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By: Anand Bobade (nmbobade@gmail.com)
Learn Project Management & prepare for PMP exam:
• Learn visually
• Detailed coverag...
By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management
L : Lesson
What is a Risk?
Story to understand Risk...
By: Anand Bobade (nmbobade@gmail.com)
Risk is an uncertain event or condition that if occurs, has
a positive or negative e...
By: Anand Bobade (nmbobade@gmail.com)
Family going on a Vacation; Hit by a risk, how they will
respond in absence of risk ...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management->Risk manageme...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management->Risk manageme...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management->Risk manageme...
By: Anand Bobade (nmbobade@gmail.com)
With Proper Risk planning & response in place,
family is enjoying vacation.
Goal of ...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management-> Why Risk Man...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management->What is a Ris...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management ->Risk Types
P...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management ->Risk Source
...
By: Anand Bobade (nmbobade@gmail.com)
Includes the processes of conducting the Risk
Management planning, identification, a...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management -> Processes
1...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management -> Processes
1...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Chap 11: Project Risk Management -> Review
Risk...
By: Anand Bobade (nmbobade@gmail.com)
Learn Project Management & prepare for PMP exam:
• Learn visually
• Detailed coverag...
By: Anand Bobade (nmbobade@gmail.com)
11.1 Plan Risk Management
Plan Risk Management - Definition
Why Risk management plan...
By: Anand Bobade (nmbobade@gmail.com)
The process of defining how to conduct risk
management activities for a project.
Ens...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Project Risk Management will help you:
Reduce c...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
• Match size &
importance of
Project
• High vis...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Inputs (5)
• PMP
• Project charter
• Stakeholde...
By: Anand Bobade (nmbobade@gmail.com)
PMP
Project
Charter
Stakeholder
register
EEF OPA
11.1 Plan Risk Management-> Input
1...
By: Anand Bobade (nmbobade@gmail.com)
Project
Management
Plan
All approved subsidiary plans & baselines.
PMP
All Baselines...
By: Anand Bobade (nmbobade@gmail.com)
Project Charter
11.1 Plan Risk Management-> Input->Project Charter
High Level inputs...
By: Anand Bobade (nmbobade@gmail.com)
Stakeholder
Register
Provides stakeholder classification
Champion Supporter Resister...
By: Anand Bobade (nmbobade@gmail.com)
EEF
Risk Attitude:
Risk averse Risk Seeker Risk Neutral Risk tolerant
Risk Averse: O...
By: Anand Bobade (nmbobade@gmail.com)
EEF
Risk Attitude will drive:
Risk Appetite Risk Tolerance Risk Threshold
Risk Appet...
By: Anand Bobade (nmbobade@gmail.com)
Risk Appetite: Risk Tolerance: Risk threshold:
11.1 Plan Risk Management-> Input->EE...
By: Anand Bobade (nmbobade@gmail.com)
OPA
OPA related to Risks:
Risk Categories
Common Definitions & terms
Risk statement ...
By: Anand Bobade (nmbobade@gmail.com)
Analytical
Technique
Expert
Judgment
Meetings
11.1 Plan Risk Management-> T&T
11.1 I...
By: Anand Bobade (nmbobade@gmail.com)
Expert
Judgment
Expertize should be considered from groups or individuals
with speci...
By: Anand Bobade (nmbobade@gmail.com)
Analytical
Technique
Stakeholder Risk
Attitude
Strategic Risk
exposure of
project
Ri...
By: Anand Bobade (nmbobade@gmail.com)
Meetings
11.1 Plan Risk Management->T&T->Meetings
11.1 I T&T O
Anyone responsible fo...
By: Anand Bobade (nmbobade@gmail.com)
Risk
Management
Plan
11.1 Plan Risk Management->Output
11.1 I T&T O
By: Anand Bobade (nmbobade@gmail.com)
Risk
Management
Plan
RMP includes following:
Methodology (How?)
Roles & Responsibili...
By: Anand Bobade (nmbobade@gmail.com)
Risk
Management
Plan
RBS for IT project
Business
Business
process
Market
changes
Cha...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
11.1 Plan Risk Management->Output->Risk Managem...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
11.1 Plan Risk Management-> Process Flow
11.1 I...
By: Anand Bobade (nmbobade@gmail.com)
11.1 Plan Risk Management-> Review
L : Lesson
How much efforts need to be spent on r...
By: Anand Bobade (nmbobade@gmail.com) 11.1 I T&T O
Learn Project Management & prepare for PMP exam:
• Learn visually
• Det...
By: Anand Bobade (nmbobade@gmail.com)
11.2 Identify Risks
Identify Risks - Definition
Who is involved in Risk identificati...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Introduction – Risk Management Processes
11.1 P...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Introduction – Risk Management Processes
11.4 P...
By: Anand Bobade (nmbobade@gmail.com)
Determine which risks may affect the project &
document their characteristics
Focuse...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Risk Identification is an iterative process.
Co...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Project Manager Project team
Risk Management
te...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Inputs (13)
• Risk management plan
• Cost manag...
By: Anand Bobade (nmbobade@gmail.com)
Risk Management
Plan
Scope Baseline
Schedule
Management Plan
Activity Duration
Estim...
By: Anand Bobade (nmbobade@gmail.com)
Procurement
Documents
Stakeholder
register
Project
documents
EEF OPA
11.2 Identify R...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Roles & Responsibilities,
Budget & Schedule for...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Processes & controls used to help identify cost...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Complexity & detailing should be consistent
wit...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Commercial DB, academic studies, published chec...
By: Anand Bobade (nmbobade@gmail.com)
Documentation
Reviews
Information
gathering
Techniques
Checklist Analysis
Assumption...
By: Anand Bobade (nmbobade@gmail.com)
Documentation
Reviews
Understand the content
of all relevant documents
Focus on Scop...
