4 Risk, Change, and Project Controls Free Online FlashCards

How do a risk, an issue, and a change differ?

A risk is an uncertain future event or condition; an issue is a problem that exists now; a change is a proposed or approved adjustment to a project artifact, baseline, or way of working.

What information belongs in a risk register?

A risk register records details such as a risk’s cause, uncertain event, potential effect, probability, impact, owner, response, and status.

How do qualitative and quantitative risk analysis differ?

Qualitative analysis prioritizes risks, often using probability-and-impact ratings. Quantitative analysis estimates effects numerically when project needs and available data justify it.

What is the responsibility of a risk owner?

A risk owner monitors an assigned risk and carries out its planned response.

What is an issue log used to track?

Use an issue log to track current problems, including their impact, priority, owner, due date, decisions, and resolution.

What must happen before changing an approved baseline?

Evaluate a proposed change’s effects and obtain the required authorization before altering an approved baseline, except under an established emergency procedure.

What should the team do after a change is approved?

After approval, update relevant plans, baselines, requirements, schedules, budgets, contracts, and records; inform affected people and verify implementation.

Does adaptive backlog reprioritization remove the need for governance?

Backlog refinement and reprioritization can occur within agreed decision rights, but changes to controlled boundaries—such as funding, contracts, or regulatory obligations—still need appropriate approval.

What should early procurement planning assess?

Assess what to make or buy, lead times, purchasing rules, supplier capability, market conditions, and risks such as dependency, quality, security, sustainability, and compliance.

How does a fixed-price contract distribute cost risk?

A fixed-price arrangement can give the buyer greater price predictability when requirements are clear, while placing more cost-overrun risk on the seller.

What is a key buyer responsibility under a cost-reimbursable arrangement?

A cost-reimbursable arrangement may suit uncertain work, but the buyer must manage and monitor costs.

How do interactive, push, and pull communication differ?

Interactive communication supports discussion and feedback; push communication sends information to recipients; pull communication makes information available for stakeholders to access.