RISK

PRO 3003Pam Soderholm

Welcome To Class!

What is PMI’s Definition of Risk?

An Uncertain Event or Condition That, If It Occurs, Has A Positive or Negative

Effect on Project Objectives.

QUALITY

RISK

The Three Themes That Represent an Organizations Attitude Towards Risk Are:

Risk Appetite: The degree of uncertainty an entity is willing to take on in anticipation of a rewards.

Risk Tolerance: The degree of risk that an entity will withstand.

Risk Threshold: Measures along a level of uncertainty. Below the threshold risk will be accepted, above the threshold it will not be accepted.

RISK

Which Risk Response Strategy Will Reduce The Probability or Impact of Known Risks?

A) Transfer Risk

B) Mitigate

C) Share

D) Accept

RISK

“Risk comes from not knowing what you’re doing.”

- Warren Buffett

RISK

RISK

Control Risks is The Process of Implementing Risk Response

Plans and Identifying New Risks

TRUEor

FALSE

What is PMI’s Definition of a Project?

RISK

A Temporary Endeavor Undertaken to Create a Unique Product, Service, or

Result.

RISK

Eight Generic Risk Response Strategies:

• Avoid• Transfer• Mitigate• Accept• Exploit• Share• Enhance• Accept

The Tool Below Is Used to Address Risk, What Is It Called?

A) Risk Response Plan

B) Risk Responsibility Chart

RISK

C) Risk Identification Chart

D) Risk Management Matrix

What is PMI’s Definition of Project Management?

RISK

The Application of Knowledge, Skills, Tools, and Techniques to Project

Activities to Meet The Project Requirements.

“Risk is like fire: if controlled it will help you; if uncontrolled it will rise

up and destroy you.- Theodore Roosevelt

RISK

What is a Known Risk?

A Risk That Has Been Identified and Analyzed, Making It Possible To Plan

Responses.

RISK

Pam’s Definition of Risk:

An Opportunity to Fail or Succeed

RISK