http://www.alsenosy.com | http://www.professionalengineers.ushappen(i.e.,analysisunderuncertainty).TheEMVofopportunitiesisgenerallyexpressedaspositive
value, while the EMV of threats is expressed as negative values. EMV requires a risk-neutral
assumption-neitherrisk-aversenorrisk-seeking.EMVforaprojectiscalculatedbymultiplyingthe
valueofeachpossibleoutcomebyitsprobabilityofoccurrenceandaddingtheproductstogether.A
commonuseofthistypeofanalysisisadecisiontreeanalysis(Figure 11 - 16 ).
PlanRiskResponses:Toolsand Techniques
Severalriskresponse strategiesareavailable.Thestrategyormix ofstrategiesmost likelyto be
effectiveshouldbeselectedforeachrisk.Riskanalysistools,suchasdecisiontreeanalysis(Section
11. 4. 2. 5 ),canbeusedtochoosethemostappropriateresponses.
Decisiontreeanalysisisadiagrammingandcalculationtechniqueforevaluatingtheimplicationsofa
chainofmultipleoptionsinthepresenceofuncertainty.
- Answer: C.
PMBOK®Guide,page 405 ,Section 11. 1. 3. 1
RiskManagement plan
Theriskmanagementplanisacomponentoftheprojectmanagementplanthatdescribeshowrisk
managementactivitieswillbestructuredandperformed.Theriskmanagementplanmayinclude
someorallofthefollowingelements:
o RiskStrategy.Describesthegeneralapproachtomanagingriskontheproject.
o Methodology.Definesthespecificapproaches,tools,anddatasourcesthatwillbeusedto
performriskmanagementontheproject.
o Rolesandresponsibilities.Definesthelead,support,andriskmanagementteammembersfor
each type of activity described in the risk management plan, and clarifies their
responsibilities.
o Funding. Identifies the funds needed to perform activities related to Project Risk
management. Establishes protocols for the application of contingency and management
reserves.
o Timing. Defines when and how often the Project Risk Management processes will be
performedthroughouttheprojectlifecycle,andestablishesriskmanagementactivitiesfor
inclusionintotheprojectschedule.
o RiskCategories.Provideameansforgroupingindividualprojectrisks.ACommonwayto
structureriskcategories iswith ariskbreakdownstructure(RBS),which is ahierarchical
representationofpotentialsourcesofrisk(seetheexampleinFigure 11 - 4 ).AnRBShelpsthe
projectteamconsiderthefullrangeofsourcesfromwhichindividualprojectrisksmayarise.
This can be useful when identifying risks or when categorizing identified risks. The
organizationmayhaveagenericRBStoframeworksfordifferent typesofprojects,orthe
projectmaydevelopatailoredRBS.WhereandRBSisnotused,anorganizationmayusea
custom risk categorization framework, which may take the from of a simple list of
categorization framework, which may take the from of a simple list of categories or a
structurebasedonprojectobjectives.