23 February 2024

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
    • Risk Quantitative Assessment
    • 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

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