Project risk management
7 important questions on Project risk management
List the steps of Risk management + Explain with keywords
Identify --> Risk types & WBS
Assess --> Quantification
Plan --> Define risk owner, use risk reponse strategy
Implement --> PM manages to risk
Monitor --> improve plan
Report
Risk reponse strateg: Give 3 threats, 3 opportunities and one neutral reponses
- Terminate
- Treat
- Transfer
- Exploit
- Enhance
- Share
- Take --> PM task to manage propperly
Complete risk register explain briefly
Likelihood --> LOW,MID,HIGH
Impact --> LOW,MID,HIGH
Mitigating -> Terminate, Treat, Transfer, Take, Share, Enhance, Exploit
Responsible --> Which stakeholder
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Rank cost estimating methods + Explain with one word
2. Analogous: Top-Down
3. Parametric: Related factoring
4. Analytical: Ground-up
What are the costs of quality, explain briefly
- Prevention: Reviewing, verifying designs
- Appraisal: Inspection, testing
- Internal: repair, redesign
- External: lost client, marketing costs (Outside control)
How to improve critical path
What is important to consider when you make statements about project health based on indices
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