Chapter 11

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1.

Acceptance Avoidance

Risk _________ involves accepting the consequences should a risk occur Risk _________ involves eliminating a specific threat or risk, usually by eliminating its causes These plans are predefined actions that the project team will take if an identified risk event occurs A diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain This technique is used to derive a consensus among a panel of experts who make predictions about future developments The product of a risk event probability and the risk event's monetary value Risk ___________ is changing the size of an opportunity by identifying and maximizing key drivers of the positive risk Risk _______ refer to specific, uncertain events that may occur to the detriment or enhancement of the project Risk ________ is doing whatever you can to make sure the positive risk happens These plans are developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective Diagrams that show how various elements of a system relate to each other Diagrams that represent decision problems by displaying essential elements, including decisions, uncertainties and objectives, and how they influence each other This is a fact-finding technique for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions Risks that the project team has identified and analyzed and can be managed proactively Risk _______ is reducing the impact of a risk event by reducing the probability of its occurrence This analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results

17.

Probability

2.

A ________/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other Contingency________ or allowances are provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level These risks remain after all of the response strategies have been implemented Risk ________ planning is taking steps to enhance opportunities and reduce threats to meeting project objectives An uncertainty that can have a negative or positive effect on meeting project objectives Having a low tolerance for risk This structure is a hierarchy of potential risk categories for a project Numbers that represent the overall risk of specific events based on their probability of occurring and the consequences to the project if they do occur A plan that documents the procedures for managing risk throughout a project Balancing risk and payoff The person who will own or take responsibility for each risk A document that contains the results of various risk management processes and that is often displayed in a table or spreadsheet format This type of project has significant cost or schedule overruns and often does no risk management at all These risks are a direct result of implementing a risk response Risk _______ people have a high tolerance for risk This analysis is a technique used to show the effects of changing one or more variables on an outcome Risk ______ involves allocating ownership of the risk to another party The amount of satisfaction or pleasure received from a potential payoff; also called risk utility

3.

Contingency

18.

Reserves

4.

Decision tree

19.

Residual Response

20.

5.

Delphi

21.

Risk Risk averse Risk breakdown Risk Factors

6.

EMV Enhancement

22. 23.

7.

24.

8.

Events

9.

Exploitation Fall Back

25.

Risk management Risk neutral Risk owner Risk register

10.

26. 27.

11.

Flow charts Influence

28.

12.

29.

Runaway

13.

Interviewing

30.

Secondary Seeking Sensitivity

14.

Known Mitigation

31.

15.

32.

16.

Monte Carlo

33.

Sharing Tolerance

34.

35.

Top ten Transference Triggers Unknown Utility Watch list Work arounds

The ________ Risk Item Tracking is a qualitative risk analysis tool that helps to identify risks and maintain an awareness of risks throughout the life of a project Risk __________ occurs when the consequences of a risk and responsibility for its management are shifted tp a third party Indicators or symptoms of actual risk events Risks that have not been identified and analyzed so they cannot be managed proactively Risk _______ or risk tolerance is the amount of satisfaction or pleasure received from a potential payoff A list of risks that are low priority, but are still identified as potential risks Unplanned responses to risk events that must be done when there are no contingency plans

36.

37. 38. 39. 40. 41.