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What does this statement describe? Uncertainty; an unknown future event; positive risks are opportunities, negative risks are threats?
RISK
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What is any risk that remains after the risk response strategy has been implemented; left-over risk?
RESIDUAL RISK
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What are risks that occur as a result of implementing a risk response strategy?
SECONDARY RISK
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What is a quick and easy risk assessment method that combines the probability and impact to assign a risk score?
QUALITATIVE RISK
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What is a more rigorous risk assessment which numerically analyzes the effect of identified risks on overall project objectives?
QUANTITATIVE RISK
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What is the matrix used during qualitative risk analysis that multiplies the risk probability (high, medium or low) by the impact to come up with a risk score, which is then used to create a prioritized list of risks?
PROBABILITY IMPACT MATRIX
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What is EVM?
EXPECTED MONETARY VALUE
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What is the formula for EVM (EXPECTED MONETARY VALUE)?
EVM = Probability X Impact
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What graphically shows which variables have the greatest impact on the project?
SENSITIVITY ANALYSIS (E.G that tornado diagram)
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What strategy does this statement describe? Avoid (change something so that the threat no longer exists), Transfer (shift the risk to a third-party, perhaps via a contract), Mitigate (reduce the probability or impact, an alternate plan), Except (live with it.)
THREAT STRATEGIES
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What strategy does this statement describe? Exploit (change something to in sure the opportunity occurs), Share (share with a third-party, perhaps via a joint venture), Enhance (increase the probability or impact, an alternate plan), Except (live with it.)
OPPORTUNITY STRATEGIES
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What is used only when an unidentified (unknown–unknown) risk event occurs?
WORKAROUNDS
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What does this statement describe? Money or time set aside in case a risk occurs.
RESERVES (Contingency reserves are four identified risks, Management reserves are for unidentified risks.)
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What kind of reserve is set aside for identified risks?
CONTINGENCY RESERVES
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What kind of reserve is set aside for unidentified risks?
MANAGEMENT RESERVES
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