PMP Identify Risks Process

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Questions and Answers

What is the primary objective of Root Cause Analysis (RCA) in risk management?

To analyze the impact of risk on the project

To identify the risk events

To prioritize risks based on their probability

To identify the underlying cause of a risk (correct)

Which data gathering technique is often used in combination with Root Cause Analysis?

Interviews

Assumption and constraint analysis

Brainstorming (correct)

Checklists

What is the purpose of data gathering in the Identify Risks process?

To document and analyze assumptions and constraints

To analyze data using techniques such as root cause analysis

To identify risks through various techniques including brainstorming and interviewing (correct)

To gather information from experts with experience in similar projects

What is the relationship between Root Cause Analysis and assumption and constraint analysis?

They are used together to validate assumptions and constraints Signup and view all the answers

What is included in organizational process assets that can influence the Identify Risks process?

Risk statement formats, checklists, and project files from previous projects Signup and view all the answers

What is the role of Root Cause Analysis in risk identification?

To identify the underlying cause of a risk Signup and view all the answers

What is the benefit of using Root Cause Analysis in risk management?

It helps in understanding the underlying cause of a risk Signup and view all the answers

What is the purpose of root cause analysis (RCA) in the Identify Risks process?

To identify the underlying causes of a problem or risk Signup and view all the answers

What is a hierarchical decomposition of the total scope of work in a project?

Work Breakdown Structure (WBS) Signup and view all the answers

Which of the following is not a data analysis technique used in risk management?

Facilitation Signup and view all the answers

What is the focus of Root Cause Analysis in risk management?

Understanding the cause of a risk Signup and view all the answers

What is the purpose of assumption and constraint analysis in the Identify Risks process?

To analyze assumptions and constraints in the project Signup and view all the answers

Which of the following is a benefit of using data analysis techniques like Root Cause Analysis in risk management?

Improving the overall effectiveness of risk management Signup and view all the answers

What is a characteristic of a Work Breakdown Structure (WBS)?

It is a hierarchical decomposition of the total scope of work Signup and view all the answers

What is a type of data analysis technique used in the Identify Risks process?

Root Cause Analysis (RCA) Signup and view all the answers

What is a source of data gathering in the Identify Risks process?

Interviewing and brainstorming Signup and view all the answers

What is the purpose of the SWOT analysis technique?

To examine the project from the viewpoints of strengths, weaknesses, opportunities, and threats Signup and view all the answers

What type of estimating technique uses values of parameters from a previous, similar activity?

Analogous estimating Signup and view all the answers

What is the output of the Identify Risks process that provides information on sources of overall project risk?

Risk report Signup and view all the answers

What is the purpose of the document analysis technique?

To review project plans, assumptions, procurement documents, and historical information Signup and view all the answers

What is the purpose of the bottom-up estimating technique?

To estimate the cost of individual work packages Signup and view all the answers

What is the output of the Identify Risks process that documents details of individual project risks?

Risk register Signup and view all the answers

What type of estimating technique multiplies the quantity of work by the rate or uses an algorithm?

Parametric estimating Signup and view all the answers

What is the output of the Identify Risks process that updates project documents?

Project documents updates Signup and view all the answers

Study Notes

Enterprise Environmental Factors

Influences the Identify Risks process
Includes published material, commercial risk databases, checklists, academic studies, benchmarking results, and industry studies of similar projects

Organizational Process Assets

Influences the Identify Risks process
Includes project files, actual data, organizational and project process controls, risk statement formats, and checklists from previous similar projects

Work Breakdown Structure (WBS)

A hierarchical decomposition of the total scope of work to be done by the project team
Organizes and defines the total scope of the project
Represents the work specified in the approved project scope statement
Includes work packages, which are the lowest level of WBS components

Tools and Techniques of the Identify Risks Process

Expert judgment: includes anyone with experience in similar projects or industry experience
Data gathering: includes brainstorming, checklists, and interviewing
Data analysis: includes root cause analysis, assumption and constraint analysis, SWOT analysis, and document analysis
Interpersonal and team skills: includes facilitation, which improves the effectiveness of techniques used to identify individual project risks and sources of overall project risk
Prompt list: a defined set of risk categories to determine individual risks and overall project risks
Meetings: includes risk workshops

Data Gathering Techniques

Brainstorming: involves subject matter experts, team members, and others to identify possible risk events
Checklists: a list of items, actions, or points to be considered
Interviews: question-and-answer sessions with project managers, subject matter experts, stakeholders, customers, and users

Data Analysis Techniques

Root cause analysis (RCA): identifies the cause of the risk
Assumption and constraint analysis: validates assumptions and constraints identified during project planning
SWOT (strengths, weaknesses, opportunities, and threats) analysis: examines the project from each of these viewpoints
Document analysis: reviews project plans, assumptions, procurement documents, and historical information about previous projects

Estimating Techniques

Analogous estimating: uses values of parameters from a previous similar activity as the basis for estimation
Parametric estimating: multiplies the quantity of work by the rate or uses an algorithm with historical data to determine estimates
Bottom-up estimating: estimates the cost of individual work packages or schedule activities to the finest level of detail

Outputs of the Identify Risks Process

Risk register: documents details of identified individual project risks
Risk report: provides information on sources of overall project risk and summary information on individual project risks
Project documents updates: includes assumption log updates during the Identify Risks process

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Description

Learn about the enterprise environmental factors and organizational process assets that influence the Identify Risks process in project management. Understand the importance of published materials, academic studies, and project files in risk identification.