Project Risk Management PMBOK

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This is a presentation pertaining to the PMBOK Project Management Process for Risk Management

This is a presentation pertaining to the PMBOK Project Management Process for Risk Management

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  • 1. Project Risk Management PMBOK - PMI (2004) and Others
  • 2. 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
  • 3. 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?
  • 4. 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…)
  • 5. 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
  • 6. 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
  • 7. Risk Management Planning
    • Inputs:
      • Enterprise Environmental Factors
      • Organizational process assets/Resources
      • Project Scope Statement
      • Project Management Plan
    • Outputs:
      • Risk Management Plan
    Risk Management Plan
  • 8. Risk Identification
    • Inputs:
      • Enterprise Environmental Factors
      • Organizational Process Assets
      • Project Scope Statement
      • Risk Management Plan
      • Project Management Plan
    • Outputs:
      • Risk Register
    Risk Identification
  • 9. Qualitative Risk Analysis
    • Inputs:
      • Organizational Process Assets
      • Project Scope Statement
      • Risk Management Plan
      • Risk Register
    • Outputs:
      • Risk Register Updates
      • Risk Breakdown Structure (RBS)
    Qualitative Risk Analysis
  • 10. Quantitative Risk Analysis
    • Inputs:
      • Organizational Process Assets (Prior Proj. Data)
      • Project Scope Statement
      • Risk Management Plan
      • Risk Register
      • Project Management Plan:
        • Project Schedule Management Plan
        • Project Cost Management Plan
    • Outputs
      • Risk Register Updates
    Quantitative Risk Analysis
  • 11. Risk Response Planning
    • Inputs:
      • Risk Management Plan
      • Risk Register
    • Outputs:
      • Risk Register Updates
      • Project Management Plan Updates
      • Risk-Related Contractual Agreements
    Risk Response Planning
  • 12. Monitoring and Controlling Process Group
    • Risk Monitoring and Control:
      • Inputs:
        • Risk Management Plan
        • 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
  • 13. Planning Process for Risk Summary & Tools to Use:
    • Risk Management Planning
      • 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!!!
    • Qualitative Risk Analysis
      • 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
  • 14. Planning-Monitoring Risk Summary and Toolset:
    • Quantitative Risk Analysis
      • 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
    • Risk Response Planning
      • Revise and Reconsider Risk Baseline on Risk Register
      • SWOT
      • RISK Matrix
    • Risk Monitoring and Control
  • 15. 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.)
  • 16.