_____ are predefined actions that the project team will take if an identified risk event occurs.
Performing qualitative and quantitative risk analyses are subprocesses of the _____ process of project risk management. a. planning c. monitoring and controlling b. executing d. closing ANS: A 12. _____ are predefined actions that the project team will take if an identified risk event occurs. a. Risk management is a primary role of the project manager. While other project team members will be involved in all of the Project Risk Management processes. It is the responsibility of the project manager to ensure that risk management is done and that risk triggers are being monitored. The PMBOK has defined Risk as, an uncertain event or condition that, if it occurs, has an effect on at least one project objective.. Performing quantitative risk analysis c. Controlling risk b. Planning risk responses d. Performing qualitative risk analysis ANS: C 10. Identifying risks is a subprocess of the _____ process of project risk management. a. planning c. monitoring and controlling b. executing d. closing ANS: A 11. RISK FACTORS: When looking at risk, one should determine: The probability that it will occur (what) The range of possible outcomes (impact or amount at stake) Expected timing (when) in the project life cycle. Anticipated frequency of risk events from that source (how. However, there are positive risks which are opportunities for the project team to perform better than required on at least one of the major objectives. In my experience, positive risks, referred to as opportunities, must be identified early in the planning processes to take advantage of them in the project. Each of these mitigation techniques can be an effective tool in reducing individual risks and the risk profile of the project. The risk mitigation plan captures the risk mitigation approach for each identified risk event and the actions the project management team will take to reduce or eliminate the risk. probability/impact matrix or chart. a matrix or chart that lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other. residual risks. risks that remain after all of the response strategies have been implemented. DEFINITION OF A RISK OR RISK EVENT: A discrete. occurrence that may affect the project for good or bad. DEFINITION OF A PROBLEM OR UNCERTAINTY: An. uncommon state of nature, characterized by the absence of any. information related to a desired outcome. The project risk plan balances the investment of the mitigation against the benefit for the project. The project team often develops an alternative method for accomplishing a project goal when a risk event has been identified that may frustrate the accomplishment of that goal. These plans are called contingency plans. Not all risks are equal. Some risk events are more likely to happen than others, and the cost of a risk event can vary greatly. Evaluating the risk for probability of occurrence and the severity or the potential loss to the project is the next step in the risk management process.
Contingency plans