Project Risk Management PMBOK

Project Risk Management PMBOK - PMI (2004) and Others

PRM Discussion
When PRM?
Which PM Process Groups deal with Risk
WBS is NOT BS
Risk Management Planning
Risk Identification
Risk Management and Control
Risk Response Planning
Risk Management Tools

When Do You Conduct Project Risk Management?
What Phase of Project Life Cycle?
How Do you Identify Risk?
What is a Non-Risk…how do you tell?
How Do you Deal With Risk?
Does size of Project Effect Risk Management?
When do you not conduct PRM?

PMI’s Project Management Process Groups are:
Initiating
Planning!!! (MOST IMPORTANT FOR RISK)
Executing
Monitoring and Controlling (ALSO CONTAINS “RISK MONITORING AND CONTROL” as you will see later on…)

Planning Process Group Processes (PMBOK) Develop PM Plan Risk Management Plan Risk Identification Qualitative Risk Analysis Quantitative Risk Analysis Scope Planning Scope Definition Create WBS Activity Resource Est. Activity Definition Cost Budgeting Human Res. Plan Quality Planning Comm. Planning Plan Contracting Risk Response Planning Activity Dur. Estimating Activity Sequencing Schedule Devo. Cost Estimating Plan Purch. & Acq. Source: PMBOK (2004), pg. 47 Figure 3-7

Creating WBS is not BS!!!!
Inputs:
Organizational Process Assets(Past Similar Projects)
Project Scope Statement
Project Scope Management Plan
Approved Changed Requests
Outputs:
Project Scope Statement Revision
WBS
WBS Dictionary (Critical Nomenclature)
Scope Baseline Cost Estimate (Order of Magnitude or Better)
Project Scope Management Plan Revision
Requested Changes
Create WBS

Inputs:
Enterprise Environmental Factors
Organizational process assets/Resources
Project Management Plan
Outputs:
Risk Management Plan

Risk Identification
Inputs:
Enterprise Environmental Factors
Organizational Process Assets
Project Management Plan
Outputs:
Risk Register
Risk Identification

Qualitative Risk Analysis
Inputs:
Organizational Process Assets
Risk Register
Outputs:
Risk Register Updates
Risk Breakdown Structure (RBS)

Quantitative Risk Analysis
Inputs:
Organizational Process Assets (Prior Proj. Data)
Risk Register
Project Management Plan:
Project Schedule Management Plan
Project Cost Management Plan
Outputs

Inputs:
Risk Register
Outputs:
Project Management Plan Updates
Risk-Related Contractual Agreements

Monitoring and Controlling Process Group
Risk Monitoring and Control:
Inputs:
Risk Register
Approved Changes
Work Performance Info.
Performance Reports (E.V.)
Outputs:
Risk Register UPDATES
Requested changes
Recommended corrective actions
Recommended preventative actions
Organizational Process Assets Updates
Project Management Plan Updates

Planning Process for Risk Summary & Tools to Use:
Accurate Scope AND WBS required!!!
Schedule Risk Remedying Activities
Estimate Cost Contingencies Required
Develop A RISK REGISTER for future updating
Risk Identification
Internal and External Technical Review!!!
MOGSA
Delphi, AHP/HDM Executive/Expert Survey
Develop and Combine Risk Scenarios
Risk Breakdown Structure (RBS)
Technical, External, Organizational, PM
Revise Risk Register: Relative Ranking/Priorities/Ranking
Identify Immediate and Future Risks by High to Low Priority

Planning-Monitoring Risk Summary and Toolset:
More Detailed Probability Rated Risk Register Updates:
Use Variance in Opinion to Assess Risk
Use Decision Trees, Monte Carlo and, or Real Options
Sensitivity Analysis
Quantify Impacts in $$$ and Time
Revise and Reconsider Risk Baseline on Risk Register
SWOT
RISK Matrix
Risk Monitoring and Control

RMP Tools Continued…
Planning Meetings and Analysis of Risk
RBS
Impact Scales for Cost, Time, Scope, Quality
Risk Register
PI Matrix
SWOT
Checklist
DSM
Sensitivity Analysis(Estimate Parameters are assigned Probabilistic Distributions)
Decision Tree Analysis (EMV)
Monte Carlo (A:“Cumulative Likelihood Distribution” of meeting Baseline Est.)

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Project Risk Management PMBOK

by blairaj on Jan 05, 2009

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Project Risk Management PMBOK — Presentation Transcript