Which process numerically analyzes the effect of identified risks on overall project objectives?
Answer(s): C
Process: 11.4 Perform Quantitative Risk AnalysisDefinition: The process of numerically analyzing the effect of identified risks on overall project objectives.Key Benefit: The key benefit of this process is that it produces quantitative risk information to support decision making in order to reduce project uncertainty.Inputs1. Risk management plan2. Cost management plan3. Schedule management plan4. Risk register5. Enterprise environmental factors6. Organizational process assetsTools & Techniques1. Data gathering and representation techniques2. Quantitative risk analysis and modeling techniques3. Expert judgmentOutputs1. Project documents updates
An input to the Plan Procurement Management process is:
5.2.1.5 Stakeholder RegisterDescribed in Section 13.1.3.1. The stakeholder register is used to identify stakeholders who can provide information on the requirements. The stakeholder register also captures major requirements and main expectations stakeholders may have for the project.13.1.3.1 Stakeholder Register The main output of the Identify Stakeholders process is the stakeholder register. This contains all details related to the identified stakeholders including, but not limited to:Identification information. Name, organizational position, location, role in the project, contact information;Assessment information. Major requirements, main expectations, potential influence in the project, phase in the life cycle with the most interest; andStakeholder classification. Internal/external, supporter/neutral/resistor, etc.The stakeholder register should be consulted and updated on a regular basis, as stakeholders may change— or new ones identified—throughout the life cycle of the project.Process: 12.1 Plan Procurement ManagementDefinition: The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.Key Benefit: The key benefit of this process is that it determines whether to acquire outside support, and if so, what to acquire, how to acquire it, how much is needed, and when to acquire it.Inputs1. Project management plan2. Requirements documentation3. Risk register4. Activity resource requirements5. Project schedule6. Activity cost estimates7. Stakeholder register8. Enterprise environmental factors9. Organizational process assetsTools & Techniques1. Make-or-buy analysis2. Expert judgment3. Market research4. MeetingsOutputs1. Procurement management plan2. Procurement statement of work3. Procurement documents4. Source selection criteria5. Make-or-buy decisions6. Change requests7. Project documents updates
Reserve analysis is a tool and technique used in which process?
Answer(s): D
11.6.2.5 Reserve AnalysisThroughout execution of the project, some risks may occur with positive or negative impacts on budget or schedule contingency reserves. Reserve analysis compares the amount of the contingency reserves remaining to the amount of risk remaining at any time in the project in order to determine if the remaining reserve is adequate.Process: 11.6 Control RisksDefinition: The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.Key Benefit: The key benefit of this process is that it improves efficiency of the risk approach throughout the project life cycle to continuously optimize risk responses.Inputs1. Project management plan2. Risk register3. Work performance data4. Work performance reportsTools & Techniques1. Risk reassessment2. Risk audits3. Variance and trend analysis4. Technical performance measurement5. Reserve analysis6. MeetingsOutputs1. Work performance information2. Change requests3. Project management plan updates4. Project documents updates5. Organizational process assets updates6.5.2.6 Reserve AnalysisDuration estimates may include contingency reserves, sometimes referred to as time reserves or buffers, into the project schedule to account for schedule uncertainty. Contingency reserves are the estimated duration within the schedule baseline, which is allocated for identified risks that are accepted and for which contingent or mitigation responses are developed. Contingency reserves are associated with the “known-unknowns,” which may be estimated to account for this unknown amount of rework.As more precise information about the project becomes available, the contingency reserve may be used, reduced, or eliminated. Contingency should be clearly identified in schedule documentation.[..]Estimates may also be produced for the amount of management reserve of time for the project. Management reserves are a specified amount of the project duration withheld for management control purposes and are reserved for unforeseen work that is within scope of the project. Management reserves are intended to address the “unknown-unknowns” that can affect a project. Management reserve is not included in the schedule baseline, but it is part of the overall project duration requirements. Depending on contract terms, use of management reserves may require a change to the schedule baseline.
Updates to organizational process assets such as procurement files, deliverable acceptances, and lessons learned documentation are typical outputs of which process?
12.4.3.2 Organizational Process Assets UpdatesElements of the organizational process assets that may be updated include, but are not limited to:Procurement file. A complete set of indexed contract documentation, including the closed contract, is prepared for inclusion with the final project files.Deliverable acceptance. Documentation of formal acceptance of seller-provided deliverables may be required to be retained by the organization. The Close Procurement process ensures this documentation requirement is satisfied. Requirements for formal deliverable acceptance and how to address nonconforming deliverables are usually defined in the agreement.Lessons learned documentation. Lessons learned, what has been experienced, and process improvement recommendations, should be developed for the project fle to improve future procurements.Process: 12.4 Close ProcurementsDefinition: The process of completing each project procurement.Key Benefit: The key benefit of this process is that it documents agreements and related documentation for future reference.Inputs1. Project management plan2. Procurement documentsTools & Techniques1. Procurement audits2. Procurement negotiations3. Records management systemOutputs1. Closed procurements2. Organizational process assets updates
Risk categorization is a tool or technique used in which process?
Process: 11.3 Perform Qualitative Risk AnalysisDefinition: The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.Key Benefit: The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks.Inputs1. Risk management plan2. Scope baseline3. Risk register 4. Enterprise environmental factors5. Organizational process assetsTools & Techniques1. Risk probability and impact assessment2. Probability and impact matrix3. Risk data quality assessment4. Risk categorization5. Risk urgency assessment6. Expert judgmentOutputs1. Project documents updates
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