Program Risk and Issue Management Flashcards
6 cards from real Program Management Professional practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Program Risk and Issue Management flashcards as text
How does an 'issue' differ from a 'risk' in program management?
Answer: An issue is a realized problem requiring immediate action, while a risk is a potential future event
A risk is a potential uncertain event with positive or negative impact, while an issue is a current problem that has already occurred and requires resolution.
Which tool is used to prioritize risks based on their probability and impact?
Answer: Probability and Impact Matrix
The Probability and Impact Matrix plots risks across two dimensions to prioritize them by their overall risk exposure score.
When a program risk response is implemented, what should the program manager monitor for?
Answer: Residual risks (remaining after response) and secondary risks (created by the response)
After implementing a risk response, the program manager must track residual risks that remain and watch for secondary risks introduced by the response itself.
A 'workaround' in program risk management is best described as:
Answer: An unplanned response developed after a risk has materialized and no response plan exists
A workaround is an ad hoc response to an unplanned risk event, developed on-the-fly when no prior contingency plan was established.
The concept of 'risk interdependency' at the program level refers to:
Answer: The way risks in one component project can trigger or amplify risks in other components
Risk interdependencies mean a risk occurring in one component may cascade into or amplify risks in other components, requiring program-level coordination.
What is the primary purpose of a risk review meeting in a program?
Answer: To reassess risk probability, impact, and response effectiveness as program conditions evolve
Risk review meetings allow the program team to update risk assessments, confirm response effectiveness, and identify newly emerging risks as the program progresses.
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