By: Anand Bobade (nmbobade@gmail.com)
Information
gathering
Techniques Brainstorming Delphi Technique
Interviewing Root ca...
By: Anand Bobade (nmbobade@gmail.com)
Information
gathering
Techniques
Brainstorming:
• One idea generates another:
Facili...
By: Anand Bobade (nmbobade@gmail.com)
Information
gathering
Techniques
Delphi Technique:
• Help reduce bias in the collect...
By: Anand Bobade (nmbobade@gmail.com)
Information
gathering
Techniques
Interviewing:
• Interviewing experts, stakeholders,...
By: Anand Bobade (nmbobade@gmail.com)
Checklist
Analysis
Risk identification checklists.
Lowest level of RBS can be used a...
By: Anand Bobade (nmbobade@gmail.com)
Assumption
Analysis
It explores the validity of assumptions as they applied
to the p...
By: Anand Bobade (nmbobade@gmail.com)
Diagramming
Techniques Cause and effect diagrams
(fish-bone diagram)
System or proce...
By: Anand Bobade (nmbobade@gmail.com)
Diagramming
Techniques
Cause-and-Effect Diagram
• Also known as Fishbone or Ishikawa...
By: Anand Bobade (nmbobade@gmail.com)
Diagramming
Techniques
System or process flow charts:
Shows how various elements of ...
By: Anand Bobade (nmbobade@gmail.com)
Diagramming
Techniques
Influence diagrams:
• Shows casual influences among project
v...
By: Anand Bobade (nmbobade@gmail.com)
SWOT
Analysis
11.2 Identify Risks->T&T->SWOT Analysis
11.2 I T&T O
It is a simple bu...
By: Anand Bobade (nmbobade@gmail.com)
Expert
Judgment
Expertize should be considered from groups or individuals
with speci...
By: Anand Bobade (nmbobade@gmail.com)
11.2 Identify Risks->Output->Risk Register
Risk
Register
11.2 I T&T O
By: Anand Bobade (nmbobade@gmail.com)
Risk
Register
Risk Register:
List of risk
List of initial POTENTIAL responses
Root c...
By: Anand Bobade (nmbobade@gmail.com)
Risk
Register
Risk Statement:
Source Condition Consequences
Context Risk Statement
1...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
11.2 Identify Risks-> Process Flow
11.2 I T&T O
By: Anand Bobade (nmbobade@gmail.com)
11.2 Identify Risks -> Review
Who is involved in Risk identification?
What is Delphi...
By: Anand Bobade (nmbobade@gmail.com) 11.2 I T&T O
Learn Project Management & prepare for PMP exam:
• Learn visually
• Det...
By: Anand Bobade (nmbobade@gmail.com)
11.3 Perform Qualitative Risk Analysis
Perform Qualitative Risk Analysis - Definitio...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Introduction – Risk Management Processes
11.1 P...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Introduction – Risk Management Processes
11.4 P...
By: Anand Bobade (nmbobade@gmail.com)
It is a process of prioritizing risks for further analysis
by assessing & combining ...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
• Prioritize Risks as High,
Medium & Low.
• Bas...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Identify most important Risks.
Prioritize Risks...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
Inputs (5)
• Risk management
plan
• Scope basel...
By: Anand Bobade (nmbobade@gmail.com)
Risk
Management
Plan
Scope
Baseline
Risk Register
EEF OPA
11.3 Perform Qualitative R...
By: Anand Bobade (nmbobade@gmail.com)
Risk
Management
Plan
Key Elements of RMP
Roles & Responsibilities
Budget
Schedule Ac...
By: Anand Bobade (nmbobade@gmail.com)
Scope
Baseline
Examining scope baseline helps to evaluate risks
Highly complex proje...
By: Anand Bobade (nmbobade@gmail.com)
Risk Register
Contains information that will be used to assess &
prioritize the Risk...
By: Anand Bobade (nmbobade@gmail.com)
EEF
Industry studies
Risk Databases
OPA
Information about prior similar completed
pr...
By: Anand Bobade (nmbobade@gmail.com)
Risk Probability &
Impact Assessment
Probability and
Impact Matrix
Risk Data Quality...
By: Anand Bobade (nmbobade@gmail.com)
Risk Probability
& Impact
Assessment
• Likelihood of each Risk
Risk
Probability
asse...
By: Anand Bobade (nmbobade@gmail.com)
Risk Probability
& Impact
Assessment
Probability & Impact are assessed for individua...
By: Anand Bobade (nmbobade@gmail.com)
Risk Probability
& Impact
Assessment
Risk Prioritization
# Risk Probability Impact
1...
By: Anand Bobade (nmbobade@gmail.com)
Probability &
Impact Matrix
Specifics combination of Probability & Impact that
leads...
By: Anand Bobade (nmbobade@gmail.com)
Probability
5
4
3
2
1
0 1 2 3 4 5
Impact
Probability &
Impact Matrix
Probability & I...
By: Anand Bobade (nmbobade@gmail.com)
Probability &
Impact Matrix
Probability & Impact matrix
• Helps guide Risk response....
By: Anand Bobade (nmbobade@gmail.com)
Risk Data
Quality
Assessment
Evaluate the degree to which the data is useful to
Risk...
By: Anand Bobade (nmbobade@gmail.com)
Risk
Categorization
Risk can be categorized by source/Root cause etc
Useful in devel...
By: Anand Bobade (nmbobade@gmail.com)
Risk urgency
Assessment
Nearing risks will need immediate response
In some cases Ris...
By: Anand Bobade (nmbobade@gmail.com)
Expert
Judgment
Expertize should be considered from groups or individuals
with speci...
By: Anand Bobade (nmbobade@gmail.com)
Project
Document
Update
11.3 Perform Qualitative RA->Output
11.3 I T&T O
By: Anand Bobade (nmbobade@gmail.com)
Project
Document
Update
Risk Register Assumption Log
Risk Register Updates
Relative ...
