Risk Management: Risk Identification Techniques
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Questions and Answers

Which technique is NOT typically used for risk identification?

  • Brainstorming
  • Checklist
  • SWOT analysis
  • Financial forecasting (correct)

    • What is the first step in the risk management process?

  • Identifying risks (correct)
  • Analyzing risks
  • Monitoring risks
  • Responding to risks

    • What aspect is crucial for defining a risk management plan?

  • Cost analysis
  • Project duration
  • Historical data
  • Stakeholder preferences (correct)

    • What does a risk management plan aim to help organizations do?

    <p>Understand and plan for potential risks</p> Signup and view all the answers

    Which attitude toward risk suggests a proactive approach?

    <p>Embrace</p> Signup and view all the answers

    In the risk management process, what should be included in the risk management methodology?

    <p>Processes, tools, and templates</p> Signup and view all the answers

    What is the role of monitoring in the risk management process?

    <p>To identify new risks as they arise</p> Signup and view all the answers

    Which approach refers to integrating the risk management plan with the project management plan?

    <p>Integrated approach</p> Signup and view all the answers

    What is the first step in the Delphi Technique process?

    <p>Select a panel of experts</p> Signup and view all the answers

    Which of the following represents a category in the Risk Breakdown Structure (RBS)?

    <p>Technical Risks</p> Signup and view all the answers

    Which diagram is specifically used to assess the causes and effects of risks?

    <p>Cause and Effect Diagram</p> Signup and view all the answers

    What type of risk does 'scope creep' fall under in the RBS?

    <p>Project Management Risk</p> Signup and view all the answers

    What is the primary purpose of Failure Mode and Effects Analysis (FMEA)?

    <p>To identify potential failure modes</p> Signup and view all the answers

    In the Delphi Technique, what is the purpose of summarizing responses after the first round?

    <p>To prepare for the second round of questioning</p> Signup and view all the answers

    Which structure is used to detail specific risks related to system integration?

    <p>Risk Breakdown Structure</p> Signup and view all the answers

    Which of the following is NOT a step in the Delphi Technique process?

    <p>Identify risk factors</p> Signup and view all the answers

    What is the primary purpose of risk identification?

    <p>To systematically examine potential threats and opportunities</p> Signup and view all the answers

    Which of the following is not considered a category of risk?

    <p>Cultural Risks</p> Signup and view all the answers

    Which tool is primarily used for brainstorming potential risks?

    <p>Delphi Technique</p> Signup and view all the answers

    What is a key feature of the Delphi Technique?

    <p>Anonymity of participants</p> Signup and view all the answers

    What is the goal of risk prioritization in risk identification?

    <p>To rank risks based on their potential impact</p> Signup and view all the answers

    What type of risk is associated with laws and regulations?

    <p>Compliance Risks</p> Signup and view all the answers

    Which of the following is a technique for analyzing root causes of risks?

    <p>Cause and Effect Diagram</p> Signup and view all the answers

    What is a benefit of effective risk management?

    <p>Improved decision-making</p> Signup and view all the answers

    What is the first step in the FMEA process?

    <p>Identify the process or system</p> Signup and view all the answers

    Which of the following is NOT a criterion used to evaluate risk in FMEA?

    <p>Consequentiality</p> Signup and view all the answers

    In the context of risk management, what does RPN stand for?

    <p>Risk Priority Number</p> Signup and view all the answers

    Identifying risks involves considering which of the following aspects?

    <p>What, when, why, where, and how risks can happen</p> Signup and view all the answers

    What limitation refers to the reliance on historical data for risk identification?

    <p>Focus on Past</p> Signup and view all the answers

    What is the purpose of developing and implementing actions in the FMEA process?

    <p>To minimize the risk of future failures</p> Signup and view all the answers

    Which step comes after identifying the causes of failure in the FMEA process?

    <p>Evaluate risk</p> Signup and view all the answers

    What is a risk statement used for in risk management?

