24 Questions
What is the primary objective of Root Cause Analysis (RCA) in risk management?
To identify the underlying cause of a risk
Which data gathering technique is often used in combination with Root Cause Analysis?
Brainstorming
What is the purpose of data gathering in the Identify Risks process?
To identify risks through various techniques including brainstorming and interviewing
What is the relationship between Root Cause Analysis and assumption and constraint analysis?
They are used together to validate assumptions and constraints
What is included in organizational process assets that can influence the Identify Risks process?
Risk statement formats, checklists, and project files from previous projects
What is the role of Root Cause Analysis in risk identification?
To identify the underlying cause of a risk
What is the benefit of using Root Cause Analysis in risk management?
It helps in understanding the underlying cause of a risk
What is the purpose of root cause analysis (RCA) in the Identify Risks process?
To identify the underlying causes of a problem or risk
What is a hierarchical decomposition of the total scope of work in a project?
Work Breakdown Structure (WBS)
Which of the following is not a data analysis technique used in risk management?
Facilitation
What is the focus of Root Cause Analysis in risk management?
Understanding the cause of a risk
What is the purpose of assumption and constraint analysis in the Identify Risks process?
To analyze assumptions and constraints in the project
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
What is a characteristic of a Work Breakdown Structure (WBS)?
It is a hierarchical decomposition of the total scope of work
What is a type of data analysis technique used in the Identify Risks process?
Root Cause Analysis (RCA)
What is a source of data gathering in the Identify Risks process?
Interviewing and brainstorming
What is the purpose of the SWOT analysis technique?
To examine the project from the viewpoints of strengths, weaknesses, opportunities, and threats
What type of estimating technique uses values of parameters from a previous, similar activity?
Analogous estimating
What is the output of the Identify Risks process that provides information on sources of overall project risk?
Risk report
What is the purpose of the document analysis technique?
To review project plans, assumptions, procurement documents, and historical information
What is the purpose of the bottom-up estimating technique?
To estimate the cost of individual work packages
What is the output of the Identify Risks process that documents details of individual project risks?
Risk register
What type of estimating technique multiplies the quantity of work by the rate or uses an algorithm?
Parametric estimating
What is the output of the Identify Risks process that updates project documents?
Project documents updates
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
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.
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