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Plan Risk Management, Identify Risk, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, and Plan Risk Responses are developed in what phase?
Planning
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Project Scope Statement
Cost Management Plan
Schedule Management Plan
Communications Management Plan
Are Inputs to what Process in Project Risk Management?
Plan Risk Management
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What is the Output for Plan Risk Management?
Risk Management Plan
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What are the Tools and Techniques for Plan Risk Management?
Planning Meetings and Analysis
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What step follows Plan Risk Management?
Identify Risks
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Risk Breakdown Structure (RBS) and Risk Probabilities and Impact Rating Matrix are two examples of document that can be created within what?
Risk Management Plan
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What can a PM use to help breakdown the risks on a project?
Risk Breakdown Structure (RBS)
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The Risk Breakdown Structure (RBS) is typically used to do what?
Identify Risks
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The Probabilities and Impact Matrix is used to do what?
Perform Qualitative Risk Analysis
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The Risk Probabilities and Impact Rating Matrix can be used to do what?
Evaluate risks for their probability and impact
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A component of risk that deals with the amount of information known (or unknown) about the outcome
Uncertainty
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This is a risk in which insurance can be purchased
Pure Risk
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This risk is typically uninsurable
Business Risk
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Risk-Averse, Risk Seeker, and Risk-Neutral are types of what?
Risk Tolerance
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This risk is defined as a mentality of risk avoidance?
Risk-Averse
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This risk is defined as a mentality of looking for risk or worse case, not being afraid of it?
Risk Seeker
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This risk is defined as a middle ground mentality toward risk?
Risk-Neutral
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Risk Management Plan, Activity Cost Estimates, Activity Duration Estimates, Scope Baseline, Stakeholder Register, Cost Management Plan, Schedule Management Plan, and Quality Management Plan are Inputs to what Process in Project Risk Managment?
Identify Risks
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These Tools and Techniques are used in what process: Documentation Reviews, Info gathering techniques, checklist analysis, assumptions analysis, diagramming techniques, SWOT analysis, and expert judgement?
Identify Risks
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What is the Output for Identify Risks?
Risk Register
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What step follows Identify Risks?
Perform Qualitative Risk Analysis
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What are the Five steps in Project Risk Management under the Planning Process?
Plan Risk Management, Identify Risk, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, and Plan Risk Responses
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The risk management plan is known as the ___________ for risk as it relates to this project
Rulebook
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In the "Identify Risks" step, under tools and techniques; why are documentation reviews done?
To identify and evaluate potential risks and triggers
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Other than Documentation Review; what other tool and technique can be used to identify potential risks?
Information Gathering Techniques (a T & T for identify risk)
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Why are Checklist Analysis (a T & T for identify risk) useful?
For verification that things are done as planned
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What type of analysis assists in determining potential risk exposure ( a T & T for identify risk)
Assumptions Analysis
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Diagramming Techniques (T & T for identify risk) are used to see what?
where risk could occur within a process
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This analysis is done to perform a review of the project environment to see what_______, _______, ______, & _____ may occur
Strengths, Weaknesses, and Opportunities, and Threats (SWOT)
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This Output to Identify Risks, contains information about what risks could occur on a project, potential responses, root causes, and risk categorization
Risk Register
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Risks, triggers, probability and Impact, planned responses, and risk owners; are all contained on what?
Risk Register
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This technique may be used to help decompose or categorize risk
Diagramming Techniques
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These are the characteristics which indicate that a risk event is possible in the near future
Risk Triggers (part of the Risk Register)
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What is used to ensure that documented risks are still only risk and that their ranking, characteristics, probabilities, and impacts haven't changed?
Risk Reviews
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What step in the Project Risk Management (Planning Process Group); are risks analyzed for probability and for their impact if they were to occur
Perform Qualitative Risk Analysis
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Risk Register, Risk Management Plan, and Project Scope Statement are inputs to what step in "Project Risk Management" (Planning Process Group)
Perform Qualitative Risk Analysis
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Theses are Tools and Techniques of what step in the "Project Risk Management" (Planning): risk probability and impact assessment, probability and impact matrix, risk datat quality assessment, risk categorization, risk urgency assessment
Perform Qualitative Risk Analysis
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What step comes after the Perform Qualitative Risk Analysis?
Perform Quantitative Risk Analysis
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What Output comes from the Perform Qualitative Risk Analysis?
Risk Register Updates
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The Risk Probability and Impact Assessment (a T & T for Perform Qualitative Risk Analysis) helps show?
What is likely to occur on the project and the possible effects of a risk
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How are risk assessed for the quality of the risk data, to ensure that it is as valid and accurate as possible?
Risk Data Quality Assessment (a T & T for Perform Qualitative Risk Analysis)
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Risk Categorization (a T & T for Perform Qualitative Risk Analysis) helps to do what for risk sources?
