Chapter 11 (Project Risk Management) Study Guide Rated A+

Plan Risk Management Tools and Techniques {Ans: Analytical Techniques, Expert Judgment, Meetings}Risk Probability and Impact Assessment {Ans: Investigates the likelihood that each specific risk will occur and the potential effect on a project objective such as schedule, cost, quality, or performance, including both negative effects for threats and positive effects for opportunites.}Identify Risks {Ans: The process of determining which risks may affect the project and documenting their characteristics. **Is an iterative process because new risks may evolve or become known as the project progresses.}Strategies for Negative Risks or Threats: Avoid {Ans: Involves changing the project management plan to eliminate the threat entirely. The project manager may also isolate the project objectives from the risk's impact or change the objective that is in jeopardy.}Modeling and Simulation {Ans: Uses a model that translates the specified detailed uncertainties of the project into their potential impact on project objectives. Iterative simulations are typically performed using the Monte Carlo techniques.}Plan Risk Responses Tools and Techniques {Ans: Strategies for Negative Risks or Threats, Strategies for Positive Risks or Opportunities, Contingent Response Strategies, Expert Judgment}