By: Anand Bobade (nmbobade@gmail.com)
Project
Document
Update
Risk Register Assumption Log
11.3 Perform Qualitative RA->Ou...
By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com)
11.2 Perform Qualitative RA-> Process Flow
11.3...
By: Anand Bobade (nmbobade@gmail.com)
11.2 Perform Qualitative RA-> Review
What is Qualitative & Quantitative Risk
Analysi...
By: Anand Bobade (nmbobade@gmail.com) 11.3 I T&T O
Learn Project Management & prepare for PMP exam:
• Learn visually
• Det...
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Pmp chap 11 - project risk management v0.1

project risk management

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Pmp chap 11 - project risk management v0.1

  1. 1. By: Anand Bobade (nmbobade@gmail.com) Learn Project Management & prepare for PMP exam: • Learn visually • Detailed coverage of all PMP concepts • Sample Questions PMBOK Chapter 11 : Project Risk Management (Part 1) Monitor & Control Risk Monitoring & Control Planning Plan Risk management Identify Risk Perform Qualitative Risk Analysis Perform Quantitative Risk Analysis Plan Risk Response
  2. 2. By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management L : Lesson What is a Risk? Story to understand Risk/Response. Why Risk Management Risk Management knowledge area Definition Risk Management Processes Processes in detail Review Self Assessment Additional Resources P1 P2 P3 P4 P5 P6
  3. 3. By: Anand Bobade (nmbobade@gmail.com) Risk is an uncertain event or condition that if occurs, has a positive or negative effect on one or more project objectives, such as scope, cost & quality. Uncertain event or condition Effect Project objectives Chap 11: Project Risk Management -> What is a Risk?
  4. 4. By: Anand Bobade (nmbobade@gmail.com) Family going on a Vacation; Hit by a risk, how they will respond in absence of risk planning or with plan in hand. Family going on Vacation Car without fuel Tire Puncture Chap 11: Project Risk Management ->Risk management Story
  5. 5. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management->Risk management Story Risk planning: • Family to discuss risks & plan it Identify Risk: • Car Breakdown • Lost key • Accident • Change in weather - Rain • Out of Fuel Next Slide
  6. 6. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management->Risk management Story Analyze – Qualitative: • Review identified Risks • Access the probability • Access the impact • Combine Probability & impact to derive score • Prioritize risk Analyze – Quantitative: • Review prioritized risk • Assign value (Cost/Delay etc) • Make alternative plans to reduce risk & uncertainty Next Slide
  7. 7. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management->Risk management Story Respond: Risk Response Owner Car breakdown Prepare Garage list Father Out of Fuel Prepare Gas-station list Mother Rain Plan Indoor activities Son Risk Register
  8. 8. By: Anand Bobade (nmbobade@gmail.com) With Proper Risk planning & response in place, family is enjoying vacation. Goal of risk management is to be more proactive & less reactive Family going on Vacation Out-of Fuel- Get Fuel from nearby Gas-Station Car Breakdown - Call garage & get Tire Replaced Chap 11: Project Risk Management->Risk management Story
  9. 9. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management-> Why Risk Management A PM work should not focus on dealing with problems; it should focus on preventing them. How would it feel to say, “No problem; we anticipated this, and we have a plan in place that will resolve it”. Performing risk management helps prevent many problems & helps make other problems less likely. Failure of PM to asses project risks is a major cause of Project failure.
  10. 10. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management->What is a Risk? Cont.. If there is 100% chance of an event occurring, this would be an issue, not a risk. Risks with negative consequences are called threats. Risks with positive consequences are called opportunities. Yes, risk can be good! Stop thinking of risk as bad, & start thinking in terms of opportunities!
  11. 11. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management ->Risk Types Pure Risk (hazard): • Risk with potential loss only. • Ex. Fire, theft, personal injury Business Risk (speculative risk): • Risk with potential loss or gain. • Ex. A new hardware costs less (or more) than you budgeted for!
  12. 12. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management ->Risk Source Customer Last of Project management efforts Inexperienced PM Suppliers Resistance to change Cultural differences contracts
  13. 13. By: Anand Bobade (nmbobade@gmail.com) Includes the processes of conducting the Risk Management planning, identification, analysis, response planning, & controlling risk on a projects. Risk Manage ment Plan Identify AnalyzeRespond Control Chap 11: Project Risk Management-> Definition
  14. 14. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management -> Processes 11.1 Plan Risk Management • Define how to conduct risk management activities 11.2 Identify Risks • Determine & document which risks may affect the project 11.3 Perform Qualitative Risk Analysis • Prioritize risks by analyzing their probability & impact.
  15. 15. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management -> Processes 11.4 Perform Quantitative Risk Analysis • Numerically analyze the effect of identified risks. 11.5 Plan Risk Responses • How to respond to enhance opportunities & to reduce threats 11.6 Control Risk • Track risk, monitor residual risks, identify new risks, & evaluate effectiveness of risk planning.
