Risk exploitation involves doing whatever you can to make sure the positive risk happens. _____ involves allocating ownership of the risk to another party. Risk sharing involves allocating ownership of the risk to another party. Show
Which action involves shifting the consequences of a risk and responsibility for its management to a third party?Risk transfer is a common risk management technique where the potential loss from an adverse outcome faced by an individual or entity is shifted to a third party. Which action involves shifting the consequence of a risk and responsibility for its management to a third party quizlet?Risk transference involves shifting the negative impact of a risk, along with the ownership of the response, to a third party. Which action involves shifting the consequence of a risk and responsibility?Transference – Shift the impact of a risk to a third party (like a subcontractor). It does not eliminate it, it simply shifts responsibility. Mitigation – Take steps to reduce the probability and/or impact of a risk. Taking early action, close monitoring, more testing, etc. Which is an example of a pre initiation task?Which is an example of a pre-initiation task? Initiating processes take place during each phase of a project. What tool provides a basis for creating the project schedule and performing earned value management for measuring and forecasting project performance? Identifying the project sponsor is a pre-initiation task. Which of the following involves developing an approximation of the costs of resources needed to complete a project?Cost estimation involves developing an approximation of the monetary resources needed to complete project activities. Which action involves reducing the impact of a risk event by reducing the probability of its occurrence group of answer choices?INTRODUCTION. The ultimate purpose of risk identification and analysis is to prepare for risk mitigation. Mitigation includes reduction of the likelihood that a risk event will occur and/or reduction of the effect of a risk event if it does occur. Which action involves reducing the impact of a risk event by reducing the probability of its occurence?Risk Mitigation. After the risk has been identified and evaluated, the project team develops a risk mitigation plan, which is a plan to reduce the impact of an unexpected event. The project team mitigates risks in various ways: Risk avoidance. Which are unplanned responses to risk events?WORKAROUNDS: These are unplanned responses developed to deal with the occurrence of unanticipated events or problems on a project. Which action involves eliminating a specific threat usually by eliminating its causes quizlet?ANSWER: a Risk avoidance involves eliminating a specific threat, usually by eliminating its causes. 42. Which action involves reducing the impact of a risk event by reducing the probability of its occurrence? What does roam mean in safe agile?ROAM is an acronym that stands for Resolve, Own, Accept, and Mitigate — four potential actions for how to handle a potential risk. The goal of the ROAM risk management approach is to help organizations make sure all potential risks are being dealt with appropriately. What does the process of controlling costs primarily involve?The process of controlling costs primarily involves: managing changes to the project budget. Which action involves allocating ownership of the risk to another party?Share. Sharing a positive risk involves allocating ownership to a third party who is best able to capture the opportunity for the benefit of the project. How do we approach risk management?The basic methods for risk management—avoidance, retention, sharing, transferring, and loss prevention and reduction—can apply to all facets of an individual’s life and can pay off in the long run. Here’s a look at these five methods and how they can apply to the management of health risks. What process provides enterprise environmental factors as an output?What are the Enterprise Environmental Factors? … The EEF have effects on the projects, organizations and project teams. It can be classified as internal EEF and external EEF. Note that Enterprise Environmental Factors are an output of the executing process of project human resource management. What is pre initiation task?In the pre-initiation phase focus is on identifying the reasons for the project both on project level and at partner level. Further, focus is on setting the frames for the project. At present the identified issues that need to be addressed are: Purpose and goal. What is one of the main outputs of the initiation process group of answer choices?The two outputs from initiating process group processes necessary to start planning are the project charter and the stakeholder register. These two documents provide the starting point for planning a project. What type of management includes the process required to ensure that a project team completes a project?The project life cycle includes the steps required for project managers to successfully manage a project from start to finish. There are 5 phases to the project life cycle (also called the 5 process groups)—initiating, planning, executing, monitoring/controlling, and closing. What is initiation of a project?Project initiation is the first phase of the project management life cycle and in this stage, companies decide if the project is needed and how beneficial it will be for them. The two metrics that are used to judge a proposed project and determine the expectations from it are the business case and feasibility study. What type of management includes the process required to ensure?Terms in this set (10) Project Scope Management includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully. What type of management includes the process required to ensure that a project team completes a project within an approved budget?Project cost management is the process of estimating, budgeting and controlling costs throughout the project life cycle, with the objective of keeping expenditures within the approved budget. it’s completed within budget. What are the examples of risk management?An example of risk management is when a person evaluates the chances of having major vet bills and decides whether to purchase pet insurance. The process of assessing risk and acting in such a manner, or prescribing policies and procedures, so as to avoid or minimize loss associated with such risk. What is risk management when it comes to computing?Risk management includes securing corporate systems, networks, and data, ensuring availability of systems and services, planning for disaster recovery and business continuity, complying with government regulations and license agreements, and protecting the organization against an increasing array of threats such as … What is risk and risk management?Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. These risks stem from a variety of sources including financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents and natural disasters. Which process that involves prioritizing risks for further action or analysis by assessing the impact and the probability of occurrence?Perform Qualitative Risk Analysis is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact. The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks. Which of the following is not a risk control activity?
