PMI Risk Management : PMBok 6th and Agile Book

PMI Risk Management

• Knowledge Area Contribution to Risk Management
  • Scope Management
    • What is included in the project and what is not
    • Work breakdown structure
  • Time Management
    • Work breakdown structure and schedule baseline
  • Cost Management
    • Cost baseline and budgeting
  • Quality Management
    • Quality standards and specifications required for the project
  • Human Resource Management
    • Organizational chart, project team members, staff availability, etc.
  • Communication Management
    • Know the communication plan
  • Stakeholders Management
    • Know the stakeholders and their expectations

PMBok 6th Risk Management Process

• Risk Management Process pre-requisite
  • Collect essential information from other knowledge areas
• Risk Management Process description
  • Risk Planning
    • This is the process where you define a “road map” for risk management.
    • You will specify what is needed, what tools will be used and who will be involved.
  • Risk Identification
    • In this process, you will use different tools to come up with a list of risks that might occur in the project.
  • Risk Qualitative Assessment
    • Arranges the risks you have identified, from most important to least important.
  • Risk Quantitative Assessment
    • Tests how the risks may affect the project (using mathematical formulas and computers).
  • Risk Response Planning
    • Strategies that are used to control the risks.
    • Risk Response Planning and Controlling the risks will most likely affect your schedule and cost plans, and may be other plans.
  • Risk Responses Implementing
    • Implement contingency and fallbacks plans (risk owner and resources)
    • Answer questions and facilitate clarification of plan details
    • Communicate with Stakeholders according to the plan
  • Risk Monitoring and Controling
    • This process is done during the project execution phase.
    • You monitor and audit risks, identify new ones and issue change requests as needed.

Agile Book Risk Management

• Agile Risk Management is done with early risk reduction via risk-based spikes
  • Spike is a short effort usually timenoxed that is devoting to exploring an approach, investigating an issue or reducing a project risk
    • Brief exploratory iterations = risk-based spikes
    • POC efforts = architectural spikes
• Agile project pre-mortem
  • Imagine the future
  • Generate the reasons for the failure
  • Consolidate the list
  • Revisit the plan
• Re-prioritizing the Product backlog
  • Creating risk response stories
  • Updates to Iteration Plan and Release Plan, and to Product Roadmap
  • Risk-adjusted Product Backlog
  • Retrospective and Risk burndown charts

PMI-RMP certification : 2022 exam

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Created : 09/01/2022