Study Cards on risk, risks, ranking
- It examines and prioritizes the risks based on their probability of their occurrence and the impact on the project if they did occur.
- The ranking of the risks by priority guides the consecutive risk reaction process.
- To evaluate the risk management plan
- To use the risks from the risk register
- Look at the status of the project and the project type
- Check the data behind the risks
- Use the risk management model of the organization
- Check the assumptions
- Risks that require additional analysis
- Which risks may be proceeded directly in risk response planning
- The non-critical risks
- It prioritizes risks
- Cardinal scales (0.01 - 1.0)
- Ordinal scales - common terms like very likely or RAG
- Red condition - high impact , high probability
- Amber condition - higher in impact and probability
- Green condition - low in impact and / or probability
- the biased nature of the ranking
- the accuracy of the data submitted
- and the reliability of the biased ranking submitted
to examine risk scores
- level of understanding of project risk
- available data and information
- quality of the data and information
- reliability of the data about the identified risk
- The overall risk ranking of the project
- Risk categories
- Near-term risks
- Risks requiring additional analysis
- Low priority watch list
- Trends in qualitative analysis - allowing the project manager to respond to root causes, predict trends to eliminate, or respond to the risks within the project.
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