PRO 3003 Pam 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.

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Presentation transcript:

PRO 3003 Pam 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

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.

Which Risk Response Strategy Will Reduce The Probability or Impact of Known Risks? A) Transfer Risk B) Mitigate C) Share D) Accept

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

Control Risks is The Process of Implementing Risk Response Plans and Identifying New Risks TRUE or FALSE

What is PMI’s Definition of a Project? A Temporary Endeavor Undertaken to Create a Unique Product, Service, or Result.

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 C) Risk Identification Chart D) Risk Management Matrix

What is PMI’s Definition of Project Management? 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

What is a Known Risk? A Risk That Has Been Identified and Analyzed, Making It Possible To Plan Responses.

Pam’s Definition of Risk: An Opportunity to Fail or Succeed