Project Risk Management Overview

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Questions and Answers

Define Risk in the context of project management.

Risk is a measure of the probability and consequence of not achieving a defined project.

What is the high-risk impact area known as?

The high-risk impact area is known as the overlap area.

What are Predictable Risks?

Predictable Risks are risks that experience tells us we have a high probability of encountering during the life of the project.

Explain Project Risk.

Project Risk is the cumulative effect of uncertain occurrences that will adversely affect project objectives. Signup and view all the answers

What is the objective of Project Risk Management?

The objective of Project Risk Management is to increase the probability and/or impact of positive risks and decrease the probability and/or impact of negative risks. Signup and view all the answers

List the Project Risk Management processes.

The Project Risk Management processes are: 1. Plan Risk Management 2. Identify Risks Signup and view all the answers

How should risk management be integrated in the project planning process?

Risk management should be part of the planning process to identify potential risks in the project and plan how to control them if they occur. Signup and view all the answers

What is the definition of project risk management?

Project risk management is the process of identifying, analyzing, and responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal. Signup and view all the answers

What is the difference between a risk and an issue in project management?

A risk is a potential event that could impact the project, while an issue is a risk that has become a reality and must be addressed. Signup and view all the answers

Explain the process of risk management in project management.

Risk management involves identifying, categorizing, prioritizing, and planning for risks before they become issues. Signup and view all the answers

How does risk management differ between large-scale and smaller projects?

On large-scale projects, risk management may involve extensive detailed planning for each risk, whereas on smaller projects, it may be a prioritized list of risks. Signup and view all the answers

Define project risk in a project management context.

Project risk is an uncertain event or condition that, if it occurs, can have a positive or negative effect on at least one project objective. Signup and view all the answers

Flashcards

Risk (Project Management)

A measure combining the probability and consequence of not achieving a defined project goal.

Overlap Area

The area where high probability and high impact risks overlap, demanding utmost attention.