Risk Management processes : Implement Risk responses

Purpose

• Implement contingency and fallbacks plans (risk owner and resources)
• Caution
  • If an identified risk occurred, you successfully managed it with the contingency plan.
  • However due to this response, a secondary risk was generated and you have to manage it immediately, otherwise, it will impact your project objective severely.
  • What will your next step be?
    • Develop a response plan, get permission to use the management reserve, and implement the response.
    • But to use the management reserve, you need the management’s approval.
• Answer questions and facilitate clarification of plan details
• Communicate with Stakeholders according to the plan

Inputs

• Project management plan
  • Risk Management Plan
    • Roles and responsabilities for risk management
    • Risk management methodology for the project
    • Risk thresholds
    • Risk appetite of key stakeholders
    • Acceptable target that the implementation of risk responses is required to achieve
  • Risk Response Plan
• Project Documents
  • Lessons Learned register
  • Risk register
    • Agreed-upon risk response for each individual risk
    • Risk owners for each response plan
  • Risk Report
    • Assessment of the current overal project risk exposure
    • Agreed-upon risk response strategy
    • Major individual project risks with their planned responses
• OPA
  • Lessons learned repository

Tools and Technics

• Expert Judgments
• Interpersonal and team skills
  • Influencing
  • Leadership styles
    • The Leadership styles
      Directing
      Supporting
      Coaching
      Mentoring
      Delegating
    • Directing and supporting are leadership styles.
    • Supporting
      • Supporting is where the manager provides assistance as the project moves forward, and is appropriate when the project is in the executing phase or the team members are highly experienced in what they do.
      • Example
        • The project manager had just inherited a project developing an exam simulator for a learning institution.
        • The project is on its sixth month, and the team members are all relatively comfortable with the project assignments and one another.
        • The project manager take a supporting approach in managing the team.
    • Directing
      • Directing involves guiding individuals by telling them what to do.
      • When the project or project team is in the beginning stages, the most common approach used is directing.
      • Example
        • The project manager has just inherited a project developing an exam simulator for a learning institution.
        • The project team is still fairly new and becoming acquainted with the project assignment and requirements.
        • Which approach should the project manager take in managing the team?
          • Answer : directing
          • Explanation
            • When the project or project team is in the beginning stages, the most common approach used is directing. Directing involves guiding individuals by telling them what to do.
            • Directing involves guiding individuals by telling them what to do
    • Coaching
    • Mentoring
    • Delegating
• PMIS

Outputs

• Change Requests
• Project Documents Updates
  • Issue Log
  • Lessons Learned register
  • Project Team Assignments
  • Risk register
  • Risk Report

PMI-RMP Certification exam flashcards

Created : 21/05/2022