Given a business project portfolio to evaluate, describe a process of identifying, categorizing and ranking project risks, along with the associated…

Given a business project portfolio to evaluate, describe a process of identifying, categorizing and ranking project risks, along with the associated opportunities to assist in project selection.

(1)  You should be able to identify

a.    what a risk is;

b.    what a stakeholder analysis is;

c.    the difference between qualitative and quantitative risk analysis;

d.    the benefits of proper risk management; and

e.    when initiation meetings should be used in risk management.

(2)  Be able to explain

a.    when stakeholder identification occurs and the importance of stakeholder analysis in risk management;

b.    the importance of a risk breakdown structure and when it’s used; and

c.    the importance of a risk register and when it’s used.

Given a project plan, identify, categorize, and rank potential project risks and develop appropriate responses and contingencies.

(1)  You should be able to identify

a.    risk identification methods;

b.    what a watch list is and when it’s used;

c.    when project assumptions are created and revisited; and

d.    tools and techniques used to identify risks.

(2)  Be able to explain

a.    how different tools and techniques used to identify risks are applied; and

b.    how to ensure qualitative risk analysis is performed consistently by various risk evaluators.

Given a set of project activities and risks, develop a risk register that categorizes all project risks, including risk impacts, risk probabilities, risk severity, and risk responses and contingencies.

(1)  You should be able to identify

a.    the difference between active and passive acceptance; and

b.    the difference between different risk response strategies (both negative and positive).

(2)  Be able to explain

a.    the difference risk response strategies.

Given a project in which activities have been scheduled and risks have been identified and ranked, develop a plan to monitor and control risk impacts as part of a project-review process that includes ongoing assessment of new risks.

(1)  You should be able to identify

a.    common tools for risk monitoring and control; and

b.    the purpose and key functions of risk monitoring and control.;

(2)  Be able to explain

a.    the function and process of performing a risk audit;

b.    the purpose of performing reserve analysis during risk management; and

c.    the characteristics of a good performance measurement system when used for risk monitoring and control.

Given various risk developments during a project process, planning to mitigate the risks and to communicate those risks to the appropriate stakeholders so that key decisions regarding risk management can be made.

(1)  You should be able to identify

a.    the importance of an initiation meeting;

b.    the purpose and importance of stakeholder analysis; and

c.    the importance of engaging stakeholders in risk management.

(2)  Be able to explain

a.    the importance of involving stakeholders in the creation of risk response plans;

b.    the role of the risk owner in risk management; and

c.    the difference between residual and secondary risks.

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