Project Management Chapter 11

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Risk utility rises at a decreasing rate for a _____ person.

risk-averse

Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.

risk-seeking

A _____ person achieves a balance between risk and payoff.

risk-neutral

_____ involves deciding how to approach and plan the risk management activities for the project.

Planning risk management

_____ involves determining which risks are likely to affect a project and documenting the characteristics of each.

Identifying risks

_____ involves prioritizing risks based on their probability and impact of occurrence.

Performing qualitative risk analysis

_____ involves numerically estimating the effects of risks on project objectives.

Performing quantitative risk analysis

_____ involves taking steps to enhance opportunities and reduce threats to meeting project objectives.

Planning risk responses

_____ involves monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project.

Controlling risk

Identifying risks is a subprocess of the _____ process of project risk management.

planning

Performing qualitative and quantitative risk analyses are subprocesses of the _____ process of project risk management.

planning

_____ are predefined actions that the project team will take if an identified risk event occurs.

Contingency plans

Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.

procurement

_____ is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions.

Interviewing

A(n) _____ represents decision problems by displaying essential elements, including decisions, uncertainties, causality, and objectives, and how they influence each other.

influence diagram

The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.

probability/impact matrix

_____ are/is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks.

Top Ten Risk Item Tracking

A(n) _____ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.

decision tree

_____ analysis simulates a model’s outcome many times to provide a statistical distribution of the calculated results.

Monte Carlo

What is the first step in a Monte Carlo analysis?

Assess the range for the variables being considered.

A _____ is a technique used to show the effects of changing one or more variables on an outcome.

sensitivity analysis

_____ involves eliminating a specific threat, usually by eliminating its causes.

Risk avoidance

_____ involves shifting the consequence of a risk and responsibility for its management to a third party.

Risk transference

_____ involves reducing the impact of a risk event by reducing the probability of its occurrence.

Risk mitigation

_____ involves doing whatever you can to make sure the positive risk happens.

Risk exploitation

_____ involves allocating ownership of the risk to another party.

Risk sharing

_____ involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk.

Risk enhancement

_____ applies to positive risks when the project team cannot or chooses not to take any actions toward a risk.

Risk acceptance

_____ risks refer to those that are direct results of implementing risk responses.

Secondary

_____ are unplanned responses to risk events used when project teams do not have contingency plans in place.

Workarounds

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