Group them
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This assess the urgency of risks identified so that responses can be appropriately created
Risk Urgency Assessment (T & T for Perform Qualitative Risk Analysis)
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Normal, Beta, and Triangular are the three most common types of what?
Probability Distibution
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This Probability Distributions function is typically used for statistical or scientific computing?
Normal Distribution
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This Probability Distribution function is used to model events which must take place within an interval that has a minimum and maximum value?
Beta Distribution
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This Probability Distribution is the most common distribution used in business modeling because its parameters (minimum, most likely, and maximum) are understood even by those unfamiliar with risk analysis?
Triangular Distribution
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This is a tool used when an organization wants to evaluate the impact of a risk and the probability of its occurrence?
Probability and Impact Matrix (T & T for Perform Qualitative Risk Analysis)
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This step in the "Project Risk Management" is used to break down risks form a high, medium, and low ranking based on actual numerical valurs and probabilities of occurrence.
Perform Quantitative Risk Analysis (Planning)
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Techniques used for Perform Quantitative Risk Analysis that can help in getting realistic time and cost targets for the project in line with the documented risk
Decision Tree Analysis and Monte Carlo simulation
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Risk Register, Risk Management Plan, Cost Management Plan, and Schedule Management Plan are inputs for what step in "Project Risk Management" (Planning)
Perform Quantitative Risk Analysis
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Data Gathering and Representation Techniques & Quantitative Risk Analysis and Modeling and Modeling Techniques are Tools and Techniques for what step in the "Project Risk Management" (Planning)
Perform Quantitative Risk Analysis
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The Output for Perform Quantitative Risk Analysis
Risk Register Updates
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The step after Perform Quatitative Risk Analysis?
Plan Risk Responses
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The Data Gathering and Representation techniques are key in performing accurate....
Expected Monetary Value (EMV) and decision Tree Analysis (T & T for Perform Quantitative Risk Analysis)
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Quantitative risk analysis and modeling techniques such as sensitivity analysis, EMV, and decision tree analysis are used to learn more about what?
The characteristics of the risks
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The likelihood that something will occur is known as?
Probability
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Probability is usually measured in...
% (0-100) or real numbers (0.0 - 1.0)
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The sum of all probabilities is equal to..
100% or 1.0
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The consequence or amount at stake if something does occur is called (can be good or bad)
Impact
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Based on looking at the probability and impact of all potential decisions to determine the potential expected Monetary Value (EMV) of the opportunity as a whole
Decision Trees analysis
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This is a mock-up technique that uses software to simulate project characteristics to determine possible outcome.
Monte Carlo
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In this step the PM determines responses for the potential risks that could occur
Plan Risk Responses (Planning)
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Risk Register and Risk Management Plan are inputs for what step in the Project Risk Management (Planning)
Plan Risk Responses
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Strategies for Negative Risks or Threats, Strategies for Positive Risks or Opportunities, and Contingent Responses Strategies are T/T for which step in Project Risk Management
Plan Risk Responses
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What are the Outputs for Plan Risk Responses?
Risk Register updates, Risk-related Contract Decisions, and Project Management Plan Updates
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What step follows Plan Risk Responses?
Monitor and Control Risks
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Techniques that are used to create risk responses for negative risks (Avoid, Transfer, and Mitigate)
Strategies for Negative Risk or Threats (T/T Plan Risk Responses)
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Techniques that are used to maximize positive risks or opportunities (Share, Exploit, and Enhance)
Strategies for Positive Risks or Opportunities (T/T Plan Risk Responses)
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Contingent responses strategy (T/T Plan Risk Responses) creates responses if certain events
Trigger the response
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Reserves that are:
Known/Unknowns,
For risk events that you know will occur (managed by PM)
Contingency Reserve
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Reserves that are:
Unknown/Unknowns
For risk events you cannot forecast potentially occurring. (management controlled funds)
Management Reserves
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The amount of risk remaining after a risk response has been implemented
Residual Risk
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A jeopardy that results from the implementation of a risk response
Secondary Risk
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A contingency put into action when a risk response and any backup plans don't work
Workaround
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Step where PM and team focus on observing the project activities for risk triggers and risks and implementing means to control them.
Monitor and Control Risks (Monitoring and Controlling Process Group)
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These are inputs for what step in Project Risk Management (Monitoring and Controlling): Risk Register, Project Management Plan, Work Performance Information, and Performance Reports
Monitor & Control Risks (Monitoring and Controlling)
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Risk reassessment, risk audits, variance & trend analysis, technical performance measurement, reserve analysis, and status meetings are T/T for which step in (Monitoring and Controlling)
Monitor and Control Risks
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