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Questions and Answers
What is the primary purpose of inviting the working team members to a special meeting in the project?
Which method of risk identification is based on reviewing lessons learned from previous projects?
What is the primary goal of the matrix method in risk assessment?
What is the purpose of defining priorities in the risk management process?
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What is the primary advantage of using the brainstorming method in risk identification?
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What is the purpose of the nominal group technique in risk identification?
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What is the primary goal of risk assessment in the project management process?
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What is the purpose of the Delphi technique in risk identification?
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What is the primary goal of risk response planning in the project management process?
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What is the primary advantage of using SWOT Analysis in risk identification?
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Study Notes
Risk Response Planning
- Risk response planning involves developing procedures and techniques to enhance opportunities and reduce threats to the project's objectives.
- It involves assigning individuals responsible for each risk and generating a response for each risk.
Risk Monitoring and Control
- Risk monitoring and control involves obtaining a solution with the project team and agreeing on an emergency plan for each risk.
- It also involves defining a monitoring system to follow as the project manager.
Methods of Risk Avoidance
- Risk avoidance techniques include:
- Clarifying requirements and objectives
- Improving communication
- Obtaining information
- Acquiring expertise
- Using proven methods, tools, and techniques
- Risk can also be transferred using:
- Financial means (insurance, performance bond, warranty)
- Contractual means (renegotiating contract conditions, using subcontractors, joint ventures/partnerships)
Risk Assessment
- The matrix method is used to determine the risk category based on the impact on the project's time schedule and cost.
- Risks are categorized as high, medium, or low, and the level of impact determines the response.
Risk Response Strategies
- Risk response strategies include:
- Risk avoidance
- Risk transfer
- Risk mitigation
- Risk acceptance
- The risk response planning process involves identifying risks, ranking them, and determining the response for each risk.
Identifying Risks
- Risks can be identified using various methods, including:
- Brainstorming
- Delphi technique
- Nominal group technique
- Expert interviews
- SWOT analysis
- Documentation reviews
Prioritizing Risks
- Risks are prioritized based on their likelihood and impact on the project.
- The matrix method and ranking method are two traditional methods used to prioritize risks.
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Description
Develop procedures to enhance opportunities and reduce threats to project objectives. Assign individuals to manage risks and generate response strategies.
