6 Questions
What are risks that have a positive effect on projects called?
Opportunities
Which project management approach's risk management processes should be followed in a predictive (waterfall) project according to the text?
Predictive
What should be developed for significant remaining risks after the planned risk responses have been implemented?
Contingency plan
Which of the following is NOT a characteristic of uncertainties according to the text?
Clear understanding and awareness of events
What do risks that are expected to remain after planned responses and those deliberately accepted have in common?
They are residual risks
'A state of being unclear' is associated with which term according to the text?
Uncertainties
Study Notes
Uncertainty Performance Domain
- Critical for delivering project outcomes regarding risks
- Involves risk management processes in the planning process group for predictive (waterfall) projects
Understanding Uncertainty
- Lack of understanding or awareness of issues, events, paths to follow, or solutions to pursue
- State of being unclear, having difficulty in identifying the cause of events, or having multiple options to choose
Risks and Opportunities
- Uncertain event or condition with a positive (opportunity) or negative (threat) effect on project objectives
- Opportunities have a positive effect on projects
- Threats have a negative effect on projects
Residual Risk
- Risks remaining after planned risk responses have been implemented
- Includes risks deliberately accepted by the organization
- Contingency plan required if residual risk is considered significant
Learn about the Uncertainty Performance Domain in project management, which focuses on activities critical for effective project outcomes related to risks. Explore the risk management processes needed for predictive (waterfall) projects to achieve desirable results.
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