Which action involves reducing the impact of a risk event by reducing the probability of its occurrence?

Identifying risks is a subprocess of the _____ process of project risk management. Inhaltsverzeichnis Show Which risk strategy reduces the impact of a risk event by reducing the probability of its occurance? Which process involves prioritizing risk based on their probability and impact of occurrence? Which action involves doing whatever you can to make sure the positive risk happens quizlet? Which action involves shifting the consequence of risk and responsibility for its management to a third party?	planning
Risk utility rises at a decreasing rate for a _____ person.	risk-adverse
The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.	probability/impact matrix
The main outputs of which process include a risk register, risk report, and project documents updates?	identifying risks
Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.	risk-seeking
Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.	procurement
What is the first step in a Monte Carlo analysis?	Collect the most likely, optimistic, and pessimistic estimates for the variables in the model.
What process involves deciding how to approach and plan the risk management activities for the project?	planning risk management
Which action involves eliminating a specific threat, usually by eliminating its causes?	risk avoidance
Which action involves reducing the impact of a risk event by reducing the probability of its occurrence?	risk mitigation
Which action applies to positive risks when the project team cannot or chooses not to take any actions toward a risk?	risk acceptance
Which action involves allocating ownership of the risk to another party?	risk sharing
Which action involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk?	risk enhancement
Which action involves doing whatever you can to make sure the positive risk happens?	risk exploitation
Which action involves shifting the consequence of a risk and responsibility for its management to a third party?	risk transference
Which analysis technique simulates a model’s outcome many times to provide a statistical distribution of the calculated results?	Monte Carlo
Which diagramming technique is used to help select the best course of action in situations in which future outcomes are uncertain?	decision tree
Which document contains results of various risk management processes; it is often displayed in a table or spreadsheet format?	risk register
Which is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions?	interviewing
Which process involves determining what risks are likely to affect a project and documenting the characteristics of each?	identifying risks
Which process involves monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project?	monitoring risk
Which process involves numerically estimating the effects of risks on project objectives?	performing quantitative risk analysis
Which process involves prioritizing risks based on their probability of occurrence and impact?	performing qualitative risk analysis
Which process involves taking steps to enhance opportunities and reduce threats to meeting project objectives?	planning risk responses

There are four possible risk response strategies for negative risks:

Avoid – eliminate the threat to protect the project from the impact of the risk. An example of this is cancelling the project.
Transfer – shifts the impact of the threat to as third party, together with ownership of the response. An example of this is insurance.
Mitigate – act to reduce the probability of occurrence or the impact of the risk. An example of this is choosing a different supplier.
Accept – acknowledge the risk, but do not take any action unless the risk occurs. An example of this is documenting the risk and putting aside funds in case the risk occurs.

There are also four possible risk responses strategies for positive risks, or opportunities:

Exploit – eliminate the uncertainty associated with the risk to ensure it occurs. An example of this is assigning the best workers to a project to reduce time to complete.
Enhance – increases the probability or the positive impacts of an opportunity. An example of this adding more resources to finish early.
Share – allocating some or all of the ownership of the opportunity to a third party. An example of this is teams.
Acceptance – being willing to take advantage of the opportunity if it arises but not actively pursuing it. An example of this is documenting the opportunity and calculating benefit if the opportunity occurs.

Which risk strategy reduces the impact of a risk event by reducing the probability of its occurance?

Risk mitigation means reducing the impact of a risk event by reducing its probability of occurrence.

Which process involves prioritizing risk based on their probability and impact of occurrence?

Performing qualitative risk analysis involves: prioritizing risks based on their probability and impact of occurrence.

Which action involves doing whatever you can to make sure the positive risk happens quizlet?

occurrence. _____ involves doing whatever you can to make sure the positive risk happens. Risk exploitation involves doing whatever you can to make sure the positive risk happens.

Which action involves shifting the consequence of risk and responsibility for its management to a third party?

Risk transfer is a common risk management technique where the potential loss from an adverse outcome faced by an individual or entity is shifted to a third party.

Which action involves reducing the impact of a risk event by reducing the probability of its occurrence?

Which risk strategy reduces the impact of a risk event by reducing the probability of its occurance?

Which process involves prioritizing risk based on their probability and impact of occurrence?

Which action involves doing whatever you can to make sure the positive risk happens quizlet?

Which action involves shifting the consequence of risk and responsibility for its management to a third party?

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