PMP Exam Preparation Course: 10 Project Risk Management

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B. M. Shahrier Majumder, PMP
PMP® Exam Preparation

Learning Objectives
Upon completion of this topic you will learn about
– The processes, activities and documentation items for Project
Communication Management
– Elements (and deliverables) for Project Risk Management
– Tools and techniques of the key activities of the Project Risk
Management
3

Risk Management
Includes the processes of conducting risk management planning,
identification, analysis, response planning, and monitoring and control
of a project.
4

Key Activities of Risk Management
 Plan Risk Management: The process of defining how to conduct risk
management activities for a project.
 Identify Risks: The process of determining which risk may affect the
project and documenting their characteristics.
 Perform Qualitative Risk Analysis: The process of prioritizing risks for
further analysis or action by assessing and combining their probability
of occurrence and impact.
 Perform Quantitative Risk Analysis: The process of numerically
analyzing the effect of identified risks on overall project objectives.
5

Key Activities of Risk Management
• Plan Risk Responses: The process of developing options and
actions to enhance opportunities and to reduce threats to project
objectives.
• Monitor and Control Risk: The process of implementing risk response
plans, tracking identified risks, monitoring residual risks, identified
new risks, and evaluating risk process effectiveness throughout the
project.
6

Planning Risk Management | Data Flow Diagram
7

Planning Risk Management
Inputs Tools & Techniques Outputs
Project scope statement
Cost management plan
Schedule management
plan
Communication
management plan
Enterprise environmental
factors
Organizational process
assets
Project meetings and
analysis
Risk management plan
8

Plan Risk Management > Outputs
• Risk Management Plan
• Methodology
• Roles and responsibilities
• Budgeting
• Timing
• Risk Categories
• Definition of Risk Probability and Impact
• Probability and Impact Matrix
• Reporting Formats
• Tracking
9

Identify Risks | Data Flow Diagram

Identify Risks
Activity cost estimates
Activity duration estimate
Scope baseline
Stakeholder register
plan
Quality management plan
Enterprise environmental
factors
assets
Documentation reviews
Information gathering
techniques
Checklist analysis
Assumption analysis
Diagramming techniques
SWOT Analysis
Expert judgment
Risk register

Identify Risks > Tools and Techniques
• Information gathering techniques
• Brainstorming
• Delphi technique
• Interviewing
• Root cause analysis
• Diagramming techniques
• Cause-effect diagrams
• System or process flow charts
• Influence diagrams
12

Identify Risks > Outputs
• Risk register
13
S/
N
Risk
Description
Category Probability
P = 1 to 10
Impact
I = 1 to 10
Exposure
E = P X I
Mitigation
Plan
Contingency
Plan
1
2

Perform Qualitative Risk Analysis | DFD

Perform Qualitative Risk Analysis
Risk register
Project scope statement
assets
Risk probability and impact
assessment
Probability and impact
matrix
Risk data quality
assessment
Risk categorization
Risk urgency assessment
Expert judgment
Risk register updates

Perform Qualitative Risk Analysis > Tools and
Techniques
• Probability and Impact Matrix
• Risk Categorization
• Source of risk
• Project effected
• Project phase
16

Perform Quantitative Risk Analysis | DFD

Perform Quantitative Risk Analysis
Risk register
plan
assets
Data gathering and
representation techniques
Quantitative risk analysis
and modeling techniques
Expert judgment

Perform Quantitative Risk Analysis > Tools and
Techniques
• Data gathering and representation technique
• Interviewing
• Probability distribution
• Quantitative risk analysis and modeling techniques
• Sensitivity analysis
• Expected monetary value analysis
• Modeling and simulation
19

Plan Risk Response | Data Flow Diagram

Plan Risk Response
Risk register
Strategies for negative
risks or threats
Strategies for positive risk
or opportunities
Contingent response
strategies
Expert judgment
Risk related contract
decision
Project management plan
updates
Project document updates

Plan Risk Response > Tools and Techniques
• Strategies for Negative risk or threats
• Avoid (e.g. extending schedule, reduce scope)
• Transfer (e.g. fixed price contract)
• Mitigate (e.g. more testing, choose more stable supplier)
• Accept
• Strategies for Positive risk or opportunities
• Exploit (e.g. assign most talented resources in a project/task)
• Share (e.g. joint venture)
• Enhance (e.g. adding more resources)
• Accept
22

Monitoring & Control Risks | Data Flow Diagram

Monitoring & Control Risks
Risk register
Work performance
information
Performance reports
Risk reassessment
Risk audit
Variance and trend analysis
Technical performance
measurement
Reserve analysis
Status meetings
Organization process
assets updates
Change requests
updates
Project document updates

Questions
25
• [mail.shahrier@gmail.com]
• http://bd.linkedin.com/in/shahrier

PMP Exam Preparation Course: 10 Project Risk Management

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PMP Exam Preparation Course: 10 Project Risk Management