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

PMP Exam Preparation
B. M. Shahrier Majumder, PMP
www.wizardea.com | contact@wizardea.com
Project Risk Management
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
Risk Management
Includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control of a project.
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.
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.
Planning Risk Management | Data Flow Diagram

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Planning Risk Management

8
Inputs
Project scope statement Cost management plan Schedule management plan Communication management plan Enterprise environmental factors Organizational process assets
Tools & Techniques

Project meetings and analysis
Outputs
Risk management plan
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
Identify Risks | Data Flow Diagram
Identify Risks
Inputs
Risk management plan Activity cost estimates Activity duration estimate Scope baseline Stakeholder register Cost management plan Schedule management plan Quality management plan Enterprise environmental factors Organizational process assets
Tools & Techniques

Documentation reviews Information gathering techniques Checklist analysis Assumption analysis Diagramming techniques SWOT Analysis Expert judgment
Outputs
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
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Identify Risks > Outputs

Risk register
S/ N Risk Description Category Probability P = 1 to 10 Impact I = 1 to 10 Exposure E=PXI Mitigation Contingency Plan Plan
1 2
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Perform Qualitative Risk Analysis | DFD
Perform Qualitative Risk Analysis
Inputs
Risk management plan Risk register Project scope statement Organizational process assets
Tools & Techniques

Risk probability and impact assessment Probability and impact matrix Risk data quality assessment Risk categorization Risk urgency assessment Expert judgment
Outputs
Risk register updates
Perform Qualitative Risk Analysis > Tools and Techniques

Probability and Impact Matrix
Risk Categorization
Source of risk Project effected Project phase
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Perform Quantitative Risk Analysis | DFD
Perform Quantitative Risk Analysis
Inputs
Risk management plan Risk register Cost management plan Schedule management plan Organizational process assets
Tools & Techniques

Data gathering and representation techniques Quantitative risk analysis and modeling techniques Expert judgment
Outputs
Risk register updates
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
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Plan Risk Response | Data Flow Diagram
Plan Risk Response
Inputs
Risk management plan Risk register
Tools & Techniques

Strategies for negative risks or threats Strategies for positive risk or opportunities Contingent response strategies Expert judgment
Outputs
Risk register updates 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
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Monitoring & Control Risks | Data Flow Diagram
Monitoring & Control Risks
Inputs
Risk register Project management plan Work performance information Performance reports
Tools & Techniques

Risk reassessment Risk audit Variance and trend analysis Technical performance measurement Reserve analysis Status meetings
Outputs
Risk register updates Organization process assets updates Change requests Project management plan updates Project document updates
Questions
[mail.shahrier@gmail.com] http://bd.linkedin.com/in/shahrier
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PMP Exam Preparation: B. M. Shahrier Majumder, PMP

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

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PMP Exam Preparation

B. M. Shahrier Majumder, PMP

Project Risk Management

Key Activities of Risk Management

Key Activities of Risk Management

Planning Risk Management | Data Flow Diagram

Planning Risk Management

Tools & Techniques

Plan Risk Management > Outputs

Identify Risks | Data Flow Diagram

Tools & Techniques

Identify Risks > Tools and Techniques

Identify Risks > Outputs

Perform Qualitative Risk Analysis | DFD

Perform Qualitative Risk Analysis

Tools & Techniques

Perform Qualitative Risk Analysis > Tools and Techniques

Perform Quantitative Risk Analysis | DFD

Perform Quantitative Risk Analysis

Tools & Techniques

Perform Quantitative Risk Analysis > Tools and Techniques

Quantitative risk analysis and modeling techniques

Plan Risk Response | Data Flow Diagram

Plan Risk Response

Tools & Techniques

Plan Risk Response > Tools and Techniques

Monitoring & Control Risks | Data Flow Diagram

Monitoring & Control Risks

Tools & Techniques

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