Deck 35: Risk Management

Question 1

Describe the process of building a risk table.

Answer 1

Project teams begin by listing all risks.Each risk is categorized by type and its probability is estimated.The impact value of each risk is assessed.Risk probability and impact are used to sort the table.Risks are then classified as high impact or low impact by defining a "cutoff" line.High impact risks (those above the line)receive management attention.

Question 2

How are project risks different from technical risks?

Answer 2

Project risks threaten the project plan,if they become real the schedule may slip or the cost will increase.Technical risks threaten the product quality or timeliness,if they become real implementation becomes more difficult or impossible.

Question 3

List three issues that must be dealt with in an effective strategy for dealing with risk.

Answer 3

Risk avoidance,risk monitoring,risk management & contingency planning
Final Exam Question

Question 4

Describe all activities that must occur in order to produce a Risk Mitigation,Monitoring,and Management Plan.