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What is the name of the organization that developed the standard for risk management in portfolios, programs, and projects?
What is the name of the organization that developed the standard for risk management in portfolios, programs, and projects?
Project Management Institute
What are the three main objectives of risk management?
What are the three main objectives of risk management?
The practice of risk management includes planning the approach, identifying and analyzing risks, response planning and implementation, and ongoing monitoring of risks.
The practice of risk management includes planning the approach, identifying and analyzing risks, response planning and implementation, and ongoing monitoring of risks.
True (A)
What is the purpose of the Standard for Risk Management in Portfolios, Programs, and Projects?
What is the purpose of the Standard for Risk Management in Portfolios, Programs, and Projects?
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What are the four key elements of risk management presented in the document?
What are the four key elements of risk management presented in the document?
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The Pulse of the Profession report found that for organizations that apply a formal risk management approach, 73% of projects meet their objectives, 61% finish on time, and 64% are completed within the approved budget.
The Pulse of the Profession report found that for organizations that apply a formal risk management approach, 73% of projects meet their objectives, 61% finish on time, and 64% are completed within the approved budget.
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What are the seven core principles of risk management elaborated in the Standard for Risk Management in Portfolios, Programs, and Projects?
What are the seven core principles of risk management elaborated in the Standard for Risk Management in Portfolios, Programs, and Projects?
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What is the difference between a threat and an opportunity in risk management?
What is the difference between a threat and an opportunity in risk management?
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Risk management aims to ensure that the management of risk is an inherent part of all management domains, but doesn’t seek to impose uniformity of processes across portfolios, programs, and projects
Risk management aims to ensure that the management of risk is an inherent part of all management domains, but doesn’t seek to impose uniformity of processes across portfolios, programs, and projects
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What are the three levels of risk identified in the document?
What are the three levels of risk identified in the document?
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What are the key success factors for successful risk management?
What are the key success factors for successful risk management?
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Risk management is a strategic tool that can be used to help organizations achieve their strategic objectives and maximize their value creation.
Risk management is a strategic tool that can be used to help organizations achieve their strategic objectives and maximize their value creation.
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What are the three levels of risk management that are described in detail in the document?
What are the three levels of risk management that are described in detail in the document?
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Portfolio risk management is concerned with the potential interdependencies between components and, therefore, is more than just the sum of individual component risks.
Portfolio risk management is concerned with the potential interdependencies between components and, therefore, is more than just the sum of individual component risks.
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What is the primary purpose of program risk management?
What is the primary purpose of program risk management?
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A Guide to the Project Management Body of Knowledge (PMBOK® Guide) describes Project Risk Management as the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.
A Guide to the Project Management Body of Knowledge (PMBOK® Guide) describes Project Risk Management as the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.
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What are the primary objectives of Project Risk Management?
What are the primary objectives of Project Risk Management?
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Risk management is an integrated framework that spans organizational levels.
Risk management is an integrated framework that spans organizational levels.
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What are the key areas of focus for plan risk management?
What are the key areas of focus for plan risk management?
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The Delphi Technique uses a facilitated anonymous polling of subject matter experts to identify risks in their area of expertise.
The Delphi Technique uses a facilitated anonymous polling of subject matter experts to identify risks in their area of expertise.
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What is a Cause and Effect diagram and what is its purpose?
What is a Cause and Effect diagram and what is its purpose?
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A risk breakdown structure (RBS) is a hierarchical framework of potential sources of risk.
A risk breakdown structure (RBS) is a hierarchical framework of potential sources of risk.
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What are the three steps involved in Assumptions and Constraints Analysis?
What are the three steps involved in Assumptions and Constraints Analysis?
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To categorize and prioritize individual risks for further attention, to provide a mechanism for evaluating the level of overall portfolio, program, or project risk.
To categorize and prioritize individual risks for further attention, to provide a mechanism for evaluating the level of overall portfolio, program, or project risk.
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Quantitative risk analysis uses techniques that are typically based on probability and impact, but may also include additional variables for prioritization.
Quantitative risk analysis uses techniques that are typically based on probability and impact, but may also include additional variables for prioritization.
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What is a Contingency Reserve and what is its purpose?
What is a Contingency Reserve and what is its purpose?
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The Decision Tree Analysis is used to determine partial and global probabilities of occurrence.
The Decision Tree Analysis is used to determine partial and global probabilities of occurrence.
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The Failure Mode and Effects Analysis is often used in engineering contexts to identify potential failures or risks in a system, but it can also be adapted for use in other contexts, such as business risk management.
