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Questions and Answers
What can be affected by risks in a project?
What can be affected by risks in a project?
What is the primary goal of risk assessment?
What is the primary goal of risk assessment?
What technique is used in risk analysis?
What technique is used in risk analysis?
What is the purpose of risk prioritization?
What is the purpose of risk prioritization?
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What does risk mitigation involve?
What does risk mitigation involve?
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What is a risk?
What is a risk?
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What is the primary goal of risk mitigation?
What is the primary goal of risk mitigation?
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Which of the following is an example of positive risk mitigation?
Which of the following is an example of positive risk mitigation?
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What is the main purpose of opportunity analysis?
What is the main purpose of opportunity analysis?
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What is the result of risk acceptance?
What is the result of risk acceptance?
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What is the primary difference between risk mitigation and positive risk mitigation?
What is the primary difference between risk mitigation and positive risk mitigation?
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What is the purpose of opportunity prioritization?
What is the purpose of opportunity prioritization?
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Study Notes
Risk Management
- A risk is an uncertain event or condition that has a positive or negative impact on a project.
- Risks can be internal or external, affecting project objectives, timeline, budget, or quality.
Risk Mitigation Strategies
- Avoidance: Eliminating the risk by avoiding the activity or situation.
- Transfer: Shifting the risk to another party through insurance or outsourcing.
- Mitigation: Reducing the risk through preventive measures.
- Acceptance: Accepting the risk and developing contingency plans.
Positive Risk Mitigation
- Involves exploiting opportunities to enhance project outcomes.
- Includes:
- Opportunity identification
- Opportunity analysis
- Opportunity prioritization
- Opportunity exploitation
Ways of Mitigating Negative Risk
- Risk avoidance: Eliminate the risk by avoiding the activity or situation.
- Risk transfer: Shift the risk to another party through insurance or outsourcing.
- Risk mitigation: Reduce the risk through preventive measures.
- Risk acceptance: Accept the risk and develop contingency plans.
Ways of Mitigating Positive Risk
- Opportunity exploitation: Take advantage of the opportunity to enhance project outcomes.
- Opportunity enhancement: Increase the likelihood and impact of the opportunity.
- Opportunity sharing: Share the opportunity with stakeholders to increase its value.
- Opportunity protection: Protect the opportunity from potential threats.
Risk Assessment
- Involves identifying, analyzing, and prioritizing risks.
- Helps project managers understand the likelihood and impact of each risk and develop strategies to mitigate or exploit them.
Risk Identification
- Involves brainstorming and researching potential risks.
- Can be done through:
- Reviewing project documentation
- Conducting stakeholder interviews
- Analyzing historical data
- Using risk management tools and techniques
Risk Analysis
- Evaluates the likelihood and impact of each identified risk.
- Can be done using:
- Probability and impact matrices
- Risk scoring
- Sensitivity analysis
Risk Prioritization
- Involves ranking risks based on their likelihood and impact.
- Helps project managers focus on the most critical risks.
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Description
Test your knowledge of risk management in project management, including risk definition, risk assessment, and risk identification. Learn how to identify, analyze, and prioritize risks to develop strategies to mitigate or exploit them.
