what is risk?
factors that have a negative impact on a projects performance
list types of risk.
SCORP
- schedule
- cost
- operational [ validity of assumptions ]
- req
- performance
what is the purpose of risk management?
- minimizes effect of risk on performance
- identifies, calculates probability and consequence of a risk
risk management revolves around ________ and _________ ?
MAC
- risk assessment [identification, analysis, priority ]
- risk control [ planning, resolution, monitoring ]
what activities are undertaken under risk assessment?
risk:
- identification
- analyzation
- prioritization
what activities are undertaken under risk control?
risk:
- management plan
- resolution
- monitoring
________ produces list of risks with potential to disrupt a project’s schedule?
risk identification
what are the sub activities of risk identification?
ACDD
- assumption analysis
- checklist
- decision driven analysis
- decomposition driven analysis
what are components of a risk identification checklist?
What Would Devi Do? UR PG
- wrong ui
- wrong sw functionality
- dependency of technology
- dependency on external components
- unrealistic schedule and budget
- req changes
- personnel shortfalls
- gold plating
___________ analyzes all non technical decisions taken?
decision driven analysis
________ looks for optimistic assumptions?
assumption analysis
[ no one will quit, nothing goes wrong, on time delivery … ]
________ analyzes modules of the project?
decomposition analysis
[ 20% of modules cause 80% of the problems ]
what are the 2 main methods of risk analysis?
- estimate size of loss - easier to do
- estimate probability of loss
what does estimating the probability of loss entail in risk analysis?
- is subjective
- uses Delphi or other group consensus
- gambling analogies
- adjective calibration [ highly, likely, probably ]
what other approaches can be used to analyze risk? explain them.
decision analysis - calculates risk probability of a decision
network analysis - a critical feature not being done on time
quality factor analysis - surrounding quality attributes
performance analysis - using early simulations
____________ determines the impact of each risk?
risk prioritization
what is RE?
risk exposure is a prioritization technique that measures:
- expected value of loss due to a particular risk
how do we calculate RE?
RE = probability * size
calculate RE for:
1. Risk is “Facilities not ready on time”
Probability is 25%, size is 4 weeks.
2. Ex: risk is “Inadequate design – redesign required” Probability is 15%, size is 10 weeks
- RE = 0.25 * 4 = 1 week
- RE = 1.5 weeks
define risk control
unlike risk assessment, it involves the PM taking active measures to minimize impact of risk
during risk management planning, the plan for each risk needn’t be ___________ or ___________ ?
extensive or elaborate
what are the five components of Risk Management Planning?
why, what, who, how, how
- why is risk important
- what should be delivered
- who will handle risk management activities
- how many resources are needed
- how will risk be minimized
what are Risk management planning strategies?
ARRT
- avoidance
- reduce
- retain [ acceptance ]
- transfer [ insurance ]
____________ is the implementation of risk management planning?
risk resolution
