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Prompt Lists

5 minutes 5 Questions

Prompt Lists are predetermined lists of risk categories or factors used to stimulate comprehensive risk identification. They serve as a starting point or reminder for project teams to consider a wide range of potential risks across different domains. By systematically going through each element of the prompt list, teams can ensure they are not overlooking significant areas that could impact the project. One widely used prompt list is the PESTLE framework, which stands for Political, Economic, Social, Technological, Legal, and Environmental factors. Each of these categories prompts consideration of external factors that could pose risks. For example, political risks might include changes in government policy or regulatory shifts, while technological risks might involve rapid advancements that could render a project's outputs obsolete. Another example is the TECOP framework, encompassing Technical, Environmental, Commercial, Operational, and Political factors. Prompt Lists can also be customized to suit the specific needs of an organization or industry. The key advantage of using Prompt Lists is that they broaden the team's perspective, encouraging consideration of risks that might not be immediately obvious but could have significant impacts. They are especially useful for complex projects operating in dynamic environments. However, Prompt Lists are general by nature and may not capture all unique risks relevant to a particular project. Therefore, they should be used as a guide rather than an exhaustive source of risks. It's important for teams to think critically and consider additional risks that may not fit neatly into the predefined categories. To maximize their effectiveness, Prompt Lists should be used in conjunction with other risk identification techniques, such as brainstorming or expert judgment. This integrated approach ensures a more thorough and tailored identification of risks, enhancing the overall risk management process. In summary, Prompt Lists are valuable tools that aid in the systematic identification of potential risks by providing a structured framework for analysis.

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Question 1

Which characteristic best describes the structure of an effective Prompt List for risk identification?

Correct Answer: Organized by risk categories with clear examples

A Prompt List for risk identification is most effective when it's organized by risk categories with clear examples. This structure provides several key benefits: - Systematic approach that ensures comprehensive coverage of potential risks - Logical grouping that makes the list easier to use and reference - Clear examples that help team members understand and identify similar risks - Categories that allow for better risk analysis and response planning The other options are less effective because: Arranging alphabetically with technical terms doesn't help in systematic risk identification and can make the list harder to use. A comprehensive narrative format makes it difficult to quickly reference specific risks and doesn't provide clear categorization. Chronological listing based on past occurrences limits the ability to identify new risks and doesn't provide logical grouping for analysis.

Question 2

Which best describes the main purpose of a Prompt List in risk management?

Correct Answer: A structured approach to identify common risk categories and potential threats

The main purpose of a Prompt List in risk management is to provide a structured approach to identify common risk categories and potential threats. This is the best answer because: - Prompt Lists serve as guiding tools to help identify risks systematically - They provide categories and examples to stimulate thinking - They are flexible and non-prescriptive tools Why other options are incorrect: - A database of historical risks describes a lessons learned register or risk register, not a Prompt List - Adding 'mandatory risk responses' is incorrect as Prompt Lists focus on identification, not responses - A checklist of pre-approved sequential responses mischaracterizes the tool's purpose - Prompt Lists aid identification, not response implementation

Question 3

Which characteristic distinguishes a high-quality Prompt List from a standard checklist in risk identification?

Correct Answer: Incorporates lessons learned from past project experiences

A high-quality Prompt List is distinguished by incorporating lessons learned from past project experiences, making it dynamic and continuously improving. What makes this the correct answer: - It reflects real-world experiences and practical knowledge - It evolves based on actual project outcomes - It captures organizational learning and applies it to future risk identification - It makes the list more valuable and relevant over time Why other options are incorrect: - Extensive documentation of risks and strategies is more characteristic of a risk register, not a prompt list - Step-by-step procedures for risk responses belong in response plans or procedure manuals - Regulatory compliance guidelines are more relevant to organizational process assets and governance frameworks rather than being a distinguishing feature of a prompt list A prompt list's primary value comes from being refined through experience and practical application, making it more effective than standard checklists that may be static or theoretical.

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