pmp exam preparation course: 10 project risk management
TRANSCRIPT
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Learning Objectives
Upon completion of this topic you will learn about
– The processes, activities and documentation items for Project Communication Management
– Elements (and deliverables) for Project Risk Management– Tools and techniques of the key activities of the Project Risk
Management
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Risk Management
Includes the processes of conducting risk management planning,
identification, analysis, response planning, and monitoring and control
of a project.
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Key Activities of Risk Management
Plan Risk Management: The process of defining how to conduct risk management activities for a project.
Identify Risks: The process of determining which risk may affect the project and documenting their characteristics.
Perform Qualitative Risk Analysis: The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
Perform Quantitative Risk Analysis: The process of numerically analyzing the effect of identified risks on overall project objectives.
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Key Activities of Risk Management
• Plan Risk Responses: The process of developing options and actions to enhance opportunities and to reduce threats to project objectives.
• Monitor and Control Risk: The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identified new risks, and evaluating risk process effectiveness throughout the project.
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Planning Risk Management
Inputs Tools & Techniques Outputs
Project scope statementCost management planSchedule management planCommunication management planEnterprise environmental factorsOrganizational process assets
Project meetings and analysis
Risk management plan
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Plan Risk Management > Outputs
• Risk Management Plan• Methodology• Roles and responsibilities• Budgeting • Timing• Risk Categories• Definition of Risk Probability and Impact• Probability and Impact Matrix• Reporting Formats• Tracking
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Identify Risks
Inputs Tools & Techniques Outputs
Risk management planActivity cost estimatesActivity duration estimateScope baselineStakeholder registerCost management planSchedule management planQuality management planEnterprise environmental factorsOrganizational process assets
Documentation reviews Information gathering techniquesChecklist analysisAssumption analysisDiagramming techniquesSWOT AnalysisExpert judgment
Risk register
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Identify Risks > Tools and Techniques
• Information gathering techniques• Brainstorming• Delphi technique• Interviewing• Root cause analysis
• Diagramming techniques• Cause-effect diagrams• System or process flow charts• Influence diagrams
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Identify Risks > Outputs
• Risk register
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S/N
Risk Description
Category ProbabilityP = 1 to 10
ImpactI = 1 to 10
ExposureE = P X I
Mitigation Plan
Contingency Plan
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Perform Qualitative Risk Analysis
Inputs Tools & Techniques Outputs
Risk management planRisk registerProject scope statementOrganizational process assets
Risk probability and impact assessment Probability and impact matrixRisk data quality assessmentRisk categorizationRisk urgency assessmentExpert judgment
Risk register updates
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Perform Qualitative Risk Analysis > Tools and Techniques
• Probability and Impact Matrix
• Risk Categorization• Source of risk• Project effected• Project phase
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Perform Quantitative Risk Analysis
Inputs Tools & Techniques Outputs
Risk management planRisk registerCost management planSchedule management planOrganizational process assets
Data gathering and representation techniquesQuantitative risk analysis and modeling techniquesExpert judgment
Risk register updates
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Perform Quantitative Risk Analysis > Tools and Techniques
• Data gathering and representation technique• Interviewing• Probability distribution
• Quantitative risk analysis and modeling techniques• Sensitivity analysis• Expected monetary value analysis• Modeling and simulation
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Plan Risk Response
Inputs Tools & Techniques Outputs
Risk management planRisk register
Strategies for negative risks or threatsStrategies for positive risk or opportunitiesContingent response strategiesExpert judgment
Risk register updatesRisk related contract decisionProject management plan updatesProject document updates
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Plan Risk Response > Tools and Techniques
• Strategies for Negative risk or threats• Avoid (e.g. extending schedule, reduce scope)• Transfer (e.g. fixed price contract)• Mitigate (e.g. more testing, choose more stable supplier)• Accept
• Strategies for Positive risk or opportunities• Exploit (e.g. assign most talented resources in a project/task)• Share (e.g. joint venture)• Enhance (e.g. adding more resources)• Accept
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Monitoring & Control Risks
Inputs Tools & Techniques Outputs
Risk registerProject management planWork performance informationPerformance reports
Risk reassessment Risk auditVariance and trend analysisTechnical performance measurementReserve analysisStatus meetings
Risk register updatesOrganization process assets updatesChange requestsProject management plan updatesProject document updates