The Failure Mode and Effects Analysis is often used in engineering contexts to identify potential failures or risks in a system, but it can also be adapted for use in other contexts, such as business risk management.
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Monte Carlo Simulation is a statistical analysis technique that can be applied in situations in which there are uncertain estimates, with the aim of using this to reduce the level of uncertainty through a series of simulations.
Monte Carlo Simulation is a statistical analysis technique that can be applied in situations in which there are uncertain estimates, with the aim of using this to reduce the level of uncertainty through a series of simulations.
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The purpose of the Plan Risk Responses process is to determine a set of actions that provides the highest chance of success while complying with applicable constraints.
The purpose of the Plan Risk Responses process is to determine a set of actions that provides the highest chance of success while complying with applicable constraints.
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What are the three categories of techniques used in the Plan Risk Responses process?
What are the three categories of techniques used in the Plan Risk Responses process?
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The Monitor Risks process provides the assurance that risk responses are being applied, verifies whether they are effective, and, as necessary, initiates corrective actions.
The Monitor Risks process provides the assurance that risk responses are being applied, verifies whether they are effective, and, as necessary, initiates corrective actions.
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The Risk Breakdown Structure (RBS) is a hierarchical framework of potential sources of risk and is a valuable tool for identifying and organizing risks. It can also be used as a framework for other risk identification techniques.
The Risk Breakdown Structure (RBS) is a hierarchical framework of potential sources of risk and is a valuable tool for identifying and organizing risks. It can also be used as a framework for other risk identification techniques.
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The primary objective of Enterprise Risk Management (ERM) is to ensure that the organization is aligned with its strategic objectives and that it is able to create and sustain value.
The primary objective of Enterprise Risk Management (ERM) is to ensure that the organization is aligned with its strategic objectives and that it is able to create and sustain value.
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Risks from portfolios, programs, and projects should be reflected as ERM risks.
Risks from portfolios, programs, and projects should be reflected as ERM risks.
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The purpose of the Standard for Risk Management in Portfolios, Programs, and Projects is to provide a standard for project management practitioners and other project stakeholders that defines the aspects of project risk management recognized as good practice on most projects most of the time, and also to provide a standard that is globally applicable and consistently applied.
The purpose of the Standard for Risk Management in Portfolios, Programs, and Projects is to provide a standard for project management practitioners and other project stakeholders that defines the aspects of project risk management recognized as good practice on most projects most of the time, and also to provide a standard that is globally applicable and consistently applied.
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What is the total area of the trapezoid ADBOA?
What is the total area of the trapezoid ADBOA?
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What is the calculated horizontal distance traveled by the water jet from the orifice?
What is the calculated horizontal distance traveled by the water jet from the orifice?
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Using Terzaghi's formula, what is the ultimate bearing capacity ( extit{q_{ult}}) calculated for the footing?
Using Terzaghi's formula, what is the ultimate bearing capacity ( extit{q_{ult}}) calculated for the footing?
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What is the coefficient of velocity used in the calculation of the vertical jet velocity?
What is the coefficient of velocity used in the calculation of the vertical jet velocity?
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What is the vertical height the jet rises above the level of the orifice?
What is the vertical height the jet rises above the level of the orifice?
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What factor of safety is used against bearing capacity failure for the footing?
What factor of safety is used against bearing capacity failure for the footing?
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What is the value of $h$ calculated in the area ABD problem?
What is the value of $h$ calculated in the area ABD problem?
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What is the vertical distance from the bottom of the tank to the location of the orifice?
What is the vertical distance from the bottom of the tank to the location of the orifice?
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What is the value of $N$ when the point is 6 m below the load and 3 m horizontally from its line of application using the given formula?
What is the value of $N$ when the point is 6 m below the load and 3 m horizontally from its line of application using the given formula?
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What is the calculated vertical stress $p$ at a point 6 m below the ground when using the formula $p = \frac{0.318QN}{z^2}$ with $Q = 2500 kN$?
What is the calculated vertical stress $p$ at a point 6 m below the ground when using the formula $p = \frac{0.318QN}{z^2}$ with $Q = 2500 kN$?
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What is the effective pressure at the mid-height of the clay layer before the water table is lowered?
What is the effective pressure at the mid-height of the clay layer before the water table is lowered?
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What value does $a = \frac{y}{tan θ}$ equal if $θ$ is calculated based on the height and acceleration?
What value does $a = \frac{y}{tan θ}$ equal if $θ$ is calculated based on the height and acceleration?
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What is the saturated unit weight of sand after the water table is lowered by 10 m?
