ITM750_Chap11_Risk_Management

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Patrik Steuer

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Patrik Steuer

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This flashcard set delves into university-level risk management within projects, covering essential concepts like risk analysis, techniques, and planning. It explores various risk types, their probabilities, impacts, and consequences, along with strategies like risk mitigation, transference, and acceptance. The flashcards also discuss tools such as decision trees, Monte Carlo analysis, and risk registers, along with techniques like brainstorming and the Delphi method. Ideal for project managers and students, this set provides a comprehensive overview of managing uncertainties and making informed decisions to achieve project objectives.

Karten

Lernende

Sprache

Englisch

Kategorie

BWL

Stufe

Universität

Erstellt / Aktualisiert

08.12.2013 / 10.06.2015

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Probability/impact matrix or chart

Lists the relative probability of a risk occurring and the relative impact of the risk occurring

Risk factors

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.

Top Ten Risk Item Tracking

Qualitative risk analysis tool

Watch list

List of risks that have low priority but are still identified as potential risks

Quantitative risk analysis

Main techniques include data gathering, analysis and modeling techniques, and expert judgment.

Decision tree

Diagramming analysis technique used to help select the best course of action when future outcomes are uncertain.

Expected monetary value (EMV)

Product of a risk event probability and the risk event?s monetary value.

Monte Carlo analysis

Simulates a model?s outcome many times to provide a statistical distribution of the calculated results

Risk avoidance

Usually by eliminating its causes.

Risk acceptance

Accepting the consequences of a risk if it occurs

Risk transference

Shifting the consequence of a risk and responsibility for its management to a third party. (negative risk)

Risk mitigation

Reducing the impact of a risk event by reducing the probability of its occurrence

Risk exploitation

Doing whatever you can to make sure the positive risk happens

Risk sharing

Allocating ownership of the risk to another party. (positive risk)

Risk enhancement

Changing the size of the opportunity by identifying and maximizing key drivers of the positive risk

Risk acceptance

Applies to positive risks when the project team does not take any actions toward a risk.

Residual risks

Risks that remain after all of the response strategies have been implemented

Secondary risks

Direct result of implementing a risk response

workarounds

Unplanned responses to risk events, when they do not have contingency plans in place

Risk control tools

Risk reassessment, risk audits, variance and trend analysis ?oololl,

risk

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

An uncertainty that can have a negative or positive effect on meeting objectives

Risk appetite

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Degree of uncertainty an entity is willing to take on, in anticipation of a reward

Risk tolerance

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Maximum acceptable deviation an entity Is willing to accept on the project or business objectives as the potential impact

Risk utility

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Amount of satisfaction or pleasure received from a potential payoff.

Risk neutral

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Person achieves a balance between risk and payoff

Risk-seeking

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Person has higher tolerance for risk and their satisfaction increases when more payoff is at stake

Risk averse

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Utility rises at a decreasing rate of risk

Known risks

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Risks that the project team has identified and analyzed

Unknown risks

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Risks that have not been identified and analyzed cannot be managed.

Risk management plan

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Documents the procedures for managing risk throughout the project

Contingency plans

Predefined actions that the project team will take if an identified risk event occurs. Sometimes the same as fallback plan

Fallback plans

Developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk do not work

Contingency reserves or contingency allowances

Provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level. For known risks

Management reserves

Are funds held for unknown risks

Project Success Criteria

Most important is User inolvement, before Management support and clear requirements. Competent staff isn?t so important

Market Risk

If the project creates a new product or service, will it be accepted?

Financial Risk

Can the organization afford to undertake the project? Will it meet ROI?

Technology risk

It is technically feasible?

People risk

Does the organization have the right skills? Is there management support?

Structure/process risk

What degree of change will the new project introduce into business?

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Lernkarten

Monte Carlo analysis

Simulates a model?s outcome many times to provide a statistical distribution of the calculated results

Risk avoidance

Usually by eliminating its causes.

Risk acceptance

Accepting the consequences of a risk if it occurs

Risk transference

Shifting the consequence of a risk and responsibility for its management to a third party. (negative risk)

Risk mitigation

Reducing the impact of a risk event by reducing the probability of its occurrence

Risk exploitation

Doing whatever you can to make sure the positive risk happens

Risk sharing

Allocating ownership of the risk to another party. (positive risk)

Risk enhancement

Changing the size of the opportunity by identifying and maximizing key drivers of the positive risk

Risk acceptance

Applies to positive risks when the project team does not take any actions toward a risk.

Residual risks

Risks that remain after all of the response strategies have been implemented

Secondary risks

Direct result of implementing a risk response

workarounds

Unplanned responses to risk events, when they do not have contingency plans in place

Risk control tools

Risk reassessment, risk audits, variance and trend analysis ?oololl,

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ITM750_Chap11_Risk_Management

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