Blog Main Categories
- Project Management 72
- Business Skills 127
- Creative Design 58
- Business Processes 76
- IT and Web Development 60
- Digital Marketing 96
You are viewing posts from the Risk Theme category. Click to view all posts
Now you can test your knowledge of PRINCE2® with our interactive PRINCE2 Quiz!
Split into 11 bite-sized parts, this quiz tests your understanding of PRINCE2 2009 Themes and Processes.
Our PRINCE2 quiz is ideal for revision for your PRINCE2 Foundation and PRINCE2 Practitioner exams or for testing your knowledge before coming on a PRINCE2 course.
To work through our PRINCE2 quiz, use the links below:
- PRINCE2 Quiz Part 1: PRINCE2 Principles
- PRINCE2 Quiz Part 2: Business Case Theme
- PRINCE2 Quiz Part 3: Organisation Theme
- PRINCE2 Quiz Part 4: Quality Theme
- PRINCE2 Quiz Part 5: Plans Theme
- PRINCE2 Quiz Part 6: Risk Theme
- PRINCE2 Quiz Part 7: Change Theme
- PRINCE2 Quiz Part 8: Progress Theme
- PRINCE2 Quiz Part 9: Starting up and Initiating a Project
- PRINCE2 Quiz Part 10: Directing a Project , Controlling a Stage and Managing Product Delivery
- PRINCE2 Quiz Part 11: Managing a Stage Boundary and Closing a Project
For comprehensive instructor-led PRINCE2 training, examination and certification, delegates should attend one of our public PRINCE2 Foundation training or PRINCE2 Practitioner training courses in Brighton, UK.
Head over to our PRINCE2 Resources page for more help with your PRINCE2 revision.
This PRINCE2 quiz is written by Silicon Beach Training and does not represent real PRINCE2 exam content.
PRINCE2® Themes – Risk Management
The purpose of the Risk theme is to identify, assess and control uncertainty and, as a result, improve the ability of the project to succeed.
Risk taking in projects is inevitable since projects are enablers of change and change introduces uncertainty, hence risk. Management of risk should be systematic and not based on chance. It is about the proactive identification, assessment and control of risks that might affect the delivery of the project’s objectives.
The project should establish and maintain a cost effective risk management procedure. The aim is to support better decision making through a good understanding of risks – their causes, likelihood, impact, timing, and the choice of responses to them.
Management of risk is a continual activity, performed throughout the life of the project. Without an ongoing and effective risk management procedure it is not possible to give confidence that the project is able to meet its objectives and therefore whether it is worthwhile for it to continue. Hence effective risk
management is a prerequisite of the continued business justification principle.
For risk management to be effective, risks need to be:
- Identified This includes risks being considered that could affect the achievement of the project’s objectives, and then described to ensure that there is a common understanding of these risks
- Assessed This includes ensuring that each risk can be ranked in terms of estimated likelihood, impact and immediacy, and understanding the overall level of risk associated with the project
- Controlled This includes identifying appropriate responses to risks, assigning risk owners, and then executing, monitoring and controlling these responses.
Risk Management procedure
PRINCE2 recommends a risk management procedure comprising the following five steps:
- Identify (context and risks)
- Assess (i.e. Estimate and Evaluate)
The first four steps are sequential, with the ’Communicate’ step running in parallel because the findings of any of the other steps may need to be communicated prior to the completion of the overall process. All of the steps are iterative in nature in that when additional information becomes available, it is often necessary to revisit earlier steps and carry them out again to achieve the most effective result.