  16. 16. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Chap 11: Project Risk Management -> Review Risk Planning is iterative process It should be initiated early in the project lifecycle Risk can be positive or Negative PM has to constantly monitor risks & responds it. Its group activity Risk may change during course of project lifecycle
  17. 17. By: Anand Bobade (nmbobade@gmail.com) Learn Project Management & prepare for PMP exam: • Learn visually • Detailed coverage of all PMP concepts • Sample Questions
  18. 18. By: Anand Bobade (nmbobade@gmail.com) 11.1 Plan Risk Management Plan Risk Management - Definition Why Risk management planning is important? Plan Risk Management Processes: ITTO What Risk Management Plan contains? The Risk Breakdown Structure Data flow diagram Review Sample Exam questions 11.1 I T&T O
  19. 19. By: Anand Bobade (nmbobade@gmail.com) The process of defining how to conduct risk management activities for a project. Ensures the degree, type & visibility of risk manag’t commensurate with risks & importance of project. 11.1 Plan Risk Management -> Definition 11.1 I T&T O
  20. 20. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Project Risk Management will help you: Reduce crisis management. Minimize project surprises. Anticipate problems thereby making you proactive than reactive. Increase likelihood of project success. Enhance your company’s competitive position. Become a better manager. 11.1 Plan Risk Management -> Why to plan? 11.1 I T&T O
  21. 21. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) • Match size & importance of Project • High visibility - Large Strategic Project. • Low visibility - Small/Less significant projects. Visibility Define resources required for Risk Management. Resources Define Documentation & escalation process. Documentation Define Risk communication. Communication 11.1 Plan Risk Management -> Degree of Risk management Ensures the degree, type & visibility of risk manag’t commensurate with risks & importance of project. 11.1 I T&T O
  22. 22. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Inputs (5) • PMP • Project charter • Stakeholder register • EEF • OPA Tools & Techniques(3) • Analytical techniques • Expert judgment • Meetings Outputs • Risk Management Plan 11.1 Plan Risk Management->ITTO 11.1 I T&T O
  23. 23. By: Anand Bobade (nmbobade@gmail.com) PMP Project Charter Stakeholder register EEF OPA 11.1 Plan Risk Management-> Input 11.1 I T&T O
  24. 24. By: Anand Bobade (nmbobade@gmail.com) Project Management Plan All approved subsidiary plans & baselines. PMP All Baselines Scope Baseline Cost Baseline Schedule baseline Cost Manag. Plan Schedule Manag. Plan Communicati on Manag. plan 11.1 Plan Risk Management-> Input->PMP 11.1 I T&T O
  25. 25. By: Anand Bobade (nmbobade@gmail.com) Project Charter 11.1 Plan Risk Management-> Input->Project Charter High Level inputs Initial risks Project Objective Project Requirements Project authorization document with high level details. 11.1 I T&T O
  26. 26. By: Anand Bobade (nmbobade@gmail.com) Stakeholder Register Provides stakeholder classification Champion Supporter Resister Helps to identify potential impact on Project Power Roles Interest Resources It provides critical information about project stakeholders 11.1 Plan Risk Management->Input->Stakeholder Reg. 11.1 I T&T O
  27. 27. By: Anand Bobade (nmbobade@gmail.com) EEF Risk Attitude: Risk averse Risk Seeker Risk Neutral Risk tolerant Risk Averse: Organization is not comfortable with digesting risks. Not supportive towards risks. Risk Seeker: organization likes to seek risks if they see any opportunity. Young startup/dynamic companies Risk Neutral: Are neutral to risks. They deal with risks objectively. Use EMV & decision tree analysis to analyse risk. Risk Tolerant: very comfortable with ignoring risks. They don’t care and never pay any attention to a risk until it becomes an issue. 11.1 Plan Risk Management-> Input->EEF
  28. 28. By: Anand Bobade (nmbobade@gmail.com) EEF Risk Attitude will drive: Risk Appetite Risk Tolerance Risk Threshold Risk Appetite: Degree of uncertainty an organization is willing to take on in anticipation of a reward. E.g., High, medium, low etc Risk Tolerance: Degree, amount, or volume of the risk that an organization or individual will withstand. E.g., Allow schedule slippage by 5–10% or cost slippage by 7–15%. Risk threshold: Amount of risk that an organisation is willing to accept. is the limit beyond which your organization will not tolerate the risk. E.g., For a project cost overrun is allowed till 100,000. 11.1 Plan Risk Management-> Input->EEF
  29. 29. By: Anand Bobade (nmbobade@gmail.com) Risk Appetite: Risk Tolerance: Risk threshold: 11.1 Plan Risk Management-> Input->EEF Qualitative Quantitative Quantitative • Organization has high level of Risk appetite. Risk Appetite: • You are bidding for a project. The estimated cost of this project is approximately 1Million. You are in the process of applying for this bid, however, your management constraints you by stating that you can not bid more than 10% of this amount. This 10% is your tolerance limit. Risk Tolerance: • You are bidding for a project. The estimated cost of this project is approximately 1Million. You are in the process of applying for this bid, however, your management constraints you by stating that you can go beyond additional 100,000 of this amount. This 100,000 is your threshold. Risk threshold:
  30. 30. By: Anand Bobade (nmbobade@gmail.com) OPA OPA related to Risks: Risk Categories Common Definitions & terms Risk statement format Templates Roles & responsibilities Decision making authority levels Lesson learned 11.1 Plan Risk Management-> Input->OPA 11.1 I T&T O
  31. 31. By: Anand Bobade (nmbobade@gmail.com) Analytical Technique Expert Judgment Meetings 11.1 Plan Risk Management-> T&T 11.1 I T&T O
  32. 32. By: Anand Bobade (nmbobade@gmail.com) Expert Judgment Expertize should be considered from groups or individuals with specialized knowledge in the area of Risk management. Senior Management Project Stakeholders PM with similar project experience Subject Matter expert Consultants Professional & technical associates 11.1 Plan Risk Management->T&T->Expert Judgement 11.1 I T&T O Help PM to setup risk management context Analyses organizations risk attitude.
  33. 33. By: Anand Bobade (nmbobade@gmail.com) Analytical Technique Stakeholder Risk Attitude Strategic Risk exposure of project Risk Management context Strategic Risk scoring sheets • Asses risk exposure of the projects Engage & map issues, commitment & ownership. These assessments helps proper resource allocation. Understand & define the overall Risk management context. 11.1 Plan Risk Management->T&T->Analytical Technique 11.1 I T&T O
  34. 34. By: Anand Bobade (nmbobade@gmail.com) Meetings 11.1 Plan Risk Management->T&T->Meetings 11.1 I T&T O Anyone responsible for risk management will be part of the meetings: Project Manager Sponsor Selected team members Selected stakeholders Define high level plans for conducting risk management. Review Risk contingency reserve & assign responsibility. Analyse templates, categories & tailor it.
