Risk Assessment & Quality Control Flashcards

What is the primary goal of risk assessment in project management?

Answer: To identify and mitigate uncertainties

The primary goal of risk assessment in project management is to proactively identify potential risks that could impact the project's objectives. Once identified, these risks are analyzed and plans are developed to mitigate their negative impact or capitalize on potential opportunities, thereby reducing project uncertainty.

Which document lists identified risks and their details?

Answer: Risk register

The risk register is a comprehensive document that serves as a central repository for all identified project risks. It includes details such as the description of each risk, its potential impact, probability, planned responses, and ownership, providing a complete overview of project risks for ongoing management.

What does qualitative risk analysis involve?

Answer: Evaluating risk probability and impact rankings

Qualitative risk analysis involves assessing the probability of a risk occurring and its potential impact on project objectives using descriptive terms or rankings (e.g., high, medium, low). This technique helps prioritize risks for further analysis or response planning based on their perceived significance and urgency.

What is a control chart used for in quality control?

Answer: To monitor process variation over time

A control chart is a statistical tool used in quality control to observe how a process changes over time. It helps distinguish between common cause variation (inherent to the process) and special cause variation (indicating a problem), allowing teams to identify and address issues before they lead to defects.

What is the purpose of quality assurance (QA)?

Answer: To audit processes for compliance and effectiveness

Quality assurance (QA) focuses on preventing defects by ensuring that the processes used to create a product or service are effective and compliant with standards. It involves auditing and reviewing processes to identify areas for improvement and ensure they meet defined quality requirements.

What is residual risk?

Answer: Risks left after mitigation efforts

Residual risk refers to the amount of risk that remains after all planned risk response strategies, such as mitigation efforts, have been implemented. It's the inherent risk that cannot be completely eliminated and must be accepted or further managed.

Which quality tool identifies cause-and-effect relationships?

Answer: Fishbone diagram

A fishbone diagram, also known as an Ishikawa or cause-and-effect diagram, is a visual tool used to explore and identify the potential root causes of a specific problem or effect. It categorizes potential causes into main branches, helping teams systematically analyze complex issues.

What is the main focus of quality control?

Answer: Inspecting outputs for compliance

Quality control (QC) is primarily concerned with inspecting the actual outputs of a project or process to ensure they meet specified quality standards and requirements. It involves identifying defects and verifying that deliverables are compliant, often through testing and inspection.

What is a risk mitigation strategy?

Answer: Planning to reduce risk impact

A risk mitigation strategy involves developing and implementing actions designed to reduce the probability or impact of a negative risk event (threat) on a project. The goal is to lessen the severity of potential harm or the likelihood of the risk occurring.