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Project Risk Management (PRM) Master Overview

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Project Risk Management (PRM) Master Overview

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Questions and Answers

What is the initial step in the Project Risk Management process?

Implement Risk Responses

Identify Risks (correct)

Plan Risk Management

Perform Qualitative Risk Analysis

What is the purpose of Perform Quantitative Risk Analysis?

To calculate the probability and impact of risks (correct)

To implement risk responses

To analyze risks qualitatively

To identify risks

What comes after Perform Qualitative Risk Analysis in the PRM process?

Identify Risks

Plan Risk Management

Implement Risk Responses

Perform Quantitative Risk Analysis (correct)

What is the last step in the PRM process?

Monitor Risks Signup and view all the answers

What does PRM stand for?

Project Risk Management Signup and view all the answers

What is the purpose of Identify Risks?

To identify potential risks Signup and view all the answers

What comes before Plan Risk Responses in the PRM process?

Perform Quantitative Risk Analysis Signup and view all the answers

What is the purpose of Plan Risk Management?

To define how to approach risk management Signup and view all the answers

What is the purpose of Case Studies?

To illustrate or demonstrate PRM concepts Signup and view all the answers

What is the annual payment for the Iron Mine?

200 M€ Signup and view all the answers

What is the probability of Scenario 1 in the Coal Mine case?

33.33% Signup and view all the answers

What is the income of the Coal Mine under Strong Demand?

200 M€ Signup and view all the answers

What is the purpose of Monitor Risks in the PRM process?

To track and review risks Signup and view all the answers

What is the probability of Scenario 3 in the Coal Mine case?

15% Signup and view all the answers

What is the income of the Iron Mine under Weak Demand?

100 M€ Signup and view all the answers

What is the purpose of Perform Qualitative Risk Analysis?

To analyze risks qualitatively Signup and view all the answers

What is the annual payment for the Coal Mine?

170 M€ Signup and view all the answers

What is the income of the Iron Mine under Medium Demand?

230 M€ Signup and view all the answers