Project Risk Management Video - PMP/CAPM (PMBOK 6 - ECO 2019)

Mudassir IqbalMarch 10, 2019PMP ConceptsNo comments

Project Risk Management

Future in ambiguous, future is unknown, no one controls the future. Even with the perfect plan, no one can guarantee that things will go as the team has charted out. The risk is a future uncertain event, which means that it might happen or might not. In order to maintain good control over the project outcomes, it is important that the project manager and the project management team keeps a close eye on the indicators and triggers so that they can, not only able to initiate a risk response plan, but also can identify what could go wrong or even in their way as early as possible. Project Risk management Processes makes the whole cycle of identifying, analyzing, prioritizing the risks, response planning and implementation it methodical for Project Manager.

Project Risk Management Processes

Plan Risk Management (Planning)

Inputs	Tools and Techniques	Outputs
Project charter Project management plan All components Project documents Stakeholder register Enterprise environmental factors Organizational process assets	Expert judgment Data analysis Stakeholder analysis Meetings	Risk management plan

Identify Risks (Planning)

Inputs	Tools and Techniques	Outputs
Project management plan Requirements management plan Schedule management plan Cost management plan Quality management plan Resource management plan Risk management plan Scope baseline Schedule baseline Cost baseline Project documents Assumption log Cost estimates Duration estimates Issue log Lessons learned register Requirements documentation Resource requirements Stakeholder register Agreements Procurement documentation Enterprise environmental factors Organizational process assets	Expert judgment Data gathering Brainstorming Checklists Interviews Data analysis Root cause analysis Assumption and constraint analysis SWOT analysis Document analysis Interpersonal and team skills Facilitation Prompt lists Meetings	Risk register Risk report Project documents updates Assumption log Issue log Lessons learned register

Perform Qualitative Risk Analysis (Planning)

Inputs	Tools and Techniques	Outputs
Project management plan Risk management plan Project documents Assumption log Risk register Stakeholder register Enterprise environmental factors Organizational process assets	Expert judgment Data gathering Interviews Data analysis Risk data quality assessment Risk probability and impact assessment Assessment of other risk parameters Interpersonal and team skills Facilitation Risk categorization Data representation Probability and impact matrix Hierarchical charts Meetings	Project documents updates Assumption log Issue log Risk register Risk report

Perform Quantitative Risk Analysis (Planning)

Inputs	Tools and Techniques	Outputs
Project management plan Risk management plan Scope baseline Schedule baseline Cost baseline Project documents Assumption log Basis of estimates Cost estimates Cost forecasts Duration estimates Milestone list Resource requirements Risk register Risk report Schedule forecasts Enterprise environmental factors Organizational process assets	Expert judgment Data gathering Interviews Interpersonal and team skills Facilitation Representations of uncertainty Data analysis Simulations Sensitivity analysis Decision tree analysis Influence diagrams	Project documents updates Risk report

Plan Risk Responses (Planning)

Inputs	Tools and Techniques	Outputs
Project management plan Risk management plan Scope baseline Schedule baseline Cost baseline Project documents Assumption log Basis of estimates Cost estimates Cost forecasts Duration estimates Milestone list Resource requirements Risk register Risk report Schedule forecasts Enterprise environmental factors Organizational process assets	Expert judgment Data gathering Interviews Interpersonal and team skills Facilitation Strategies for threats Strategies for opportunities Contingent response strategies Strategies for overall project risk Data analysis Alternatives analysis Cost-benefit analysis Decision making Multicriteria decision analysis	Change requests Project management plan updates Schedule management plan Cost management plan Quality management plan Resource management plan Procurement management plan Scope baseline Schedule baseline Cost baseline Project documents updates Assumption log Cost forecasts Lessons learned register Project schedule Project team assignments Risk register Risk report

Implement Risk Responses (Execution)

Inputs	Tools and Techniques	Outputs
Project management plan Risk management plan Project documents Lessons learned register Risk register Risk report Organizational process assets	Expert judgment Interpersonal and team skills Influencing Project management information system	Change requests Project documents updates Issue log Lessons learned register Project team assignments Risk register Risk report

Monitor Risks (Monitoring and Controlling)

Inputs	Tools and Techniques	Outputs
Project management plan Risk management plan Project documents Issue log Lessons learned register Risk register Risk report Work performance data Work performance reports	Data analysis Technical performance analysis Reserve analysis Audits Meetings	Work performance information Change requests Project management plan updates Any component Project documents updates Assumption log Issue log Lessons learned register Risk register Risk report Organizational process assets updates

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Mudassir Iqbal

I am the founder of Know Your Project (KYP) IT Consulting and Training Company. We are based in Pakistan but work extensively with middle-market businesses directly in the European, Middle East and South Asia Regions, as well as through partnerships with multinational companies like yours. I have personally delivered several digital change projects across many sectors globally - including construction, technology, finance, manufacturing, warehousing, logistics, telecommunication. My areas of expertise are concerned with Business Process Re-engineering (BPR), IT Governance and Assurance, PMO Setup, and Business and IT Agility. I also have substantial experience strategizing ERP implementations and have been working with Oracle, SAP, Microsoft Dynamics and Odoo for the best part of my professional life. Both nationally and internationally, I’m also providing in-depth, high-caliber executive development and training in various fields, covering topics such as project planning, project management, leading teams, cultural change. I’m a passionate writer and speaker on the topics of Digital Transformation, CIO, ERP and Project Management.