What is the saturated unit weight of sand after the water table is lowered by 10 m?
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What is the effective soil pressure at the mid-height of the clay after the water table is lowered by 10 m?
What is the effective soil pressure at the mid-height of the clay after the water table is lowered by 10 m?
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In the context of the water content of soil, which of the following statements is accurate?
In the context of the water content of soil, which of the following statements is accurate?
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How thick is the sand layer overlaying the clay layer?
How thick is the sand layer overlaying the clay layer?
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What is the total force acting on the rear end of a closed cylindrical tank when it is filled with water and accelerating forward at 4 m/s²?
What is the total force acting on the rear end of a closed cylindrical tank when it is filled with water and accelerating forward at 4 m/s²?
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What is the dry unit weight of the sand?
What is the dry unit weight of the sand?
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For an open cylindrical vessel filled with water, how much water spills out when it rotates at 87 rpm?
For an open cylindrical vessel filled with water, how much water spills out when it rotates at 87 rpm?
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What is the radian equivalent of 87 rpm when calculating angular speed?
What is the radian equivalent of 87 rpm when calculating angular speed?
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What value of the specific gravity of soil grains is used in the calculations?
What value of the specific gravity of soil grains is used in the calculations?
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What is the degree of saturation of the sand above the water table after it is lowered?
What is the degree of saturation of the sand above the water table after it is lowered?
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Which of the following correctly illustrates the relationship of $r$ and $z$ in the context of the equations presented?
Which of the following correctly illustrates the relationship of $r$ and $z$ in the context of the equations presented?
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What is the formula used to calculate the wet unit weight of the sand with a degree of saturation of 20%?
What is the formula used to calculate the wet unit weight of the sand with a degree of saturation of 20%?
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What is the calculated horizontal force required to open the vertical rectangular gate if the water level on one side stands at the top of the gate and on the other side is 2 m below it?
What is the calculated horizontal force required to open the vertical rectangular gate if the water level on one side stands at the top of the gate and on the other side is 2 m below it?
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If the area of a rectangular irrigation canal is calculated as $A = 1.2(5.4)$, what is the resulting area in square meters?
If the area of a rectangular irrigation canal is calculated as $A = 1.2(5.4)$, what is the resulting area in square meters?
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What is the hydraulic radius $R$ for the given dimensions of the rectangular irrigation canal?
What is the hydraulic radius $R$ for the given dimensions of the rectangular irrigation canal?
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How much vertical force does the cylindrical surface gate exert if the height from the water surface is found to be 6.93 m?
How much vertical force does the cylindrical surface gate exert if the height from the water surface is found to be 6.93 m?
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In the irrigation canal problem, which roughness coefficient value is used for the calculations?
In the irrigation canal problem, which roughness coefficient value is used for the calculations?
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What is the moisture content in percent for the soil if the dry unit weight is 1600 kg/m³ and the wet unit weight is 1000 kg/m³?
What is the moisture content in percent for the soil if the dry unit weight is 1600 kg/m³ and the wet unit weight is 1000 kg/m³?
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What is the void ratio (e) if the specific gravity (G) is 2.67 and the moisture content (ω) is 60%?
What is the void ratio (e) if the specific gravity (G) is 2.67 and the moisture content (ω) is 60%?
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What is the discharge $Q$ in cubic meters per second for the calculated area and velocity in the irrigation canal?
What is the discharge $Q$ in cubic meters per second for the calculated area and velocity in the irrigation canal?
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If the vertical force acting on a sector gate is $F_x = 9.81 imes (6.93)(6.93)(10)$, what does this formula represent in engineering terms?
If the vertical force acting on a sector gate is $F_x = 9.81 imes (6.93)(6.93)(10)$, what does this formula represent in engineering terms?
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What is the calculated porosity (n) if the void ratio (e) is 1.60?
What is the calculated porosity (n) if the void ratio (e) is 1.60?
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Which step is essential when evaluating the appropriate depth of the canal while maintaining the same discharge and slope?
Which step is essential when evaluating the appropriate depth of the canal while maintaining the same discharge and slope?
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What is the angle of friction (φ) for the soil sample if the deviator stress at failure is 450 kPa and the chamber confining pressure is 240 kPa?
What is the angle of friction (φ) for the soil sample if the deviator stress at failure is 450 kPa and the chamber confining pressure is 240 kPa?
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What is the normal stress (σ_n) on the plane of maximum shear if the applied stresses result in σ_n = 465 kPa?
What is the normal stress (σ_n) on the plane of maximum shear if the applied stresses result in σ_n = 465 kPa?
