Risk Management Quiz

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Questions and Answers

What is the primary goal of a risk management strategy?

To ignore all potential risks

To increase project costs

To complete the project ahead of schedule

To find a treatment for unacceptable risks (correct)

Which of the following is NOT a strategy for managing risks?

Transfer

Avoid

Ignore (correct)

Mitigate

In the risk management scenario, what color indicates risks that require special treatment or may lead to the project being dropped?

Yellow

Orange

Green

Red (correct)

What should a contingency plan address in risk management?

Each remaining significant risk Signup and view all the answers

Which option describes a method of exploiting opportunities in risk management?

Modifying project plans to take advantage of positive risks Signup and view all the answers

What does the category 'Orange' indicate in the risk scenario?

Risks needing close monitoring Signup and view all the answers

What is the output of an effective risk management strategy?

A plan with only acceptable risks Signup and view all the answers

Which of the following involves shifting a negative outcome to a third party?

Transfer Signup and view all the answers

What does the 'exploit' strategy in opportunity management entail?

Assigning more talented people to enhance opportunity outcomes Signup and view all the answers

Which of the following best describes the 'accept' strategy in risk management?

Choosing to live with risks due to their low impact or probability Signup and view all the answers

In the context of a risk register, what information is typically included for each risk?

Description, probability, impact, and root cause Signup and view all the answers

What is the main purpose of risk monitoring in project management?

To allow timely responses to risks as they occur Signup and view all the answers

Which method is NOT typically used to mitigate risks?

Ignoring low probability risks Signup and view all the answers

What is the primary focus of the 'share' strategy in risk response planning?

Transferring risk to other parties or entities Signup and view all the answers

What is NOT a component typically included in a risk response plan?

Detailed employee performance evaluations Signup and view all the answers

Which strategy seeks to enhance the size of opportunities?

Enhance Signup and view all the answers

What is the primary output of the risk identification process?

Risk Register Signup and view all the answers

Which technique is NOT typically used for risk identification?

Brainstorming Signup and view all the answers

What should be one of the characteristics defined during risk analysis?

Root causes of risks Signup and view all the answers

Which of the following is a value added by a risk management plan?

Standardizing risk probabilities and impacts Signup and view all the answers

Which of the following components is essential for effective risk monitoring?

Procedures to update risks Signup and view all the answers

What does the term 'gold plating' refer to in project risk management?

Adding unnecessary features or functions Signup and view all the answers

Which of Boehm’s top ten causes for project failures relates to poor schedule estimation?

Unrealistic schedule and budget Signup and view all the answers

What is a primary reason for conducting a root cause analysis in risk management?

To understand underlying causes of risks Signup and view all the answers

Which of the following is a method for opportunities exploitation in risk management?

Conducting opportunity assessments Signup and view all the answers

Which document outlines who is responsible for managing risks in a project?

Risk Management Plan Signup and view all the answers

Study Notes

Quality Management Goals

Understand the importance of quality management in software development projects
Learn the key techniques for managing project quality
Learn how to manage the quality of project deliverables
Understand the distinctions between software testing and quality management

Project Quality Management

Includes processes and activities within the performing organization to define quality policies, objectives, responsibilities for project completion
Those processes interact with each other and with other knowledge areas
Every project has these processes occurring at least once
These processes occur in all phases of project lifecycles

Software Quality Assurance

Planned and systematic application of activities to ensure conformance of software life cycle processes and products to requirements, standards, and procedures
Applies to both the process and the products
Is planned and systematic, similar to other project activities
Requires adherence to all elements in the software operating environment

Quality Assurance Process

Quality Planning: identifies relevant standards and practices, outlines implementation
Quality Assurance: confirms project adheres to quality standards set during planning
Quality Control: ensures products conform to the quality standards defined in the planning phase

Plan Quality Management

Process of identifying quality requirements and/or standards for the project and product
Documents how the project will demonstrate compliance
Includes inputs like Project Management Plan, Stakeholder Register, Risk Register, Requirements Documentation, Enterprise Environmental Factors, and Organizational Process Assets
Outputs include Quality Management Plan, Process Improvement Plan, Quality Metrics, Quality Checklists, Project Documents Updates

Quality Planning

Goal: ensuring project meets quality management goals
Means: identifying constraints, quality goals, standards, procedures, techniques, resources (time, people, budget), roles and responsibilities
Output: quality assurance planning document

Comments

Quality needs balancing with project constraints (time and costs)
Different software systems have contrasting criticality levels
Quality assurance team should be independent from the development team.
Various forms of independence can exist (different roles in the project, different organizational structures, independent organizations)

Quality Control

Goal: ensuring products meet quality standards of the planning phase
Main tools include inspections, analyses, and testing.
Triggers for quality audits are milestones and critical events.
Output of this phase is a list of non-compliance reports

Quality Control of Software Systems

Control of software systems is challenging due to a high number of states, unpredictable operating environments, and outputs that can greatly change in response to small input variations.
Non-functional needs (maintainability, usability) can be difficult to evaluate
Modern systems utilize multiple, diverse technologies (e.g., HTML/CSS, Javascript, PHP, and Web Servers).

