Subtitles of the Movie

In this movie we'll pick up where we left off in the previous movie, which was a review of the Workbook Exercises from within your Work Files, continuing at question number 20. Question 20 says: For each of the tools and techniques listed note the following: What it is, which is referring to the description; what it's used for; and when it's used. And you can see the list of tools and techniques below it. Beginning with SWOT Analysis the description is: SWOT stands for strengths, weaknesses, opportunities, and threats. It's used as a way of analyzing the project from each of these perspectives, which helps widen the breadth of risk. Through the use of brainstorming sessions, participants identify the organization's strengths and weaknesses and then identify opportunities and threats that exist as a result. Next, the degree is examined to which the organization's strengths can offset its weaknesses. I included a lengthy description, but as long as you got the concept of the tool and technique that's all that's important. And the use is: it increases the breadth of identified risks; it includes those risks that are generated internally within the organization. And the answer for when, for all of the items within this exercise is the Identify Risk Process. A good idea is to create flash cards for all the tools and techniques across the Risk Management Processes containing these three descriptive items. This will be an immense study aid for the Exam. Let's move on to Checklist Analysis. The description I have is: Checklist analysis literally creates risk checklists. It utilizes the lowest level of the RBS and previous historical information and knowledge from previous projects. The use is, it ensures that all areas of the project have been considered or explored. And again, the when is Identify Risk Process. Under Assumptions Analysis, the description is: Assumptions analysis involves examining the project assumptions, which are obtained through the Project Scope Statement. The uses: it looks at whether assumptions are valid and accurate, inconsistent, or incomplete; and it identifies risks. And the when is Identify Risk Process. Under Cause-and-effect diagrams, the description is that they're useful in identifying the causes of risk as well as additional related risks. They're also known as Ishikawa diagrams, and fishbone diagrams. And the uses that they're utilized to show: how various factors may be connected to potential problems and effects; and to determine the root cause of an issue or a risk. And the when is, again, Identify Risk Process. Under System or Process Flow Charts the description is that these show how the various elements of a system interrelate. Basically, how a problem occurs. The uses that these diagrams are used to identify potential risk and potential responses: they show a process from beginning to end in a graphical format. And the when is Identify Risk Process. And lastly, Influence Diagrams. The description is that Influence Diagrams show causal influences, time ordering of events, and other relationships among variables and outcomes. And they're used to make decisions and determine where uncertainties exist within potential scenarios. They look at a situation and then they determine how it can be arrived and reflect uncertainty within potential paths, thereby also identifying potential risks. And again, the when is Identify Risk Process. These exercises certainly provided a solid review of these tools and techniques. Hopefully this has also given you some ideas on how to create flash cards to help you remember the key points. Question 20 was our final question for review within this section, bringing this movie and section to a close.