7 Monitoring, Controlling, and Communicating Project Risks Free Online FlashCards

What is a risk indicator?

An observable measure or warning sign that shows whether a risk is changing in likelihood or consequence, or nearing occurrence.

What is a risk trigger?

A threshold or event that signals a planned response should begin or that the risk has become an issue.

What key information should a risk register contain for each significant risk?

Record the risk description and potential effect, owner, indicators or triggers and their checks, and the response, action owner, due date, and status.

What should regular project risk reviews examine?

Check whether existing risks have changed, new risks have emerged, and planned actions are working. Review relevant evidence such as schedule, cost, quality, dependencies, suppliers, and assumptions.

How should teams reassess a project's risk exposure?

Reassess likelihood and impact using agreed project scales, considering effects on scope, time, cost, quality, safety, and expected benefits.

What should happen when an uncertain risk event occurs?

Manage it as an issue with an owner and action plan, and record any remaining risks the issue creates.

How should teams put an agreed risk response into action?

Integrate actions into the schedule, budget, and assigned work; confirm owners, deadlines, dependencies, and approval requirements.

What should a useful risk report or dashboard communicate?

Tailor timely updates to stakeholder responsibilities. Summarize significant exposures, changes, indicators and triggers, response progress, residual exposure, and decisions or support needed.

What should teams capture when recording lessons from a risk response?

Capture what happened, its cause, which indicators warned of it, whether the response worked, and what should change in future practice. Apply useful lessons to the current project too.

What makes a risk indicator useful in a dashboard?

Choose relevant, observable indicators. A useful dashboard shows their trends and whether they crossed agreed thresholds, not just a risk rating without context.

How should teams set the frequency of risk reviews?

Set review frequency in proportion to risk level, pace of change, and project context; review urgent or rapidly changing exposures more often.

What is a secondary risk, and how might a backup supplier create one?

A response can create secondary risks. For example, a backup supplier may reduce delay exposure but introduce extra cost or integration risk.