Program Risk Management Flashcards
PgMP 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 |
About the Flashcards
Flashcards for the PgMP exam give you a focused review of program-level risk management, an area many candidates struggle to master. Each card breaks down key processes such as risk identification, assessment, and prioritization so you can quickly recall definitions and relationships on test day.
The deck also covers qualitative versus quantitative analysis, integrated risk practices across multiple projects, and common response strategies like mitigation, avoidance, transfer, and acceptance. Continuous monitoring, trigger conditions, risk owners, and communication plans are highlighted to reinforce how risks are tracked and controlled throughout the program lifecycle, helping you connect terminology with exam scenarios.
Topics covered in this flashcard deck:
- Risk identification & assessment
- Qualitative vs quantitative analysis
- Risk response strategies
- Integrated program risk management
- Risk monitoring & communication
- Risk prioritization & tolerance