    <p>To articulate the relationship between cause, condition, and consequence</p> Signup and view all the answers

    Study Notes

    Risk Management Process

    • Risk management is a cyclical process involving planning, identifying, analyzing, responding, and monitoring risks.

      PLAN

    • A risk plan should be established early in a project, in conjunction with the project team.

    • The risk plan can be part of the project plan or a separate document.

    • Stakeholder tolerance toward risk (high or low) is a key factor.

    Risk Identification

    • Risk identification is the process of documenting any risk that could prevent an organization or program from achieving its objectives.
    • It's the first step in risk management, allowing companies to understand and plan for potential risks.

    THE GOALS OF RISK IDENTIFICATION

    • Recognize potential risks

    • Risk prioritization

    • Improvement of preparedness

    • Risk awareness

    • Resource allocation

    • Support decision-making

    RISK IDENTIFICATION TOOLS AND TECHNIQUES

    • Documentation Reviews
    • Brainstorming
    • Delphi Technique
    • SWOT Analysis
    • Risk Breakdown Structure (RBS)
    • Assumption Analysis
    • Root Cause Analysis
    • Cause and Effect Diagram (Ishikawa)

    FMEA (Failure Mode and Effects Analysis

    Brainstorming

    • Group technique All ideas are valuable

    Delphi Technique

    • Experts respond in writing
    • Responses compiled to reach consensus

    Risk Breakdown Structure (RBS)

    • Hierarchal structure
    • risks by category
    • Delphi Technique
    • It is a structured, systematic method for collecting expert opinions to achieve informed decisions.
    • Features anonymity, iteration, and controlled feedback, focusing on diverse perspectives.
    • Steps include selecting experts, defining the problem, distributing questionnaires, summarizing feedback, conducting subsequent rounds, and final analysis.
    • The goal is to gather and consolidate expert insights for project success.
    • Often used in forecasting, problem-solving, and decision-making processes where diverse perspectives and expert judgment are critical.

    Risk Breakdown Structure (RBS)

    • A hierarchical structure for categorizing and organizing project risks.
    • Can be used to visually analyze and prioritize project risks.
    • It starts with broad categories, then breaks them down into more specific subcategories and risks.

    Cause and Effect Diagram

    • FIshbone/Ishikawa diagram
    • Helps to visually identify possible causes of a problem, enabling a systematic approach to root cause analysis.
    • This diagram visually represents the relationship between causes and effects to identify potential problems in a process.

    Failure Mode and Effects Analysis (FMEA)

    • A systematic method for identifying potential failures within products, systems, or processes.
    • The goal is to prioritize risks early to reduce chances of negative impact.
    • Typically involves evaluating the severity, occurrence, and detectability of each risk.
    • The result is a risk priority number (RPN) to help prioritize risks for mitigation.

    Comparison of FMEA, RBS, RCA, and Causes-and-Effect Diagram Methodologies

    • FMEA: proactive, identify, and prevent potential failures
    • Root Cause Analysis (RCA): Reactive, investigate, and solve specific problems
    • Cause-and-Effect Diagram: visualizes possible causes and potential problems
    • RBS: organizes and categorizes project risks.

    Limitations of Risk Identification

    • Limited knowledge and experience
    • Data dependence and potential inaccuracies
    • Focusing on past events, potentially missing new threats.

    Characteristics of Situations involving Risk

    • Probability and impact of a risk
    • Variability in possible scenarios
    • Potential for loss due to the risk
    • Ambiguity and uncertainty
    • Exposure to risk
    • Decision-making in uncertain conditions
    • Dynamic nature of environments
    • Interdependence between issues

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    Risk Management: Risk Identification Techniques PDF

    Description

    This quiz covers essential techniques for identifying risks in risk management, including brainstorming, checklists, and SWOT analysis. Participants will learn to effectively assess and prepare for potential risks to make informed decisions and improve project outcomes.

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