Subtitles of the Movie

In this movie, we'll wrap up the risk identification section by going through the workbook exercises, which you'll find within your Work Files. You'll find a total of 15 questions on the topic. Question one asks for the purpose of the risk identification process, which is to determine which risks may affect the project and then document their characteristics. Question two contains the inputs, question three the tools and techniques and question four, the outputs. I mentioned a few exercises that you can take yourself through with the inputs, the tools and techniques and outputs without having to memorize them. Another exercise that may prove beneficial is to note down the inputs on a flash card, the tools and techniques on another flash card, as well as the outputs separately for each process. On the back of the card, note down the process each belongs to. See if you can recognize which is the correct process. On the exam, you'll find questions asking to recognize which option is a tool and technique, an input or an output of the identified process, so this exercise would be helpful. Let's move on to question five. Individuals involved in risk identification were noted at the beginning of the process review. Name at least two individuals involved. You may recall that there were many positions connected to the identification of risk. I'll go through all the ones I pointed out during the process review movie and see if you were able to get through at least two of them. We have the project manager, project team members, risk management team, subject matter experts, customers, end users, other project managers, stakeholders and risk management experts. Question six: describe documentation reviews. And the answer is a structured review of project plans, assumptions, project files and other information relating to the project that is performed to note the consistency between the plans and with the project requirements and assumptions. For question seven, we have a fill-in-the-blank. Documentation reviews can be blank of project risk. And the answer is indicators. For question eight, you are asked to match the term with the correct definition. The terms included brainstorming, Delphi Technique, interviewing and root cause identification. Brainstorming is D, to create a list of comprehensive project risks led by a facilitator using the RBS. Delphi Technique is A, used as a way of reducing bias in the data, utilizes a group of experts anonymously. Interviewing is C, interviewing of experienced subject matter experts, project participants and stakeholders. And lastly, root cause identification is B, to determine the originating cause of risk, categorize risk by causes and then address the causes. Question nine: what is the acronym SWOT in SWOT analysis stand for? It stands for strength, weaknesses, opportunities and threats. The project, by the way, is examined from these four perspectives while conducting the SWOT analysis. Next, name a type of diagramming technique. There were three that we covered specifically, so I'll list these out, which were cause and effect diagrams, system process flow charts and influence diagrams. Question 11 says blank are checklists that are based on historical information. And the correct answer is risk identification checklist. Next, we have another fill-in-the-blank question. Assumptions analysis takes the assumptions from the project scope statement and blank. And we're looking for something close to looking into their validity. In question 13, you were presented with the four types of risk attitudes: risk averse, risk tolerant, risk neutral and risk seeking. Let's go through the descriptions. For risk averse, as have someone that is uncomfortable with risk. Risk tolerant is someone that isn't concerned about risk or allows it to influence their decisions, but becomes surprised by risk if it converts into an issue. Risk neutral is someone that embraces risk and looks at it as potential opportunities. And risk seeking is someone who views risk as a challenge and therefore is enlivened by it. Now in question 14, we have the five types of risk. Let's go through the descriptions. For known risk, we have risks that are clear. Known-unknown risks are risks that exist but that may or may not affect the project. Unknown-unknown risks are risks that we are not aware of and therefore can't identify but that do exist. Pure risks are risks that can only lead to loss and business risks are risks that can lead to gain or loss. The final questions says the risk register contains most of the outputs generated through the other risk-related processes, which are updated within this document. What are the initial entries made to the register within this process? These initial entries included list of identified risks, list of potential responses, root causes of risk and updated risk categories. As I mentioned, that was the final question, which brings this movie to a close. In the next section, we'll move on to review the qualitative risk analysis process.