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Program Risk Management Flashcards
| Front | Back |
| Benefit of integrated risk management | Enhanced visibility and coordinated response to risks affecting multiple projects within a program |
| Components of risk assessment | Probability, impact, and priority are evaluated to assess each identified risk |
| Continuous risk monitoring | An ongoing process of tracking risks and their mitigation actions throughout the program lifecycle |
| Integrated risk management across projects | Ensuring consistent risk practices and information sharing among all projects within the program |
| Program risk register | A comprehensive document that consolidates all risks identified across projects within the program |
| Qualitative risk analysis | Assessing risks based on their probability and impact using a qualitative approach |
| Quantitative risk analysis | Numerically analyzing the effect of identified risks on program objectives |
| Risk acceptance strategy | Acknowledge the risk and decide to accept its consequences without taking any action |
| Risk avoidance strategy | Changing the program plan to eliminate the risk or protect objectives from its impact |
| Risk communication plan | A strategy to ensure timely and appropriate sharing of risk information among stakeholders |
| Risk identification at program level | The process of determining which risks may affect the program and documenting their characteristics |
| Risk mitigation strategy | Reducing the probability or impact of a risk to acceptable levels |
| Risk monitoring includes | Tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness |
| Risk owner | Person responsible for monitoring a specific risk and implementing response plans |
| Risk prioritization | Ordering risks based on their potential effect on program objectives to focus efforts on critical risks |
| Risk response planning involves | Developing options and actions to enhance opportunities and reduce threats to program objectives |
| Risk tolerance | The degree of uncertainty a program is willing to accept regarding potential risks |
| Risk transfer strategy | Shifting the impact of a risk to a third party, often through contracts or insurance |
| Risks at program level vs project level | Risks at the program level can have broader impacts across multiple projects, whereas project-level risks affect only individual projects |
| Trigger condition | An event or condition that indicates a risk is about to occur or has occurred |
Front
Qualitative risk analysis
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Back
Assessing risks based on their probability and impact using a qualitative approach
Front
Risk prioritization
Back
Ordering risks based on their potential effect on program objectives to focus efforts on critical risks
Front
Risk mitigation strategy
Back
Reducing the probability or impact of a risk to acceptable levels
Front
Risk owner
Back
Person responsible for monitoring a specific risk and implementing response plans
Front
Risk avoidance strategy
Back
Changing the program plan to eliminate the risk or protect objectives from its impact
Front
Continuous risk monitoring
Back
An ongoing process of tracking risks and their mitigation actions throughout the program lifecycle
Front
Quantitative risk analysis
Back
Numerically analyzing the effect of identified risks on program objectives
Front
Trigger condition
Back
An event or condition that indicates a risk is about to occur or has occurred
Front
Risk response planning involves
Back
Developing options and actions to enhance opportunities and reduce threats to program objectives
Front
Benefit of integrated risk management
Back
Enhanced visibility and coordinated response to risks affecting multiple projects within a program
Front
Risk transfer strategy
Back
Shifting the impact of a risk to a third party, often through contracts or insurance
Front
Risk identification at program level
Back
The process of determining which risks may affect the program and documenting their characteristics
Front
Components of risk assessment
Back
Probability, impact, and priority are evaluated to assess each identified risk
Front
Risk monitoring includes
Back
Tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness
Front
Risk communication plan
Back
A strategy to ensure timely and appropriate sharing of risk information among stakeholders
Front
Integrated risk management across projects
Back
Ensuring consistent risk practices and information sharing among all projects within the program
Front
Risk acceptance strategy
Back
Acknowledge the risk and decide to accept its consequences without taking any action
Front
Risks at program level vs project level
Back
Risks at the program level can have broader impacts across multiple projects, whereas project-level risks affect only individual projects
Front
Program risk register
Back
A comprehensive document that consolidates all risks identified across projects within the program
Front
Risk tolerance
Back
The degree of uncertainty a program is willing to accept regarding potential risks
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This deck addresses risk identification, assessment, response planning, and monitoring at the program level, as well as integrating risk management across projects within a program.