01
Front
How does a risk differ from an issue?
Back
A risk is an uncertain event that may happen; an issue is a problem that has already happened.
Free Online Flashcard Deck
5 Risk Planning and Responses Free Online FlashCards
Study 5 Risk Planning and Responses with 12 free online flashcards. Review key terms, definitions, and concepts with this interactive flashcard deck.
12 cards
02
Front
What are the main steps in project risk management?
Back
Identify uncertain events, assess likelihood and consequences, plan responses, assign responsibility, and monitor changes.
03
Front
What elements belong in a cause–event–effect risk statement?
Back
State the cause, the uncertain event it may lead to, and the effect on an objective. This makes the risk more actionable.
04
Front
What is a risk register for?
Back
It records risks and useful details such as the affected objective, probability, impact, priority, response, owner, trigger, and status.
05
Front
How does a qualitative probability–impact assessment help prioritize risks?
Back
Rate probability and impact with agreed scales, then use a probability–impact matrix to focus attention. Define ratings clearly and apply them consistently.
06
Front
How is a basic numeric risk score calculated, and what can’t it do?
Back
Multiply probability by impact when both use compatible scales. A score supports prioritization but does not replace judgment or agreed thresholds.
07
Front
What does it mean to avoid a project threat?
Back
Change the plan to eliminate the threat or its cause.
08
Front
How do secondary risk and residual risk differ?
Back
A secondary risk is a new uncertainty caused by a response; residual risk is what remains after the response. Record and assess both.
09
Front
What is a risk owner responsible for?
Back
The risk owner coordinates the response, monitors indicators, and reports status. This role does not authorize unilateral changes to approved baselines.
10
Front
What does a risk trigger indicate?
Back
A trigger is an observable condition indicating that a risk is becoming more likely or that a contingency should be activated.
11
Front
What should the team do when a risk occurs?
Back
It becomes an issue. Implement the contingency or corrective action, assess effects on objectives, and use change control if approved plans or baselines need adjustment.
12
Front
What is risk mitigation?
Back
Take action to reduce the threat’s likelihood or impact.
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