Subtitles of the Movie

In the previous two movies we began a review of the Workbook Exercises that are found within your Work Files covering this Section. This movie will wrap up the remaining exercises, which cover questions 11 through 16. Let's jump right in. Question 11 says: Risk categories are defined by the PMBOK Guide as a group of potential causes of risk. What is the ultimate purpose of risk categories? The answer is to determine the root causes of risk. I also mentioned that risk categories are a way of systematically identifying risks in a consistent manner and then organizing them so that they can be better managed. Question 12: Name at least five risk categories. We covered several examples and remember that you'll find a document within your Work Files with all of these categories. And here you see a list of categories on your screen, and again, you were asked just to name five of them. If you'd like to go back to a review of risk categories, you can see the movie titled Risk Categories from within this Section. Moving right along to Question 13, What is the following diagram an example of? And the answer is a Risk Breakdown Structure, or RBS, which is a way of displaying risk categories and risk sub-categories. And here in this example you can also see three of the risk categories displayed, which were: Internal, External, and Project Management. Beneath these categories are sub-categories. Question 14: What are the five standard steps to risk management? And these are: Risk Management Planning; Information Gathering and Risk Identification; Risk Assessment and Analysis; Risk Response Planning; and, Plan Execution. And for a review, see the Standard Approach to Risk Management movie. Question 15: Name at least one of the initial questions to ask yourself when determining whether or not to accept risk. And the questions that we covered include: Can a potential outcome be determined? Are the chances of success greater than failure? Can the company afford the potential loss or impact? Is the information used to assess the risk reliable? Are the benefits of taking the risk clear? And, is this the only option available? And the final question, 16: When is the probability of risk occurring at the highest, and when is risk impact the highest? And the answer is, the probability of risk occurring is highest at the beginning of a project, and the impact of risk is highest towards the end of the project. And if you'd like to go back to a review of questions either 15 or 16, you can see the movie on Managing Uncertainty. And that wraps up a review of the Workbook Exercises, and this Section. In the next Section we'll dive right into a review of the Risk Management Plan.