PMI’s Risk Management : introduction

PMBok 6th Knowledge Areas 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 description
  • Pre-requisite
    • Collect essential information from other knowledge areas
  • Risk Planning
    • Plan Risk Management
      • 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.
      • Iteration approach for planning
        • The critical success factors for the Plan Risk Management process are Identify and address barriers, engage stakeholders, and follow organizational policies.
        • You need to understand that in real life a project doesn’t unfold in a step after step fashion.
        • You will ultimately need to go back and forth between the different knowledge areas.
  • Risk Identification
    • Identify Risks
      • 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
    • Perform Qualitative Risk Analysis
      • Arranges the risks you have identified, from most important to least important.
  • Risk Quantitative Assessment
    • Perform Quantitative Risk Analysis
      • Tests how the risks may affect the project (using mathematical formulas and computers).
  • Risk Response Planning
    • Plan Risk Responses
      • Strategies that are used to control the risks.
      • Controlling the risks will most likely affect your schedule and cost plans.
  • Implement Risk responses
    • Implement Risk responses
      • 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 Control
    • Monitor Risks
      • This process is done during the project execution phase.
      • You monitor and audit risks, identify new ones and issue change requests as needed.

PMI-RMP Certification exam flashcards

Created : 19/05/2022

Updated : 22/05/2022