Chapter 16 - Strategic Issues for Project Risk Management

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What are the strategic options for PRMS implementation?

No implementation, standalone implementation, integrated implementation

No implementation, phased implementation, full implementation

Partial implementation, standalone implementation, integrated implementation

No implementation, partial implementation, full implementation (correct)

What are the factors influencing strategic thinking about system separation?

Organisational structure, organisational capacity, compliance requirements, operational processes (correct)

Risk tolerance, risk appetite, risk mitigation, risk transfer

Project size, project complexity, project duration, project team

Project management tools, project management methodologies, project management software, project management techniques

What is the potential implication of implementing PRMS across all projects straightaway?

Improving operational efficiency

Severely taxing the organisation's resilience (correct)

Reducing project risks

Enhancing the organization's flexibility

Why is the capacity to trial PRMS on different project phases of several projects unlikely to be feasible?

Unless the projects are short-term endeavors Signup and view all the answers

What aspects are covered by formal risk-based management systems at the organizational level?

Occupational health and safety, environmental harm, quality assurance Signup and view all the answers

What does partial PRMS implementation involve?

Introduction of a stand-alone system dealing only with projects Signup and view all the answers

What is the default strategic position regarding PRMS implementation?

No implementation Signup and view all the answers

What does full PRMS implementation seek to achieve?

Integration of organizational risk management and PRM Signup and view all the answers

Why might an organization decide to rely on existing arrangements to embrace project risks?

In perhaps their more important compliance aspects Signup and view all the answers

What might severely tax the organization's resilience?

A degree of change resulting from PRMS implementation Signup and view all the answers

Why is it important to carefully consider the potential flow-on implications of PRMS implementation?

Due to the degree of change it may bring Signup and view all the answers

What is unlikely to be feasible unless the projects are short-term endeavors?

The capacity to trial PRMS on different project phases of several projects Signup and view all the answers

What is the primary focus of risk knowledge management strategies?

Managing 'how' the knowledge can be used Signup and view all the answers

What is the key consideration for risk response and treatment options?

Practical feasibility Signup and view all the answers

What should be avoided in risk knowledge capture strategies?

Copy and paste processes for reporting risk Signup and view all the answers

What is the primary purpose of PRMS maintenance and development?

To ensure continuous improvement Signup and view all the answers

What is the focus of risk response and treatment options?

Long-term sustainability Signup and view all the answers

What is a key consideration for establishing RID tool preference strategies?

Tool adaptability from any primary alternative use Signup and view all the answers

What is the primary focus of quantitative and qualitative risk analysis strategies?

Balancing high levels of probability and impact Signup and view all the answers

What is the primary focus of participation in PRM workshops?

Confined to people directly involved in risk management Signup and view all the answers

What should be avoided in strategic risk management to mitigate 'catastrophising'?

Confronting and encouraging self-recognition of its presence Signup and view all the answers

What is a key consideration for project contextualization?

Strategic fit of the project for the stakeholder organization Signup and view all the answers

What is a key consideration for quantitative risk analysis strategies?