Risk Buffer

Guide on Risk Buffer in Scrum Risk Management

Importance: Risk buffer plays crucial role in the scrum risk management by allotting time or resources specifically for uncertainties and risks that may occur during the project. It fosters a safer environment for project tasks, preventing unexpected impediments from causing disastrous project delays.
Risk Buffer Definition: A risk buffer is extra time or resources set aside in project planning to handle uncertainties or risks that may occur. This includes non-predictive or unanticipated work.
Working: Risk buffer works by creating a buffer zone or cushioning effect, allowing a project to accommodate changes, setbacks or delays without disturbing the original schedule. Risk is assessed and quantified, and then a suitable buffer is established.
Exam Questions Approach: Questions about risk buffer are likely to revolve around its definition, application, and importance. You need to provide clear, concise and specific answers. Highlight the importance of risk buffer in mitigating project risk and ensuring project completion within specified timelines.
Exam Tips: Understand the concept of risk buffer thoroughly. Remember, the key to ace questions on Risk Buffer is to explain its meaning, workings, and significance in a crystal clear manner. Cite real examples wherever possible. Ensure to link the concept of risk buffer with its impact on project timelines and successful execution.
A visual illustration like a Gantt Chart might be useful to refer to while explaining it. Mention risk buffer as a proactive risk management tool and explain how it distinguishes itself from the concept of 'contingency'