Risk
Risk management
Risk Management process groups
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Responses
Control Risks
5. According PMI:
“ An uncertain event or condition that,
if it occurs, has a positive or negative
effect on a project’s objectives ”.
Characteristics of risk:
Uncertainty – the risk may or may not happen,
that is, there are no 100% risks
Loss – the risk becomes a reality and unwanted
consequences or losses occur
Risk……!!!!
7. Risk management is
identification
assessment, monitor, and control the probability
impact of unfortunate events
to maximize the realization of opportunities
9. 1. Plan Risk Management
2. Identify Risks
3. Perform Qualitative Risk Analysis
4. Perform Quantitative Risk Analysis
5. Plan Responses
6. Control Risks
10. Planning process with the risk management plan as its sole output
Understand the general level of risks your project faces
Project team or organizational tolerance for risk
Domain Tasks:
Identifying, analyzing
Defining risk response strategies
To manage uncertainty throughout the project life cycle
11. Project Management Plan process:
Project charter
Stakeholder register
Enterprise environmental factors
Organizational process assets
Tools and techniques
analytical techniques
Expert judgment
Meetings
12. Risk management plan:
o The particular risk methodology and approach to be taken on the
project
o The individual roles and responsibilities within the team and the wider
group of stakeholders
o Any approved budgets for managing risk, which should then be included
in the cost performance baseline
o An initial analysis of the individual risk categories using a risk
breakdown structure
14. Uses a wide variety of inputs and tools and techniques to
identify all the risks to the project
Performed
1. Through the life of the project
2. The risk register is always updated with newly identified risks
current risks that are reassessed by using the other risk planning
processes
15. Risk management plan
Cost management plan
Schedule management plan
Quality management plan
Human resource management plan
Scope baseline
Activity cost estimates
Activity duration estimates
16. Stakeholder register
Project documents
Procurement documents
Enterprise environmental factors
Organizational process assets
Tools and techniques
I. Documentation reviews
II. Information-gathering techniques
III. Checklist analysis
IV. assumptions analysis
V. Diagramming techniques
VI. SWOT analysis
VII. Expert judgment
17. o Risk register:
• risk register is highly iterative
• risk register itself should be treated as a live document and
reviewed regularly
• reviewed at all levels
• risk register will take many forms depending on your
organizational risk tolerance and any existing templates
and guidelines
18. Focused
on assigning a qualitative
subjective
analysis of probability
impact to all identified risks
done on all identified risks
quick and easy
20. Risk management plan
Scope baseline
Risk register
Enterprise environmental factors
Organizational process assets
Tools and techniques
21. Tools and techniques:
i. risk probability and impact assessment
ii. Probability and impact matrix
iii. risk data quality assessment
iv. risk categorization
v. risk urgency assessment
vi. Expert judgment
23. Focused:
o development of a quantitative objective
o assessment of individual risk probability impact
o by using a metric based on money or time
26. Tools and techniques
Data gathering and representation techniques
Quantitative risk analysis and modeling techniques
Sensitivity analysis
Tornado diagrams
Expected monetary value analysis (EMV)
Modeling and simulation
Expert judgment
27. o Project documents updates:
updated the risk register
includes quantitative probabilities of individual risks
quantitative impacts of individual risks in terms of both cost
and time
subsequently a prioritized list of quantified risks.
28. Qualitative: risk-level
Quantitative: project-level
Qualitative: subjective evaluation of probability and impact
Quantitative: probabilistic estimates of time and cost
Qualitative: quick and easy to perform
Quantitative: time consuming
Qualitative: no special software or tools required
Quantitative: may require specialized tools
29. o Focused on the development of proactive responses to
risks
o Minimizing the potential effects of negative risk
o Maximizing the potential benefits of positive risk on a
project
o Considers responses to unplanned or unforeseen risks
31. risk management plan
risk register
Tools and techniques
Strategies for negative risks or threats
Strategies for positive risks or opportunities
Contingent response strategies
32. o Project management plan updates
Project documents updates
revisit these foundational documents
o Project documents updates
updated the risk register and the assumptions log
33. • Focused on monitoring and controlling the project
• Accordance with the risk management plan and the information
contained within the risk register
• Control Risks process checks the implementation of the plan
• Like other monitoring and controlling processes
• looking out for any variance between what risks you had planned
and what risks are occurring
• New risks, and any new information affecting already identified
risks, and evaluating the overall risk process
34. Project management plan
risk register
Work performance data
Work performance reports
Tools and techniques
risk reassessment
risk audits
Variance and trend analysis
Technical performance measurement
reserve analysis
Status meetings
35. o Work performance information
o Change requests
o Project management plan updates
o Project documents updates
o Organizational process assets updates
36. Risk
Risk management
Risk Management process groups
1. Plan Risk Management
2. Identify Risks
3. Perform Qualitative Risk Analysis
4. Perform Quantitative Risk Analysis
5. Plan Responses
6. Control Risks
Editor's Notes
The Plan Risk Management process covers the following domain tasks: Plan risk management by developing a risk management plan, and identifying, analyzing, and prioritizing project risks in the risk register and defining risk response strategies, in order to manage uncertainty throughout the project life cycle.
The Identify Risks process covers the following domain task: Plan risk management by developing a risk management plan, and identifying, analyzing, and prioritizing project risks in the risk register and defining risk response strategies, in order to manage uncertainty throughout the project life cycle.