The document discusses project risk management processes including:
1) Planning risk management to define the approach and ensure sufficient resources.
2) Identifying risks through various techniques like brainstorming and checklists.
3) Analyzing risks qualitatively by assessing probability and impact, and quantitatively using tools like decision trees.
4) Developing responses like mitigation plans, contingency plans and fallbacks to enhance opportunities and reduce threats.
5) Monitoring and controlling risks, residual risks, and the effectiveness of the risk management process.
The concepts and processes on how to perform project risk management according to PMBOK Guide 6th edition. You'll find key concepts and terms, plan risk management, identify risks, perform qualitative & quantitative risks analysis, plan risk responses, implement risk responses, and monitor risks.
PMP, PMBOK (R) 5th Edition,
CH: 11: Project Risk Management
--> Represents one of two biggest chapters, of the PMBOK
==> Too much useful, for the people who have concern in the project management field, & the risk management field as well
Episode 25 : Project Risk Management
Understand what risk is and the importance of good project risk management.
Discuss the elements involved in risk management planning and the contents of a risk management plan.
List common sources of risks in engineering and information technology projects.
Describe the risk identification process, tools, and techniques to help identify project risks, and the main output of risk identification, a risk register.
SAJJAD KHUDHUR ABBAS
Chemical Engineering , Al-Muthanna University, Iraq
Oil & Gas Safety and Health Professional – OSHACADEMY
Trainer of Trainers (TOT) - Canadian Center of Human
Development
The concepts and processes on how to perform project risk management according to PMBOK Guide 6th edition. You'll find key concepts and terms, plan risk management, identify risks, perform qualitative & quantitative risks analysis, plan risk responses, implement risk responses, and monitor risks.
PMP, PMBOK (R) 5th Edition,
CH: 11: Project Risk Management
--> Represents one of two biggest chapters, of the PMBOK
==> Too much useful, for the people who have concern in the project management field, & the risk management field as well
Episode 25 : Project Risk Management
Understand what risk is and the importance of good project risk management.
Discuss the elements involved in risk management planning and the contents of a risk management plan.
List common sources of risks in engineering and information technology projects.
Describe the risk identification process, tools, and techniques to help identify project risks, and the main output of risk identification, a risk register.
SAJJAD KHUDHUR ABBAS
Chemical Engineering , Al-Muthanna University, Iraq
Oil & Gas Safety and Health Professional – OSHACADEMY
Trainer of Trainers (TOT) - Canadian Center of Human
Development
A risk is defined as “an uncertain event or condition that, if it occurs, has a positive and negative effect on a project’s objectives.” Risk is inherent with any project, and project managers should assess risk continually and develop plan to address them. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critical, risk management plans include a risk strategy.
This module on Managing Risk discusses different type of risk that needs to be taken into account by the management while implementing a project. The other topics converged in this module include probability-impact matrix, Risk Quantification; Mitigating/Transferring risk; Risk audits/Review; Sample Risk plan and how to initiate Risk Management Planning.
Pmbok 5th planning process group part four _ Project Risk ManagementHossam Maghrabi
This is PMBOK Guide Planning Process Group Part Four. It includes one Knowledge Area - Project Risk Management - with five processes - Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses -.
The risk is one of the main variables that can declare the success or the failure of one project.
In this presentation, the "Project Risk" topic is treated from the point of view of methodology and theory; a real case study ("PMP certification course") has been chosen to demonstrate the applicability of the methodology in which risk management has proven to be the key factor for the success of the project.
For your project to be successful you need to think and account for Risk (Opportunities and Threats) beforehand, so you are ready when they happen and you do not panic.
In this presentation we look at approach of analyzing risks, we get into details of qualitative risk analysis and quantitative risk analysis. This presentation will help professionals who are preparing for PMP certification exam
Chapter 10 of ICT Project Management based on IOE Engineering syllabus. This chapter includes topic related to quality theories, quality planning, cost of quality and more on quality management of project. Provided by Project Management Sir of KU.
The above presentation talks about the risk involved in any project. The project risk identification, quantification, response and its control is also thoroughly explained.
The concepts and processes on how to perform project stakeholder management according to PMBOK Guide 6th edition. You'll find key concepts and terms, identify stakeholders, plan stakeholder management, manage stakeholders, and monitor stakeholders.
Contents are sourced from different authors including PMBOK 5th Edition.
This is provided for free as part of our Continuing Practice in Project Management Professional Certification. You may download, share but please refrain from commercializing it or altering parts. Thanks.
For more on Innovations and Project Management, please visit www.facebook.com/SigmaProcessExcellence
Chapter 07 of ICt Project Management based on IOE Engineering syllabus. This chapter covers the knowledge on development of project charters, direct and manage project execution, monitor and control project work and more.Provided by Project Management Sir of KU.
A risk is defined as “an uncertain event or condition that, if it occurs, has a positive and negative effect on a project’s objectives.” Risk is inherent with any project, and project managers should assess risk continually and develop plan to address them. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critical, risk management plans include a risk strategy.
