DİPLOMATİK YAZIŞMA VE PROTOKOL

To reduce uncertainty in projects, you must first identify the likelihood, consequences, impact, and possible causes of the risk that needs to be taken

Brainstorming - Brainstorming is to obtain a comprehensive list of individual project risks and sources of overall project risk (PMI®, 2017, p. 414). An efficient brainstorming session can help you to see the many risks associated with the project in a short time. For the success of the brainstorming sessions, people with different backgrounds, perspectives and expertise should be brought together. A brainstorming session will make it easier for you to set risk categories (techniques, processes, etc.) that you have previously set.

In the Strengths section, the strengths, capabilities, knowledge, etc. of the sponsor, project manager, or the project team are included.

There are seven different tools and techniques that you can use to perform qualitative risk analysis:

It is necessary to convert the information about project risks into statistical data through quantitative risk analysis process. Effective data collection techniques are essential for the success of this process.

Simulations - The aim of the simulation study is to simulate a system. Thus, you measure how the system reacts under various conditions. By modeling the project, the impact of risks on targets can be analyzed. The most commonly used modeling example is Monte Carlo Simulation.

The following strategies can be used to avoid risk according to the situation of project and risk:

Share - This strategy involves merging with a firm to increase the chances of securing gains and agreeing to share rewards.

The project manager should also consider the impact thresholds for the risks. If the impacts exceed the specified thresholds, emergency plans are implemented. Thresholds may be in terms of money, duration, or number of resources based on tolerance. For example, if an intermediate target is delayed for 5 days and the tolerance is 3 days, the risk response (emergency) will need to be activated.

Data analysis - Two data analysis techniques are very important in the risk monitoring process: technical performance analysis and reserve analysis.

In risk management, it is necessary to reduce the uncertainty of risks and determine the appropriate responses for possible risks that cannot be avoided. In this way, you can eliminate the negative consequences. You can benefit if the risk arises and has positive consequences.

To reduce uncertainty in projects, you must first identify the likelihood, consequences, impact, and possible causes of the risk that needs to be taken:

The possibilities may be low, medium, or high. For example, you determine how likely it is that supply delays will stop the project. You make an estimate based on your experience. When you look at past projects, you will see a 50% chance of delay.

Risks can affect the scope, cost, time, and/or quality of projects. You need to determine how serious the impact is (impact on project objectives).

You can determine the effect by a specific number or percentage. You must determine a measure of the severity of the impact. For example, you can set the delay to be good if it is less than 5 days, moderate between 5-10 days, bad if more than 10 days.

It is important to standardize the impact of risks in a common language. Youcan ensure that the project team and stakeholders understand the impact of risk in the same way.

The answer is D.

Root cause analysis - Root cause analysis not only helps you identify and manage potential risks, but also helps you develop preventive actions.

Risks should be examined in detail to determine root causes. Root cause analysis should be done with experts. The experiences and perspectives of the stakeholders who are familiar with the project, the product of the project, and the environment provide a better understanding of the risks and possible causes.

The following questions should be asked for root cause analysis:

What can cause this risk?

Under what conditions can this risk turn into a problem or an opportunity?

Even after identifying the possible causes of a risk, one should continue to ask questions and tryto find other relevant causes.

The answer is D.

SWOT analysis lists factors that have a definite impact on the project. The best way to perform SWOT analysis is to create a simple matrix for each of the four factors: Strength, Weaknesses, Opportunities, and Threats.

In the Strengths section, the strengths, capabilities, knowledge, etc. of the sponsor, project manager, or the project team are included.

In the Weaknesses section, weaknesses or deficiencies of the sponsor, the project manager, or the project team are evaluated. These are issues that could jeopardize the success of the project.

In the Opportunities section, topics that may benefit the project are listed.

In the Threats section, factors that could harm or prevent the achievement of project objectives are listed.

The answer is B.

Qualitative Risk Analysis is the process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics. The key benefit of this process is that it focuses efforts on high-priority risks. The answer is D.

Tornado graph is used to describe the effect of variables. In such a diagram, a bar represents each risk and the range of impact it can take from negative to positive impact. The length of each bar indicates the relative impact of risks. Bars are ordered from the largest to the smallest. The answer is A.

Decision Tree Analysis - The importance of risk in a project is not only related to the magnitude of its damage. The likelihood of risk is also effective. Based on this principle, it is possible to evaluate the threat value on the project as time and money with decision tree analysis. It is called a decision tree because it allows the presentation of a diagram representing the choices between at least two or more options. The answer is E.

Transferring risk and insurance: Transferring risk includes shifting the risks to the third party. The risk does not disappear. You transfer responsibility to a party outside the project. An example of this strategy is to delegate risky activities or work packages to a specialized supplier. Another example is the insurance method. The answer is B.

Mitigation includes reducing the likelihood of risk occurring or the effect of damage. For example, having the tests performed by two different end-users to prevent errors in a software project increases the likelihood that one tester will catch the error missed by another. Another example: When agreeing with a supplier, selecting a supplier who has already worked with our company can reduce many risks. The answer is A.

Monitoring Risks is the process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project. The answer is D.

All the given expressions about the risk monitoring are true. The answer is E.