  35. 35. By: Anand Bobade (nmbobade@gmail.com) Risk Management Plan 11.1 Plan Risk Management->Output 11.1 I T&T O
  36. 36. By: Anand Bobade (nmbobade@gmail.com) Risk Management Plan RMP includes following: Methodology (How?) Roles & Responsibilities (who?) Budgeting (Cost of Risk management) Timing (Schedule) Risk Categories (RBS) Probability & Impact Stakeholder Tolerances Reporting Format Tracking (Follow-up) 11.1 Plan Risk Management->Output->Risk Management Plan 11.1 I T&T O
  37. 37. By: Anand Bobade (nmbobade@gmail.com) Risk Management Plan RBS for IT project Business Business process Market changes Change in management Technical Hardware Software Network Project Management Estimation Planning Resource Communicatio n 11.1 Plan Risk Manag.->Output->Risk Management Plan 11.1 I T&T O
  38. 38. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) 11.1 Plan Risk Management->Output->Risk Management Plan 11.1 I T&T O
  39. 39. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) 11.1 Plan Risk Management-> Process Flow 11.1 I T&T O
  40. 40. By: Anand Bobade (nmbobade@gmail.com) 11.1 Plan Risk Management-> Review L : Lesson How much efforts need to be spent on risk management. How risk management helps on project? Risk Attitude(Risk averse, Risk Seeker, Risk Neutral & Risk tolerant) What Risk Management Plan contains? The Risk Breakdown Structure 11.1 I T&T O
  41. 41. By: Anand Bobade (nmbobade@gmail.com) 11.1 I T&T O Learn Project Management & prepare for PMP exam: • Learn visually • Detailed coverage of all PMP concepts • Sample Questions
  42. 42. By: Anand Bobade (nmbobade@gmail.com) 11.2 Identify Risks Identify Risks - Definition Who is involved in Risk identification? Identify Risks : ITTO What is Delphi technique? What is Risk register? Data flow diagram Review Sample Exam questions 11.2 I T&T O
  43. 43. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Introduction – Risk Management Processes 11.1 Plan Risk Management • Define how to conduct risk management activities 11.2 Identify Risks • Determine & document which risks may affect the project 11.3 Perform Qualitative Risk Analysis • Prioritize risks by analyzing their probability & impact. 11.2 I T&T O
  44. 44. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Introduction – Risk Management Processes 11.4 Perform Quantitative Risk Analysis • Numerically analyze the effect of identified risks. 11.5 Plan Risk Responses • How to respond to enhance opportunities & to reduce threats 11.6 Control Risk • Track risk, monitor residual risks, identify new risks, & evaluate effectiveness of risk planning. 11.2 I T&T O
  45. 45. By: Anand Bobade (nmbobade@gmail.com) Determine which risks may affect the project & document their characteristics Focuses on documentation of existing risks. It provides Knowledge & ability to project team, to anticipate events. Project Risk1 Risk2 Risk3 Risk4Risk5 Risk6 Risk7 Document Risk Charaterstics1 Charaterstics2 Charaterstics3 Determine Risks Documenting their characteristics 11.2 Identify Risk -> Definition 11.2 I T&T O
  46. 46. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Risk Identification is an iterative process. Consistent format should be used to ensure each risk is understood clearly & unambiguously. Ownership & Responsibility - Project team should be involved in the process. The more participants involved in the process will help to identify more risks. 11.2 Identify Risk -> Introduction 11.2 I T&T O
  47. 47. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Project Manager Project team Risk Management team Customers & end users SME Project stakeholders Industry representatives Consultants Fellow Project Managers Risk Management experts Quality experts HR experts 11.2 Identify Risk -> Stakeholders involved 11.2 I T&T O
  48. 48. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Inputs (13) • Risk management plan • Cost management plan • Schedule management plan • Quality management plan • HR management plan • Scope baseline • Activity cost estimates • Activity duration estimates • Stakeholder register • Project documents • Procurement documents • EEF • OPA Tools & Techniques(7) • Documentation reviews • Information gathering techniques • Checklist analysis • Assumptions analysis • Diagramming techniques • SWOT analysis • Expert judgment Outputs • Risk Register By: Anand Bobade (nmbobade@gmail.com) 11.2 Identify Risk ->ITTO 11.2 I T&T O
  49. 49. By: Anand Bobade (nmbobade@gmail.com) Risk Management Plan Scope Baseline Schedule Management Plan Activity Duration Estimates Cost Management Plan Activity Cost Estimates HR Management Plan Quality Management Plan 11.2 Identify Risk ->Inputs 11.2 I T&T O
  50. 50. By: Anand Bobade (nmbobade@gmail.com) Procurement Documents Stakeholder register Project documents EEF OPA 11.2 Identify Risk ->Inputs 11.2 I T&T O
  51. 51. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Roles & Responsibilities, Budget & Schedule for Risk Management activities Risk Categories / RBS. Uncertainty in assumptions should be evaluated. WBS – Potential risk at micro & macro level. Risk–link to Summary, control account or work package Time/schedule objectives & expectation which may be impacted by Risk (Known or unknown) Identify risk related to time allowances for the activities or entire project. 11.2 Identify Risk ->Inputs 11.2 I T&T O
