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Risk & Quality Management Flashcards
CompTIA Project+ PK0-005 (V5) Flashcards
| Front | Back |
| Define ISO standards | International standards that ensure quality, safety, and efficiency of products and services |
| Define process mapping | A visual representation of a process to identify areas for improvement |
| Define quality metrics | Measurable indicators used to assess the quality of processes or products |
| Define Six Sigma | A methodology aimed at reducing defects and improving quality through statistical analysis |
| Define SWOT analysis | A framework for identifying strengths, weaknesses, opportunities, and threats |
| Difference between quality assurance and quality control | Quality assurance focuses on preventing defects while quality control focuses on identifying defects |
| Difference between risk appetite and risk tolerance | Risk appetite is the amount of risk an organization is willing to accept whereas risk tolerance is the acceptable variation around objectives |
| Explain Pareto analysis | Using the 80/20 rule to identify the most significant factors in a dataset |
| Explain the difference between qualitative and quantitative risk analysis | Qualitative uses subjective measures while quantitative uses numerical data |
| How are quality metrics used in project management | They track the performance and effectiveness of project processes and outcomes |
| How does risk prioritization work | Ranking risks based on their potential impact and likelihood to focus efforts |
| What are the steps in risk assessment | Identifying, analyzing, and prioritizing risks based on their impact and likelihood |
| What is a balanced scorecard | A strategic planning tool that measures organizational performance across multiple perspectives |
| What is a contingency plan | A predefined action to be implemented in response to a risk event |
| What is a key performance indicator (KPI) | A measurable value that indicates how effectively objectives are being achieved |
| What is a risk register | A tool for documenting identified risks, their analysis, and mitigation strategies |
| What is benchmarking | Comparing processes and performance metrics to industry bests or standards |
| What is continuous improvement | A persistent effort to enhance products, services, or processes over time |
| What is FMEA | Failure Modes and Effects Analysis used to identify potential failure points and their impact |
| What is risk identification | Determining potential risks that could affect project objectives |
| What is risk mitigation | Implementing strategies to reduce or eliminate identified risks |
| What is root cause analysis | Identifying the fundamental cause of a problem to prevent recurrence |
| What is the DMAIC framework | Define, Measure, Analyze, Improve, Control used in Six Sigma for process improvement |
| What is the PDCA cycle | Plan-Do-Check-Act cycle for continuous improvement |
Covers identifying, assessing, and mitigating risks as well as establishing quality metrics and processes for continuous improvement.