Project managementLesson 2 of 2 in the course Project risk

Project Risk Management: Iterative Assessment, Tools, and Data

5 flashcards · 5 quiz questions · 5 match pairs · 4 fill-in sentences · English

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Summary

Project risk management helps teams anticipate uncertainty and make informed decisions so projects are more likely to meet their objectives. Risks can affect more than cost: they may influence schedules, quality, technical capability, or engineering outcomes. This lesson explains what project risk means, how teams manage it, and how tools and organizational practices support the process.

All flashcards

What is a project risk?
An uncertain event or condition that, if it occurs, may have a positive or negative effect on project objectives.
How does project risk management differ from a focus only on financial risk?
Project risk management considers diverse impacts, including monetary, schedule, capability, quality, and engineering effects.
What are the main stages of the structured risk process?
Plan risk management, identify risks, perform qualitative analysis, communicate risks, refine assessments with new information, and monitor and control risks.
Why should risk assessments consider timing?
Considering future impact dates and critical dates helps teams anticipate when consequences may arise and take preventive or timely action.
What makes a project risk management tool or system effective?
It should fit users' competence, track processes and risk exposure, capture circumstances that generate risks, and help determine their effects.

Quiz questions

  1. What is an individual risk in project risk management?Answer: A specific action, event, or hardware component that contributes to an effort's risk.
  2. Why can considering future dates improve a risk assessment?Answer: It helps teams anticipate when an impact may occur and act before critical dates.
  3. Why should project risks be integrated into enterprise-wide risk management?Answer: It gives the organization a broader view and can help it pursue opportunities linked to its objectives.
  4. What is an important condition for a project risk management system to be effective?Answer: The system should suit the competence of the employees expected to use it.
  5. What does monitoring and controlling risks involve?Answer: Tracking risks and responses, noticing changes, and taking action when needed.

Based on the Wikipedia article Project risk management, licensed CC BY-SA 4.0. Adapted into a summary, flashcards and quizzes.

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