This module on Managing Risk discusses different type of risk that needs to be taken into account by the management while implementing a project. The other topics converged in this module include probability-impact matrix, Risk Quantification; Mitigating/Transferring risk; Risk audits/Review; Sample Risk plan and how to initiate Risk Management Planning.
Pmbok 5th planning process group part four _ Project Risk ManagementHossam Maghrabi
This is PMBOK Guide Planning Process Group Part Four. It includes one Knowledge Area - Project Risk Management - with five processes - Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses -.
The risk is one of the main variables that can declare the success or the failure of one project.
In this presentation, the "Project Risk" topic is treated from the point of view of methodology and theory; a real case study ("PMP certification course") has been chosen to demonstrate the applicability of the methodology in which risk management has proven to be the key factor for the success of the project.
For your project to be successful you need to think and account for Risk (Opportunities and Threats) beforehand, so you are ready when they happen and you do not panic.
In this presentation we look at approach of analyzing risks, we get into details of qualitative risk analysis and quantitative risk analysis. This presentation will help professionals who are preparing for PMP certification exam
Chapter 10 of ICT Project Management based on IOE Engineering syllabus. This chapter includes topic related to quality theories, quality planning, cost of quality and more on quality management of project. Provided by Project Management Sir of KU.
The above presentation talks about the risk involved in any project. The project risk identification, quantification, response and its control is also thoroughly explained.
The concepts and processes on how to perform project stakeholder management according to PMBOK Guide 6th edition. You'll find key concepts and terms, identify stakeholders, plan stakeholder management, manage stakeholders, and monitor stakeholders.
Contents are sourced from different authors including PMBOK 5th Edition.
This is provided for free as part of our Continuing Practice in Project Management Professional Certification. You may download, share but please refrain from commercializing it or altering parts. Thanks.
For more on Innovations and Project Management, please visit www.facebook.com/SigmaProcessExcellence
Chapter 07 of ICt Project Management based on IOE Engineering syllabus. This chapter covers the knowledge on development of project charters, direct and manage project execution, monitor and control project work and more.Provided by Project Management Sir of KU.
Procurement Management is one of the key aspect of project success. As a PM you whole need a solid understanding of different contract type, how your company specific procurement process works and how does general procurement process be conducted
PMP® credential by Project Management Institute (PMI)® is the most sought-after credential across industries globally in the area of Project Management. The PMP® credential demonstrates the experience, education and competency to lead and direct projects. To earn the credential, professionals need to clear PMP® exam conducted by the PMI® .
The topics covered in the presentation are:
1.Introduction to PMI
2.Introduction to Project and Project Management?
3.What is the Difference between PMI, PMP & PMI-ACP?
4.Introduction to PMP
5.What is the eligibility criteria for PMP?
6.Myths about PMP Exam
7.How much time is need to prepare for PMP Exam?
8. Q&A
This 2-hour course will show the perspective of what it takes to be an effective CFO in the construction industry from the vantage point of CFO’s, bankers, surety agents and other professional references who work in the industry. This session will examine best practices and protocols of construction financial management.
Learning Objectives/ Outcomes:
• Review and continuation of construction financial statements; using a work-in-progress report
• Review and continuation of job costing and accounting
• “Cash is King” rule of thumb summary
• Discuss the role of owner’s right hand person
Risk and uncertainty are related, but different concepts that many people struggle to understand. This presentation defines and explains the difference between risk and uncertainty and how they are measured, so that they can be properly managed in a business context.
Please add any comments or feedback, and share this presentaiton with your colleagues, thanks!
Feel free to contact me via LinkedIn if you have any questions:
http://www.linkedin.com/in/kelvinstott
Alternatively, please visit or join our LinkedIn group, ’Big Ideas in R&D Productivity & Project / Portfolio Management’:
http://www.linkedin.com/groups/Big-Ideas-in-Pharma-R-4322249
This is the basic knowledge of an IT Infrastructer.Which help to understand the requirment of IT ,Clients ,server and the work flow of the Information. The network connection and the Layars of OSI model to understand how the data is moving in a network.
NCV 4 Project Management Hands-On Support Slide Show - Module5Future Managers
This slide show complements the Learner Guide NCV 4 Project Management Hands-On Training by Bert Eksteen, published by Future Managers. For more information visit our website www.futuremanagers.net
As per PMBOK - "The whole point of undertaking a project is to achieve or establish something new, to venture, to take chances, to risk. Risk may have positive effects or negative effects on the project “Schedule” and/or “Cost”. Positive risks are Opportunities and negative risks are losses or threats; remember both risks are uncertain “percentage of occurrence less than 80%”. Risk Management purpose is to manage (Plan and implement) these uncertainties.
An introduction to the Risk Management discipline of project management for early career engineers. This lecture was presented to students of Engineering Projects in Community Service (EPICS) classes at Purdue University in fall 2008.