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What is the total force acting on a circular plate of radius 300 mm submerged 2 m below the water surface?
What is the total force acting on a circular plate of radius 300 mm submerged 2 m below the water surface?
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What is the distance from the center of gravity of the plate to the location of the total force if it is calculated as 0.00978 m?
What is the distance from the center of gravity of the plate to the location of the total force if it is calculated as 0.00978 m?
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What is the vertical stress (p) at a point 3 m directly below a point load of 2500 kN?
What is the vertical stress (p) at a point 3 m directly below a point load of 2500 kN?
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What is the pressure exerted by the footing on soil 2.7 m below the footing?
What is the pressure exerted by the footing on soil 2.7 m below the footing?
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Using Manning's Formula, what is the primary variable needed to estimate the number of hectares served by the irrigation canal?
Using Manning's Formula, what is the primary variable needed to estimate the number of hectares served by the irrigation canal?
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After unloading 2 MN of its cargo, what was the new draft of the ship?
After unloading 2 MN of its cargo, what was the new draft of the ship?
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Determine the final height of the mountain using the barometer readings.
Determine the final height of the mountain using the barometer readings.
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In the improvised barometer, what was the weight ratio of the liquid used to mercury?
In the improvised barometer, what was the weight ratio of the liquid used to mercury?
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What is the draft of the ship when it enters fresh water after unloading cargo?
What is the draft of the ship when it enters fresh water after unloading cargo?
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What was the cross-section of the piece of wood being measured in the curing tank?
What was the cross-section of the piece of wood being measured in the curing tank?
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What is the depth of water recorded in the curing tank?
What is the depth of water recorded in the curing tank?
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Study Notes
Introduction
- Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more objectives.
- Positive risks are opportunities, while negative risks are threats.
- Risk management includes planning the approach, identifying and analyzing risks, response planning, and implementation, and ongoing monitoring of risks.
- Risk management is essential for all organizational activities, from portfolios through programs, projects, and operations.
- The degree of risk management in an organization affects its success.
- Risk management can be beneficial for generating value.
Principles of Risk Management
- Strive to achieve excellence in the practice of risk management. This involves reaching the appropriate level of organizational process maturity and optimal performance levels.
- Align risk management with organizational strategy and governance.
- Focus on the most impactful risks to optimize resource use.
- Balance value creation with overall risks.
- Foster a culture of risk management.
- Manage complexity effectively to enable success.
- Continuously improve risk management competencies.
- Consider both threats and opportunities.
- Recognize the value of risk management in decision-making.
Risk Management Life Cycle
- Plan Risk Management: Develops overall risk management strategy, how processes will be executed, and integration, including risk appetite and tolerance.
- Identify Risks: Identifies risks to the extent practicable, recognizing some are inherently unknowable. Includes identifying both threats and opportunities.
- Perform Qualitative Risk Analysis: Prioritizes risks according to criteria like likelihood of occurrence and impact; considers urgency, proximity, detectability, dormancy, manageability, controllability, connectivity, strategic impact, and stakeholder impact.
- Perform Quantitative Risk Analysis: Determines numerical estimate of risk impact on objectives; incorporates techniques like contingency reserve estimation, decision tree analysis, Monte Carlo simulation, and PERT.
- Plan Risk Responses: Determines effective responses for priority risks accommodating stakeholders' attitudes and constraints; considers escalation, avoidance, mitigation, acceptance, sharing, enhancement, and exploitation.
- Implement Risk Responses: Executes the approved response actions.
- Monitor Risks: Reevaluates existing risks, identifies any emergent or secondary risks, and monitors the effectiveness of risk responses.
Risk Management in Portfolios, Programs, and Projects
- Key concepts and definitions, domains of risk management (enterprise, portfolio, program, project), and key success factors for each. Risk management in this domain addresses the complexity of the various levels and components within organizations.
- The relationship between risk and organizational strategic goals at each level is important.
Project Management Controls for Each Step
- Specific controls outlined for each process (integration, scope, schedule, cost, quality, resources, communications, risk, procurement, and stakeholder management) for projects; considers life-cycle approaches and dependencies.
Appendix
- Contains additional details and tables of contributors, reviewers, and the development and purpose of the standard, portfolio risk management, program risk management, project risk management controls and techniques, including tables and an index of factors. There are also tables of contents and lists of figures and tables.
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Description
Explore the key principles and practices of risk management in organizations. This quiz covers the identification, analysis, and response planning associated with both positive and negative risks. Understand how effective risk management can lead to organizational success and optimal performance.
