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Project Risk Management Video – PMP/CAPM

Project Risk Management

Project Risk Management
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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