  52. 52. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Processes & controls used to help identify cost related risk across the project. Provides quantitative assessment of likely cost to complete scheduled activities. Help to identify projections are sufficient or not. How Human resources should be defined, staffed, managed & released. Roles Responsibilities, Project Organization chart, staffing plan etc. Baseline of quality measures & metrics. 11.2 Identify Risk ->Inputs 11.2 I T&T O
  53. 53. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Complexity & detailing should be consistent with value of & Risk associated with procurement Key stakeholders are interviewed or participated in the Risk identification meetings. Project Charter, schedule, network diagram, issue log, quality checklists etc 11.2 Identify Risk ->Inputs 11.2 I T&T O
  54. 54. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Commercial DB, academic studies, published checklists, Benchmarking, Industry studies, Risk attitudes Project files, templates, Risk statement format, Lessons learned. 11.2 Identify Risk ->Inputs-> EEF & OPA 11.2 I T&T O
  55. 55. By: Anand Bobade (nmbobade@gmail.com) Documentation Reviews Information gathering Techniques Checklist Analysis Assumption Analysis Diagramming Techniques SWOT Analysis Expert Judgment 11.2 Identify Risk ->Tools & Techniques 11.2 I T&T O
  56. 56. By: Anand Bobade (nmbobade@gmail.com) Documentation Reviews Understand the content of all relevant documents Focus on Scope, cost, time & quality Question Assumption, Constraints Quality of doc - completeness, consistency 11.2 Identify Risk ->T&T->Documentation Review 11.2 I T&T O
  57. 57. By: Anand Bobade (nmbobade@gmail.com) Information gathering Techniques Brainstorming Delphi Technique Interviewing Root cause Analysis 11.2 Identify Risks->T&T->Information gathering Techniques 11.2 I T&T O
  58. 58. By: Anand Bobade (nmbobade@gmail.com) Information gathering Techniques Brainstorming: • One idea generates another: Facilitator (Risk Management expert) manages & assist the team. RBS used as main framework to guide discussions. Goal is to creates list of Risks. Involve Project team & other experts. It can be Free-form or can be mass interview . 11.2 Identify Risks->T&T->Information gathering Techniques 11.2 I T&T O
  59. 59. By: Anand Bobade (nmbobade@gmail.com) Information gathering Techniques Delphi Technique: • Help reduce bias in the collected risk data & prevent influence each others. • Expert participate anonymously. • Facilitator use questionnaire. • Consensus may be reached in a few rounds. Prepare Questionnaire (Imp. Risks) Expert Responds anonymously Response Summarized Results are re- circulated Expert comment 11.2 Identify Risks->T&T->Information gathering Techniques 11.2 I T&T O
  60. 60. By: Anand Bobade (nmbobade@gmail.com) Information gathering Techniques Interviewing: • Interviewing experts, stakeholders, experienced PM. Root cause analysis: • Reorganizing the identified risk by their root cause may help identify more risks. 11.2 Identify Risks->T&T->Information gathering Techniques 11.2 I T&T O
  61. 61. By: Anand Bobade (nmbobade@gmail.com) Checklist Analysis Risk identification checklists. Lowest level of RBS can be used as checklist. Best if Developed based on prior projects. It is impossible to build exhaustive checklist. Over reliance over checklist should be avoided. 11.2 Identify Risks->T&T->Checklist Analysis 11.2 I T&T O
  62. 62. By: Anand Bobade (nmbobade@gmail.com) Assumption Analysis It explores the validity of assumptions as they applied to the project. All project assumptions should be verified. Changes to assumptions or new assumptions should be identified. Focus on the assumptions that impacts multiple project objectives. 11.2 Identify Risks->T&T->Assumption Analysis 11.2 I T&T O
  63. 63. By: Anand Bobade (nmbobade@gmail.com) Diagramming Techniques Cause and effect diagrams (fish-bone diagram) System or process flow charts. Influence diagrams 11.2 Identify Risks->T&T->Diagramming Techniques 11.2 I T&T O
  64. 64. By: Anand Bobade (nmbobade@gmail.com) Diagramming Techniques Cause-and-Effect Diagram • Also known as Fishbone or Ishikawa diagrams • It help you find causes of the risks. 11.2 Identify Risks->T&T->Diagramming Techniques 11.2 I T&T O
  65. 65. By: Anand Bobade (nmbobade@gmail.com) Diagramming Techniques System or process flow charts: Shows how various elements of a system interrelate. 11.2 Identify Risks->T&T->Diagramming Techniques 11.2 I T&T O
  66. 66. By: Anand Bobade (nmbobade@gmail.com) Diagramming Techniques Influence diagrams: • Shows casual influences among project variables & timing of events. • Shows relationships among other project variables & their outcomes. 11.2 Identify Risks->T&T->Diagramming Techniques 11.2 I T&T O
  67. 67. By: Anand Bobade (nmbobade@gmail.com) SWOT Analysis 11.2 Identify Risks->T&T->SWOT Analysis 11.2 I T&T O It is a simple but useful framework for analyzing your organization's strengths & weaknesses, & the opportunities and threats that you face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you.
