Agile Risk Management

Identifying and addressing project risks.

Agile Risk Management involves identifying, assessing, and prioritizing risks in Agile projects. Teams collaboratively develop strategies for risk mitigation, monitoring, and control through continuous feedback and adaptation.

5 minutes 5 Questions

Concepts covered: Risk-Based Prioritization, Risk Management Tools and Techniques, Risk Register, Proactive Risk Management, Risk Response Strategies, Risk Colored User Stories, Continuous Risk Assessment, Close Collaboration, Risk Retrospectives, Iterative Risk Management, Risk Ownership, Risk Tolerance, Agile Risk Adjusted Backlog, Risk Burndown Charts

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Agile Project Management - Agile Risk Management Example Questions

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Question 1

Your Agile team is currently working on a project where the client's requirements keep changing. How should the team accommodate these evolving requirements while maintaining close collaboration?

Request the client to stop changing the requirements and only accept the initial project scope. Keep communication channels open, be flexible, and work with the client to prioritize requirements. Escalate the issue to management and cease collaboration with the client. Ignore the changes and stick to the original project plan. Refuse smaller changes but accommodate more significant changes without discussing priorities. Implement all changes, but without discussing the impact on the project.

Correct Answer: Keep communication channels open, be flexible, and work with the client to prioritize requirements.

Maintaining open communication and working with the client to prioritize requirements allows the team to adapt to changing demands while focusing on the most important aspects of the project.

Question 2

Your team is managing a high-stakes project that has significant financial implications. A risk assessment workshop is scheduled to find potential risks. Which risk management technique should be utilized during this workshop?

Cost-benefit analysis SWOT analysis Brainstorming Statistical analysis Reviewing historical data Root cause analysis

Correct Answer: Brainstorming

Brainstorming is a creative technique that should be used during a risk assessment workshop. It allows stakeholders to generate ideas, identify risks, and assess potential risk impacts. Cost-benefit, SWOT, and root cause analyses are tools to assess different aspects of a project, but they are not used for conducting a risk assessment workshop. Reviewing historical data and statistical analysis are good supporting techniques when combined with brainstorming but are not the main risk identification methods in a workshop.

Question 3

As a project manager, you're responsible for evaluating the identified risks and communicating their priority within the project. Which risk assessment tool should you use to rank the risks in order to prioritize them?

Failure mode and effects analysis SWOT analysis Risk matrix Fault tree analysis Delphi technique Risk Register

Correct Answer: Risk matrix

A risk matrix visually represents the probability and impact of risks in a two-dimensional structure, allowing the project manager to easily prioritize the risks based on their importance. Failure mode and effects analysis, fault tree analysis, and SWOT analysis are techniques to identify and assess risks, but they do not prioritize them. The Delphi technique helps gather expert opinions on risks but does not rank them. The risk register is a document containing the risks, but it is not a tool used for prioritizing them.

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