PMI-RMP Certification Training - Building Risk Analysis Credibility, and Probability and Impact

The video tutorial covers the essentials of risk management, emphasizing the importance of stakeholder agreement on criteria and definitions to ensure high-quality information. It explains the probability and impact assessment, detailing how to evaluate risks using scales and expert consultation. The tutorial also guides on calculating probability and impact values for identified risks, highlighting the need to update the risk register with this information.

Why is it important to have agreed-upon definitions in risk management?

• To eliminate all risks

• To increase project speed

• To reduce project costs

• To ensure high-quality information collection

What is the purpose of using a scale in probability assessment?

• To ensure all risks are negative

• To eliminate the need for expert consultation

• To provide a qualitative analysis

• To quantify the exact risk

How can positive impacts in risk management be described?

• As delays

• As costs

• As opportunities

• As threats

What is a severe impact in risk assessment?

• An increase in project budget

• A significant impact on a key project objective

• A minor delay in the project

• A slight change in project scope

What should be done first when calculating probability and impact values for risks?

• Obtain scales from the risk management plan

• Open the risk register

• Review project objectives

• Consult with stakeholders

Which method is recommended for evaluating the probability of an identified risk?

• Consulting an expert

• Using a random number generator

• Guessing based on past experiences

• Ignoring the risk

What should be updated with new probability and impact information?

• The project budget

• The project timeline

• The risk register

• The stakeholder list