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
VIDEO
Plan Risk Management (Planning)
Inputs
Tools and Techniques
Outputs
Project charter
Project management plan
Project documents
Enterprise environmental factors
Organizational process assets
Expert judgment
Data analysis
Meetings
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
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
Project documents
Assumption log
Risk register
Stakeholder register
Enterprise environmental factors
Organizational process assets
Expert judgment
Data gathering
Data analysis
Risk data quality assessment
Risk probability and impact assessment
Assessment of other risk parameters
Interpersonal and team skills
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
Interpersonal and team skills
Representations of uncertainty
Data analysis
Simulations
Sensitivity analysis
Decision tree analysis
Influence diagrams
Project documents updates
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
Interpersonal and team skills
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
Project documents
Lessons learned register
Risk register
Risk report
Organizational process assets
Expert judgment
Interpersonal and team skills
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
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
Project documents updates
Assumption log
Issue log
Lessons learned register
Risk register
Risk report
Organizational process assets updates
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