Quality Control Techniques for Software

Walkthroughs and Code Inspections: Analyzing the system by an independent team
Analyses: using static checkers, dynamic checkers and code metrics
Testing: verifying system behavior under specific circumstances

Establishing a Metrics Program

Metrics collection quantitatively assesses project goal achievement.
Process metrics measure project characteristics.
Product metrics measure product characteristics.
Trends, not just point values, are important.
Automation is preferred.

Product Metrics: Size

Size-oriented metrics: source lines of code, number of classes
Function-oriented metrics: function points, object points
Size metrics generally automatable, but SLOC count is debated

Product Metrics: Complexity

Cyclomatic complexity
Coupling between objects
Depth of inheritance
Fan-in, fan-out

Product Metrics: Quality Metrics

Ratio of comments to code lines indicates maintainability
Cumulative number of open issues measures project convergence
Error density (errors per source line of code) reveals systematic faults in development processes

Managing Changes, Risks, and Quality

Change requests and changes commonly occur in projects
Goal of this unit is to understand: importance of scope, impacts of change requests, and techniques to manage changes effectively
Scope documents formalize project goals
Changes are inevitable

Fundamental Concepts: Change and Configuration Management

Configuration Management (CM) ensures project outputs remain coherent over time
Change Control ensures appropriate handling of change requests
In software projects, artifacts (e.g., files) change easily.
CM is related to the bug reporting/bug lifecycle.

Software Evolution Models

Software systems consist of numerous artifacts (source code, libraries, documentation)
Systems function in various configurations (e.g., different versions, operating systems)
Complexity arises from diverse artifacts and evolution

Linear Development Model

Successive, independent releases of software, replacing the previous version.

Branching Development Model

Parallel development of different versions.

Configuration Management

Configuration Management (CM) is a set of parallel development process activities to ensure system consistency over time.
It's part of project management and defines project standards and best practices
Goals of Management: building systems from consistent components, easily retrieved components (considering storage time and means), a transparent change history, ability to retrieve previous system versions

Risk Management

Risk: an event with potential influence (positive or negative) on a project objective.
Goals of risk management: increasing probability and impact of positive events; decreasing probability and impact of adverse events
Risk management helps determine project worth, refine budget, increase success likelihood, and support project termination success.
Risk management standards provide guidelines and formality in risk management
Risk identification techniques include meetings, document analysis, and using risk breakdown structures

Risk Assessment

Prioritizes risks based on impact and probability
Outputs include risk priorities, project evaluation, determination of which risks to monitor.
Qualitative and quantitative risk analyses are common techniques to assess risks

Qualitative Risk Analysis

Uses established risk management standards and impact/probability scales to organize, score, and determine the significance of risks.
Outputs assess project viability and identify significant risks to prioritize monitoring.

Risk Matrix

A tool to categorize risks based on probability and impact levels

Risk Scoring

Determines quantitative values for risk probability and impact, assisting with risk priority assignment and evaluation.

Socially Constructed Risk

Risk assessments are subjective, and individual perceptions can influence the perception of risk.

Risk Response Planning: Outputs

Risk response plan details strategies to address and manage risks, outlining triggers, responsible individuals(monitor risk), and persons applying contingency plans

Risk Monitoring and Control

Risk register is the primary input for monitoring and controlling risks
Planned risks are managed using established contingency plans, while unplanned events require full risk management.

Conclusions and Common Errors

Key considerations for risk management include balancing quality parameters with constraints like time and cost, assessing project risk tolerance, and having clear procedures, communication, and oversight.
Common errors include failing to identify maximum risk values, incomplete risk management plans during the planning phase, misinterpreting effects as causes, and failing to adequately involve stakeholders in risk monitoring.
Errors in risk monitoring include not applying contingency plans when they're needed and failing to sufficiently update plans to maintain responsiveness to project changes.

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Description

Test your knowledge of risk management strategies and concepts with this quiz. Explore various techniques for identifying and managing risks, as well as understanding the correct indicators in project scenarios. Ideal for project managers and risk assessment professionals.