  68. 68. By: Anand Bobade (nmbobade@gmail.com) Expert Judgment Expertize should be considered from groups or individuals with specialized knowledge in the area of Risk management. Senior Management Project Stakeholders PM with similar project experience Subject Matter expert Consultants Professional & technical associates 11.2 Identify Risks->T&T->Expert Judgement Help PM to do SWOT analsysis Use Delphi technique to identify risks. 11.2 I T&T O
  69. 69. By: Anand Bobade (nmbobade@gmail.com) 11.2 Identify Risks->Output->Risk Register Risk Register 11.2 I T&T O
  70. 70. By: Anand Bobade (nmbobade@gmail.com) Risk Register Risk Register: List of risk List of initial POTENTIAL responses Root causes of risks Updated risk categories The output is, initial entries into the risk register, which includes: 11.2 Identify Risks->Output->Risk Register # Risk Probabil ity Impact Urgenc y Category Risk Level Risk Response 1 Continually changing requirements Scope 2 Project involves the use of new technology Solution 11.2 I T&T O
  71. 71. By: Anand Bobade (nmbobade@gmail.com) Risk Register Risk Statement: Source Condition Consequences Context Risk Statement 11.2 Identify Risks->Output->Risk Register If (event) occurs due to (driver), the consequences could result in (impact). Significant delays in retrieving records due to current tools for data storage and retrieval practices may leave the department unable to adequately respond to Access to Information requests. 11.2 I T&T O
  72. 72. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) 11.2 Identify Risks-> Process Flow 11.2 I T&T O
  73. 73. By: Anand Bobade (nmbobade@gmail.com) 11.2 Identify Risks -> Review Who is involved in Risk identification? What is Delphi technique? What is assumption analysis? What is SWOT analysis. What is Risk register? What is risk statement. 11.2 I T&T O
  74. 74. By: Anand Bobade (nmbobade@gmail.com) 11.2 I T&T O Learn Project Management & prepare for PMP exam: • Learn visually • Detailed coverage of all PMP concepts • Sample Questions
  75. 75. By: Anand Bobade (nmbobade@gmail.com) 11.3 Perform Qualitative Risk Analysis Perform Qualitative Risk Analysis - Definition What is Qualitative & Quantitative Risk Analysis? Why to do Qualitative Risk Analysis Perform Qualitative Risk Analysis: ITTO What is probability impact matrix? What is Risk score? Data flow diagram Review Sample Exam questions 11.3 I T&T O
  76. 76. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Introduction – Risk Management Processes 11.1 Plan Risk Management • Define how to conduct risk management activities 11.2 Identify Risks • Determine & document which risks may affect the project 11.3 Perform Qualitative Risk Analysis • Prioritize risks by analyzing their probability & impact. 11.3 I T&T O
  77. 77. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Introduction – Risk Management Processes 11.4 Perform Quantitative Risk Analysis • Numerically analyze the effect of identified risks. 11.5 Plan Risk Responses • How to respond to enhance opportunities & to reduce threats 11.6 Control Risk • Track risk, monitor residual risks, identify new risks, & evaluate effectiveness of risk planning. 11.3 I T&T O
  78. 78. By: Anand Bobade (nmbobade@gmail.com) It is a process of prioritizing risks for further analysis by assessing & combining their probability of occurrence & impact. It enables PM to reduce the level of uncertainty and to focus on high-priority risks Identified Risks Qualitative Analysis Prioritized Risk Prioritizing Occurrence Impact. 11.3 Perform Qualitative Risk Analysis-> Definition 11.3 I T&T O
  79. 79. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) • Prioritize Risks as High, Medium & Low. • Based on relative probability & likelihood of occurrence. Perform Qualitative Risk Analysis Identify the numerical values in terms of cost, timeline for each Risk. Perform Quantitative Risk Analysis 11.3 Perform Qualitative Risk Analysis-> Difference 11.3 I T&T O
  80. 80. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Identify most important Risks. Prioritize Risks. Rapid & cost effective. Help PM to focus resources & energy on priority Risks. Decision to perform qualitative analysis depends on Risk response timeframe. 11.3 Perform Qualitative Risk Analysis-> Why? 11.3 I T&T O
  81. 81. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) Inputs (5) • Risk management plan • Scope baseline • Risk register • EEF • OPA Tools & Techniques(6) • Risk probability and impact assessment • Probability and impact matrix • Risk data quality assessment • Risk categorization • Risk urgency assessment • Expert judgment Outputs • Project document updates 11.3 Perform Qualitative Risk Analysis->ITTO 11.3 I T&T O
  82. 82. By: Anand Bobade (nmbobade@gmail.com) Risk Management Plan Scope Baseline Risk Register EEF OPA 11.3 Perform Qualitative Risk Analysis->Inputs 11.3 I T&T O
  83. 83. By: Anand Bobade (nmbobade@gmail.com) Risk Management Plan Key Elements of RMP Roles & Responsibilities Budget Schedule Activities Risk Category Definition of Probability & Impact Matrix Revised Stakeholder tolerances 11.3 Perform Qualitative Risk Analysis->Inputs->RMP 11.3 I T&T O
  84. 84. By: Anand Bobade (nmbobade@gmail.com) Scope Baseline Examining scope baseline helps to evaluate risks Highly complex projects (State of the art technology or first of its kind) tend to have more uncertainty. Review scope related assumptions & dependencies. 11.3 Perform Qualitative RA->Inputs->Scope Baseline 11.3 I T&T O
  85. 85. By: Anand Bobade (nmbobade@gmail.com) Risk Register Contains information that will be used to assess & prioritize the Risks. List of Identified Risk. Description (Source, Category, impact etc) Initial risk response. (If available) 11.3 Perform Qualitative RA->Inputs->Risk Register 11.3 I T&T O # Risk Probabil ity Impact Urgenc y Category Risk Level Risk Response 1 Continually changing requirements Scope 2 Project involves the use of new technology Solution
