01
Front
What does likelihood mean in risk analysis?
Back
Likelihood is the chance that a risk event will occur.
Free Online Flashcard Deck
3 Risk Analysis and Prioritization Free Online FlashCards
Study 3 Risk Analysis and Prioritization with 12 free online flashcards. Review key terms, definitions, and concepts with this interactive flashcard deck.
12 cards
02
Front
What does impact mean in risk analysis?
Back
Impact is the size of the effect if the risk event occurs.
03
Front
Which objectives can a risk affect?
Back
Consider effects on relevant objectives such as cost, schedule, scope, quality, safety, and performance; identify whether each effect is a threat or an opportunity.
04
Front
What likelihood bands does the example scale illustrate?
Back
The illustrative likelihood bands are low: under 20%, medium: 20%–50%, and high: over 50%.
05
Front
Why define project-specific risk rating scales?
Back
Define rating scales for the project. Terms such as “high” can mean different things to different teams, so thresholds should fit the project's context and risk tolerances.
06
Front
What does a probability–impact matrix do?
Back
A probability–impact matrix combines likelihood and impact ratings to group risks into priority bands.
07
Front
What is a key limitation of numerical risk scores?
Back
A numerical score is a ranking aid, not a precise measure of risk or a replacement for judgment. Risks with equal scores may still warrant different responses.
08
Front
What does urgency add to risk prioritization?
Back
Urgency concerns how soon a risk may occur or when action is needed. A lower-rated risk may still need prompt attention if its trigger is near or its response takes time.
09
Front
What is risk exposure, and what should remain visible?
Back
Exposure summarizes the combined likelihood and consequence. Keep the underlying likelihood, impact, and rationale visible because a single score can hide differences.
10
Front
What factors should inform risk prioritization?
Back
Consider likelihood, impact on objectives, urgency, uncertainty in the assessment, and dependencies with other risks.
11
Front
Which risks should be escalated?
Back
Escalate risks that exceed agreed thresholds or threaten safety, legal obligations, or critical objectives.
12
Front
What should a watch-list risk have?
Back
Record a review trigger for each watch-list risk so the team knows when to reconsider its status.
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