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Flashcards in PM cards 11th 20 Deck (27)
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1

What are prevention costs?

The costs of keeping defects out of the hands of the customers.

2

What are appraisal costs?

The activities performed to examine the product or process and make certain the quality requirements are being met.

3

What are failure costs?

The cost of activities needed if the product fails.

4

What are external failure costs?

when the product has reached the customer and they determine it doesn't meet their requirements.

5

The specific quality techniques you'll use on the project should be documented in the _______________.

Quality management plan.

6

What is the quality management plan?

It describes how the project team will carry out the quality policy.

7

When is the quality management plan constructed?

During the Planning Process Group.

8

This plan will be the basis for performing quality control when you are in project execution.

Quality management plan.

9

What methods are commonly used when measuring whether quality standards have been met?

Quality metrics, quality checklists, exit criteria

10

A _________ is a potential future event that can have either negative or positive impacts on the project.

risk

11

What is risk planning?

Deals with how you manage the areas of uncertainty in your project.

12

What are the three major components of risk planning?

identifying the potential risks to your project, analyzing the potential impact of each risk, and developing an appropriate response for those risks with the greatest probability and impact.

13

What is risk identification?

the process of determining and documenting the potential risks that could occur on your project.

14

What is risk analysis?

the process of identifying those risks that have the greatest possibility of occurring and the greatest impact to the project if they do occur.

15

What is the output from risk identification?

A risk list.

16

What two ways can you approach risk analysis?

Qualitative or Quantitative.

17

The first step after identifying the risks in the risk list is to determine their _______________ and ___________.

probability and impact

18

What is a probability impact matrix?

Used to calculate the final risk score for each of the risks on your list.

19

The final risk score on the probability impact matrix is determined by multiplying ___________ by _______________.

probability x impact

20

The closer the risk score is to 1.0, the (more likely/less likely) the risk will occur and have a significant impact on the project.

more likely

21

The last step in the risk process is _______________.

Risk Response Planning.

22

What is risk response planning?

The process of reviewing the risk analysis and determining what, if any, action should be taken to reduce negative impacts and take advantage of opportunities as a result of a risk event occurring.

23

What are the strategies for dealing with negative risks?

Avoid, transfer, mitigate, and accept.

24

What are the strategies for dealing with positive risks?

Exploit, share, enhance.

25

What is contingency planning in regard to risk response?

Involves planning alternatives to deal with risks should they occur.

26

What is a risk register?

Includes the risk description, probability, impact, risk score, whether the risk has a response plan and the risk owner.

27

What is a risk owner?

Someone responsible for monitoring the risks assigned to them and watching for risk triggers.