management Plan, Scope Baseline, Activity Cost Estimates, Activity Duration Estimates, Stakeholder Register, Project Documents, Procurement Documents, Enterprise Environmental Factors, Organizational Process Assets Identify Risks Tools and Techniques - ANSWERDocumentation Reviews, Information Gathering Techniques, Checklist Analysis, Assumptions Analysis, Diagramming Techniques, SWOT Analysis, Expert Judgment Identify Risks Outputs - ANSWERRisk Register Information Gathering Techniques - ANSWERBrainstorming, Delphi Technique, Interviews, Root Cause Analysis