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Risk Management
Risk Management involves the identification and analysis of loss exposures to persons and entities. It also addresses the kinds of actions that may be taken to minimize the financial impact of those risks, such as risk avoidance, risk reduction and risk transfer. This topic should address types of risk (for example, "pure" risk vs. "financial" risk) and should differentiate between personal risk management techniques and commercial risk management techniques. In the latter respects, the topic can dovetail into many issues addressed in the Insurance topic.
2,845 Questions
Develop controls and make risk decisions
what are the five categories of emplyees that are excluded from the basic conditions of emloyment act
You should develop controls and make risk decisions.
What are the five steps in opsec process?
Identify Critical Information
Analyze the Threat
Assess Risk
Apply Countermeasures
Analyze Vulnerabilities
In Project Management, a risk trigger is an identified measure or indicator that signals to the project that the risk event may occur.
the risk is that your project may run away from you and suicide by jumping off the clip or it may even stop talking to you. There are chances that it may burn itself up if you make a new project and ignore this one. Your project might even lock itself up in your washroom, so if your toilet doesn't open up......understand for yourself that your project is angry with you!
at-risk is hypenated because the pronoun at cannot stand alone.
What are the four domains of the risk management framework?
There are 4 key domains in this Risk Management Framework. They are:
1. Risk Communication
2. Risk Analysis
3. Risk Response Planning &
4. Risk Governance
What are pure risks in project management?
Pure Risks are those risks that cause only losses. Typically, most of these Pure Risks are Insurable. They can be further sub-classified as:
a. Direct Property Damage Risks - Risks that arise out of property damage due to natural calamities like floods, fire etc
b. Indirect Property Damage or Losses. Ex: Business Operations are disrupted, Removal of Debris due to a direct property damage, inability to finance expenses etc
c. Legal Liabilities - Lawsuits for injury to people or damages claimed due to faulty design etc
d. Personnel Related - Injury and liability due to injury to employees which includes medicaltreatment, maintenance as well as replacement labor cost
What are known risks in project management?
Known Risks are those risks where the Risk is Clear and there is no unknown information about the risk. In other words No Uncertainty Exists
What are known unknown risks in project management?
Known Unknowns are those risks where we are well aware of the risk but we do not know when it will occur or what the impact will be. For ex: When we buy a car, we know that it needs to be serviced regularly otherwise it will breakdown. This is a known risk. Just exactly when the car will breakdown is the unknown part of this risk. Isn't it?
What are unknown unknown risks in project management?
Unknown Unknowns are those where we are practically clueless about either the risk or its impact or its timeliness. What would happen if a Tsunami were to strike the coast tomorrow morning while we are jogging? Is this something we can plan or foresee?
Can you classify risks based on the Project Objective a risk would impact?
Yes. we can also classify risks based on the Project Objective a risk would impact. They are:
a. Scope Risks - Risks that are related to changes to the Project Scope (Ex: Scope Creep)
b. Quality Risks - Risks that are related to the Projects Quality Standards (Ex: Missing Quality checks)
c. Schedule Risks - Risks that are related to the Projects Schedule (Ex: Missed Delivery dates)
d. Cost Risks - Risks that are related to the Projects cost (Ex: Budget Overruns)
What are the benefits of the PMI RMP Certification?
As with any globally recognized certification, there are multiple benefits of taking this PMI Risk Management Professional certification. Some of them are:
1. It is a Qualification of Knowledge
2. Better Salary
3. Career Advancement
4. Displays a Commitment to the profession of Project Management
What is the Fees for the PMI RMP Certification?
The fee's depends on whether you are a PMI Member or not at the time of submitting the application. The fee structure would be as follows:
For Members:
1. Exam Fees (Computer Based) - USD 520
2. Re-Exam Fees (Computer Based) - USD 335
3. Certification Renewal Fee - USD 60
For Non-Members:
1. Exam Fees (Computer Based) - USD 670
2. Re-Exam Fees (Computer Based) - USD 435
3. Certification Renewal Fee - USD 150
What is step three of Composite risk management?
Step 3 of composite risk management will be Qualitative Risk Analysis. The steps in composite risk management are:
1. Plan Risk Management - Risk management planning is the process used to decide how the risk management activities for the project at hand will be performed.
2. Identify Risks - The Identify Risk Process is the process where we actually identify all those uncertain events that might affect our project or its outcome.
3. Perform Qualitative Risk Analysis - This is the process where we assess the Probability of the Risk event occurring and the Impact of the same. At the end of this process we will have a prioritized list of risks that we need to analyze further.
4. Perform Quantitative Risk Analysis - This is the process where we take the prioritized list of risks and apply mathematical analysis on them.
5. Plan Risk Responses - This is the process where we will be deciding how we are going to handle the risks identified & analyzed in the previous processes if they occur.
6. Monitor & Control Risks - This is the process where we monitor the identified risks and identify & respond to new risks as they appear.
