Project+ Certification Study Guide - Risk Management Techniques and Strategies (Final Boss - Section 7)

Security Policy

Defines the minimum standards required to secure the organization's assets and outlines the rules and procedures for accessing them.

Devices in a Physical Security Policy

Include mobile devices, removable media, and facilities.

Operational Policies

Include background checks and security clearances

Data Classification

A method to classify data based on its sensitivity, type, and value to the organization

Estimating Techniques

Analogous: Estimates based on historical data of similar projects.

Parametric: Uses statistical data to estimate costs.

Bottom-up: Breaks down project tasks to the smallest level and aggregates costs.

Discretionary Funding

Covers costs of possible adverse events used at management's discretion

Contingency Reserves

address different types of potential additional cost

Management Reserves

address different types of potential additional cost

Risk Identification and Analysis

Process to identify potential project risks and assess their severity and probability

Risk Analysis Techniques

Impact analysis, qualitative analysis, quantitative analysis, and situational/scenario analysis.

Monte Carlo Analysis

A simulation technique that uses multiple inputs to estimate potential outcomes for each of the inputs used in the model.

Situational/Scenario-based Risks

Include new projects, new management, regulatory environment changes, digital transformation, infrastructure end-of-life, merger and acquisition, reorganization, and cybersecurity events

Negative Risk Response Strategies

Avoid, transfer, mitigate, and accept

Positive Risk Response Strategies

Exploit, share, enhance, and accept

Risk Response Planning

Involves determining what actions should be taken for potential risks impacting the project and planning responses accordingly.