What are the risk responses?Risk responses are options and actions that enhance opportunities or reduce threats. The PMRT, PRM, PM or project team decide upon the response action to risks listed in the risk register. How do you respond to risks?
Which action involves shifting the consequence of a risk and responsibility for its management to a third party quizlet?Risk transference involves shifting the negative impact of a risk, along with the ownership of the response, to a third party. Which of the following technique will ensure that impact of risk will be less?Risk Contingency Technique ensures impact of risk will be less – Risk analysis and management. Which action applies to positive risks when the project team Cannot or chooses not to take any actions toward a risk?Risk acceptance applies to positive risks when the project team cannot or chooses not to take any actions toward a risk. Which action involves shifting the consequence of a risk and responsibility for its management to a third party group of answer choices?Risk transfer is a common risk management technique where the potential loss from an adverse outcome faced by an individual or entity is shifted to a third party. Which action involves shifting the consequence of a risk and responsibility?Transference – Shift the impact of a risk to a third party (like a subcontractor). It does not eliminate it, it simply shifts responsibility. Mitigation – Take steps to reduce the probability and/or impact of a risk. Taking early action, close monitoring, more testing, etc. What is a risk owner and what is the risk owner’s role in the risk response plan?A risk owner is an accountable point of contact for an enterprise risk at the senior leadership level, who coordinates efforts to mitigate and manage the risk with various individuals who own parts of the risk. Who is responsible for identifying risks in a new project?3. Risk Ownership. The ground rule is that responsibility for managing all risks in the project lies with the project manager. Based on this ground rule a Risk Owner (who is not necessarily the project manager) must be determined and named in the Risk Register. What is a risk owner?Risk Owner: The individual who is ultimately accountable for ensuring the risk is managed appropriately. There may be multiple personnel who have direct responsibility for, or oversight of, activities to manage each identified risk, and who collaborate with the accountable risk owner in his/her risk management efforts. What is a safety risk?A health and safety risk will depend on a chance, either high or low, of any worker to be harmed by a particular hazard. A risk will mean anything that can cause harm to the worker in the working environment; such as chemicals, electrical, radioactivity, biological hazards, employee behavior, and other factors. What is Cadence based planning?Cadence is a rhythmic pattern of events that provides the steady heartbeat of the development process. It makes routine everything that can be routine, so developers can focus on managing the variable part of solution development. What are two ways to describe a cross-functional agile team SAFe?The SAFe Agile team is a cross-functional group of 5-11 individuals who can define, build, test, and deploy an increment of value in a brief timebox. These teams have the authority and accountability to manage their own work, which increases productivity and reduces time-to-market. What are the cost management processes?Cost management is the process of estimating, allocating, and controlling project costs. The cost management process allows a business to predict future expenses to reduce the chances of budget overrun. Projected costs are calculated during the planning phase of a project and must be approved before work begins. What processes are included in cost control list and describe five processes?The control function can be viewed as a five-step process: (1) Establish standards, (2) Measure performance, (3) Compare actual performance with standards and identify any deviations, (4) Determine the reason for deviations, and (5) Take corrective action, if needed. What are the four processes of cost management?
Which action involves shifting the consequence of a risk and responsibility for its management to a third party?Risk transfer is a common risk management technique where the potential loss from an adverse outcome faced by an individual or entity is shifted to a third party.
Which one of these is a response to positive risks quizlet?Which of these is a valid response to positive risks? Risk mitigation is a response to negative risks and not positive risks. Positive risks may be responded by - "Exploit", "Enhance", "Share", "Accept".
Which process involves determining what risks are likely to affect?Risk identification involves determining which risks might affect the project and documenting their characteristics. Risk identification is an ongoing process and should be performed throughout the project.
Which action involves reducing the impact of a risk event by reducing the probability of its occurrence?Mitigate. Mitigation reduces the probability of occurrence of a risk or minimizes the impact of the risk within acceptable limits.
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Which action involves doing whatever you can to make sure the positive risk happens quizlet?
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