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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 |
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.