Final Class Presentation on Determining Project Stakeholders & Risks.pptxGeorgeKabongah2
“A person or group of people who have a vested interest in the success of an organization or project and the environment in which the organization/ project operates”
Project risk management: Techniques and strategiesDebashishDas49
Risk identification techniques and mitigation techniques in the present dynamic scenario of the industry is described here. Also, the recent research area and probable topics that one could choose as a Ph.D. topic are described briefly.
Project and Program Risk Management
Reasons to Manage Risks
ISO31000 for Risk Management
Risk Management in Project Lifescycle
Tools to manage Project Risks
Similar to PMP Training - 11 project risk management (20)
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21. Qualitative Risk Analysis Help to focus on high priority risks A subjective analysis Analysis using… Relative probability or likelihood of occurrence Impact on project objective Time frame response Organization’s risk tolerance Etc. Can be also used to: Compare risk to the overall risk of other projects Determine whether the project should be selected, continued or terminated. Determine whether to proceed to Perform Quantitative Risk Analysis
22. Probability Impact Matrix Different matrices can be used for cost, time, scope It helps guide risk responses (priority action & response strategies) Colors shows level of importance
24. Risk Register Updates Update/add additional information to previous output i.e. Risk Register, which include: Relative ranking/priority Risk grouped by categories List of risk requiring additional analysis in the near term List of risk for additional analysis and response Watch-list (non-critical or non-top risks) TrendsSince risk analysis process is iterative, PM should know if risk is increasing, decreasing or staying the same Cause of risk requiring particular attention
25. 11.4 Perform Quantitative Risk Analysis The process of numerically analyzing the effect of identified risks on overall project objectives. If not necessary, this process may be skipped.
26. Quantitative Risk Analysis Is a numerical evaluation (more objective) This process may be skipped. Purpose of this process Determine which risk events warrant a response. Determine overall project risk (risk exposure). Determine the quantified probability of meeting project objectives. Determine cost and schedule reserves. Identify risks requiring the most attention. Create realistic and achievable cost, schedule, or scope targets.
27. Quantitative Risk Analysis: Tools & Techniques Determining Quantitative Probability and Impact might be done by: Interviewing Cost and time estimating Delphi technique Use of historical records from previous projects Expert judgment Sensitivity analysis – tornado diagram Expected monetary value (EMV) analysis Decision tree Monte Carlo analysis (simulation)
28. Decision Tree and EMV EVM used with Decision Tree to choose between many alternative which take into account the future events Example: Example Source:
29. Sensitivity Analysis To determine which risks have the most potential impact to the project Changing one or more elements/variables and set other elements to its baseline then see the impact. One typical display of sensitivity analysis is the tornado diagram
30. Risk Register Updates Update/add additional information to previous output i.e. Risk Register, which include: Prioritize list of quantified risks Amount of contingency time and cost reserve needed Possible realistic and achievable completion dates, project cost, with confidence level The quantified probability of meeting project objectives Trends
31. 11.5 Plan Risk Response The process of developing option and action to enhance opportunities and to reduce threats to project objectives.
32. Plan Risk Responses/Mitigation Do something to eliminate threats before they happens Do something to make sure the opportunities happens Decrease the probability and/or impact of threats Increase the probability and/or impact of opportunities For the remaining (residual) threats that cannot be eliminated: Do something if the risk happens (contingency plan). Do something if contingency plan not effective (fallback plan)
33. Strategies for Threats Avoid Eliminate the threat entirely Isolate project objectives from the risk’s impact Transfer (Deflect, Allocate) Shift some or all the negative impact of a threat to a third party Mitigate Implies a reduction in the probability and/or impact of an adverse risk event to be within acceptable threshold limits Accept Deal with the risks Project management plan is not changed Transferring a risk will leave some risk behind.
34. Strategies for Opportunities Exploit Seek to ensure the opportunities definitely happen Share Allocate some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the project benefit. Enhance Increase the probability and/or the positive impacts of an opportunity. Accept Not actively pursuing an opportunity
35. 11.6 Monitor & Control Risk The process of .. implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.
36. Risk Monitoring & Controlling Other purposes are to determines if Project assumptions are still valid Risk has changed or can be retired Risk management policy & procedure are being followed Align contingency reserves with current risk assessment
38. Important Terms Mutual Exclusive: if two events cannot both occur in a single trial Probability: something will occur Normal Distribution: common probability density distribution chart Statistical independence: the probability of one event occurring does not affect the probability of another event occurring Standard deviation (or Sigma): how far you are from the mean 3 or 6 sigma Represent the level of quality has decided to try to achieve 6σ is higher quality standard than 3σ Used to calculate the upper and lower control limits in a control chart
41. Example: Influence Diagram Diagramming technique used when Identify Risk Decision Node ValueNode Usage decision Test Survey Economic Value Net Value Chance event Node Human Exposure Cancer Cost Cancer Risk Carcinogenic potential Image Source: Influence Diagram & Decision Trees, Lecture slide MHA 6350, Dr. Lloyd R. Burton