Study Guide To Pmp 7ed Risk Management - Pmp Certification

DOMAIN II PROCESS50% ------------------------------------------------------------------------------------------------------------------------------------------- (1.0) uncertain event or condition, that if it occurs, has a positive or negative effect on a project's objective Risk may be profit or loss Risk must be related to project goals (affected project outcomes). Risk related to project future (Uncertainty - 100% > probability> 0) - should be not wait until risk occurred Loss related to project past (Certainty = 100%). The process of defining how to conduct risk management activities for a project. The process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics. process of prioritizing individual project risks for analysis by assessing probability of occurrence and impact other characteristics. process of numerically analysing combined effect of identified individual project risks, sources of uncertainty on project objectives. process of developing options, selecting strategies, agreeing on actions to address overall project risk exposure, to treat individual project risks. The process of implementing agreed-upon risk response plans. process of monitoring implementation of agreed response plans, identified risks and new risks, evaluating risk process effectiveness throughout project. Risk originates from a wide range of known and unknown causes within and outside the business environment. Risk development is indicated