RISK : IMPORTANT POINTS

I cleared my PMP on 26th may 2014. I have gone through all the three books PMBOK, RITA MULCAHY'S and HEAD FIRST. During preparation I made few notes. so the material has been picked up from all the three books and these are just the key points. 
 NOTE : IT IS RECOMMENDED THAT ONE SHOULD READ THESE POINTS IN DETAIL FROM THE BOOKS (which ever interests you more) AND ONLY AFTER YOU HAVE FINISHED A THOROUGH READING, YOU CAN GO THROUGH THESE POINTS FOR CONSOLIDATION.

RISK

1. Every project team meeting : discuss/ monitor risks. 
2. Risk response strategies = Risk mitigation strategies.
3. Strategies must be timely.
4. One risk - more then one response - OK.
5. Many risks - One response - OK.
6. Risks - involve all - team, other stakeholders, experts.
7. Don't put the amount of money on the risk more then the cost that the risk would have incurred if it happened  - makes sense.
8. Outsource a work package so as to gain an opportunity : Share.
9. Outsource difficult work to a more experienced company : Transfer.
10. Risk that is no longer applicable - close it - return the associate reserve to the company.
11. Reserves are not an additional cost to the project.
12. Plan risk response : Involve all risk owners + other stakeholders, Triggers are identified and added, identify secondary risks.
13. You are working to make a positive impact on  the project - working with an opportunity.
14. Identified risks : No workaround, do qualitative analysis. 
15. Response plan : Sponsor contributes least.
16. PI matrix = Risk rating matrix.
17. If you know the risk tolerance of the stakeholder, you can rank the risks.
18. Estimate with the smallest range : least risky
19. You buy insurance : Transfer
20. You replace a risky equipment with more appropriate equipment : Avoid.
21. Information gathering Techniques : Brainstorming, Interview, Delphi, Root cause analysis.
22. Brainstorming session always has a facilitator.
23. Wrong assumptions are definitely a risk.
24. Risk register : Identified risks, Potential responses and root cause.
25. Watch list : low probability and low impact risks.
26. Risk Categories : Natural, equipment or human.
27. Risk urgency : High, ow or medium.
28. Brainstorming : Just you and your team.
29. Delphi : Experts, whether in team or not.
30. Condition that cause a risk : Trigger
31. Priority : how important the risk is.
32. Urgency : When you need to deal with it.
33. Risk register should have both - opportunities and threats.
34. Risk management plan - Who is responsible for what risk.
35. Secondary risk come from a response you have, to another risk.
36. Residual risk - that remain after risk response.
37. Monitor and control is another change control process.
38. If you need to implement a risk response, you take it to your change control board because it amounts to a change.
39. Risk monitoring should be done at every status meeting.
40. Reserve analysis : check the contingency reserve.
41. Monitor and control risk tools and techniques - all focussed on finding new risks.
42. A negative project risk that has occurred is considered an Issue.
43. Risk appetite, Risk tolerance and risk threshold is part of EEF.
44. Preparation of risk register begin at Identify risk.
45. Perform qualitative analysis - prioritize the risks.
46. Qualitative analysis is a must, Quantitative you have to see if it is necessary or not.
47. Monte Carlo - many simulations.

Please feel free to ask questions or a detailed explanation of any topic. Let me know if you want me to add any topic and if anything you find wrong. Please leave a comment if you find it useful.