  86. 86. By: Anand Bobade (nmbobade@gmail.com) EEF Industry studies Risk Databases OPA Information about prior similar completed projects. 11.3 Perform Qualitative Risk Analysis->Inputs 11.3 I T&T O
  87. 87. By: Anand Bobade (nmbobade@gmail.com) Risk Probability & Impact Assessment Probability and Impact Matrix Risk Data Quality Assessment Risk Categorization Risk urgency Assessment Expert Judgment 11.3 Perform Qualitative Risk Analysis->T&T 11.3 I T&T O
  88. 88. By: Anand Bobade (nmbobade@gmail.com) Risk Probability & Impact Assessment • Likelihood of each Risk Risk Probability assessment • Potential effect on project objectives (Schedule, Cost, Quality & Performance) Risk impact Assessment 11.3 Perform Qualitative RA->T&T->Risk Probability & IA 11.3 I T&T O
  89. 89. By: Anand Bobade (nmbobade@gmail.com) Risk Probability & Impact Assessment Probability & Impact are assessed for individual Risk Discuss with Project team, Customer, Sponsor, Expert - Interview/ Meetings Find Experience Risk Manager - Facilitator Ratings are done according to definition in RMP. Underlying rational for rating is included. 0 1 2 3 4 5 Probability & Impact Scale 11.3 Perform Qualitative RA->T&T->Risk Probability & IA 11.3 I T&T O
  90. 90. By: Anand Bobade (nmbobade@gmail.com) Risk Probability & Impact Assessment Risk Prioritization # Risk Probability Impact 1 Continually changing requirements 3 4 2 Project involves the use of new technology 2 3 3 Inexperience team members 2 4 4 Unstable organizational environment 1 5 5 Product gets High Market response 4 5 11.3 Perform Qualitative RA->T&T->Risk Probability & IA 11.3 I T&T O
  91. 91. By: Anand Bobade (nmbobade@gmail.com) Probability & Impact Matrix Specifics combination of Probability & Impact that leads to rating the Risk as High, Moderate or Low. Separate Matrix (Cost, Scope, Schedule & Quality) Depends on How Risk need to be weighted Opportunities & threats can be handled in same Matrix We can quickly see priority of risks & determine response 11.3 Perform Qualitative RA->T&T->Prob. & Impact Matrix 11.3 I T&T O
  92. 92. By: Anand Bobade (nmbobade@gmail.com) Probability 5 4 3 2 1 0 1 2 3 4 5 Impact Probability & Impact Matrix Probability & Impact matrix Risk Level Low Moderate High 1 2 # Category Risk Description Prob. Impact Risk Level 1 Cost Changing Approval requirement will cost more & delay project 5 5 High 2 Quality Reducing Quality check will impact deliverable quality 4 3 Moderate 11.3 Perform Qualitative RA->T&T->Prob. & Impact Matrix 11.3 I T&T O
  93. 93. By: Anand Bobade (nmbobade@gmail.com) Probability & Impact Matrix Probability & Impact matrix • Helps guide Risk response.Risk Score 11.3 Perform Qualitative RA->T&T->Prob. & Impact Matrix 11.3 I T&T O
  94. 94. By: Anand Bobade (nmbobade@gmail.com) Risk Data Quality Assessment Evaluate the degree to which the data is useful to Risk Management Examine the accuracy, Quality, reliability & Integrity of Risk Data If the Risk data quality is poor, additional data need to be collected Risk related data collection can consume more time & resources 11.3 Perform Qualitative RA->T&T->Risk Data Quality Asses. 11.3 I T&T O
  95. 95. By: Anand Bobade (nmbobade@gmail.com) Risk Categorization Risk can be categorized by source/Root cause etc Useful in developing Risk Response Categorized by Source-RBS, Area of Project – WBS or by Project Phase # Risk Category No. 1 Quality 10 2 Scope 20 3 Schedule 30 11.3 Perform Qualitative RA->T&T->Risk Categorization 11.3 I T&T O
  96. 96. By: Anand Bobade (nmbobade@gmail.com) Risk urgency Assessment Nearing risks will need immediate response In some cases Risk urgency is combined with Risk Ranking to give final severity rating Priority Indicators Probability of detecting Risk Response Time Symptoms & warning signs Risk Rating 11.3 Perform Qualitative RA->T&T->Risk urgency Assessment 11.3 I T&T O
  97. 97. By: Anand Bobade (nmbobade@gmail.com) Expert Judgment Expertize should be considered from groups or individuals with specialized knowledge in the area of Risk management. Senior Management Project Stakeholders PM with similar project experience Subject Matter expert Consultants Professional & technical associates 11.3 Perform Qualitative RA->T&T-> Expert Judgement Provide inputs on probability & impact of risks Help PM in risk prioritization 11.3 I T&T O
  98. 98. By: Anand Bobade (nmbobade@gmail.com) Project Document Update 11.3 Perform Qualitative RA->Output 11.3 I T&T O
  99. 99. By: Anand Bobade (nmbobade@gmail.com) Project Document Update Risk Register Assumption Log Risk Register Updates Relative ranking or priority list of project risks Risks grouped by categories Causes of risk or project areas requiring particular attention List of risks requiring response in the near-term List of risks for additional analysis and response Watch lists of low-priority risks Trends in qualitative risk analysis results 11.3 Perform Qualitative RA->Output->Project Doc. Update 11.3 I T&T O
  100. 100. By: Anand Bobade (nmbobade@gmail.com) Project Document Update Risk Register Assumption Log 11.3 Perform Qualitative RA->Output->Project Doc. Update 11.3 I T&T O # Risk Probability Imp act Urgenc y Category Risk Level Risk Response 1 Continually changing requirements 3 4 Low Scope High 2 Project involves the use of new technology 2 3 Normal Solution Medium 3 Inexperience team members 2 4 Immedi ate Resource Medium 4 Unstable organizational environment 1 5 Immedi ate EEF Medium
  101. 101. By: Anand Bobade (nmbobade@gmail.com)By: Anand Bobade (nmbobade@gmail.com) 11.2 Perform Qualitative RA-> Process Flow 11.3 I T&T O
  102. 102. By: Anand Bobade (nmbobade@gmail.com) 11.2 Perform Qualitative RA-> Review What is Qualitative & Quantitative Risk Analysis? Why to do Qualitative Risk Analysis What is probability impact matrix? What is Risk score? 11.1 I T&T O
  103. 103. By: Anand Bobade (nmbobade@gmail.com) 11.3 I T&T O Learn Project Management & prepare for PMP exam: • Learn visually • Detailed coverage of all PMP concepts • Sample Questions

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