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Risk management mod
This document outlines the six steps of project risk management: 1) plan risk management, 2) identify risks, 3) perform qualitative risk analysis, 4) perform quantitative risk analysis, 5) plan risk responses, and 6) monitor and control risks. It describes the inputs, tools and techniques, and outputs of each step. The overall purpose is to systematically manage potential threats and opportunities to achieving the objectives of a project.
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Risk management mod
- 2. Project riskmanagement: 1- Plan risk management. (planning) 2- Identify risks. (planning) 3- Perform qualitative risk analysis. (planning) 4- Perform quantitative risk analysis. (planning) 5- Plan risk responses (planning) 6- Monitor & control risks. (Monitor & control)
- 3. Plan Riskmanagement: process of defining how to conduct risk management activities for a project. Inputs • Project scope statement • Cost management plan • Schedule management plan • Communications management plan • EEF • OPA Tools & techniques • Planning meetings & analysis Outputs • Risk management plan
- 4. Plan risk managementoutput Risk management plan: describes how risk management will be structured and performed on the project and it includes: Methodology Roles & responsibilities Budgeting Timing Risk category Risk tracking.
- 5. Risk impactscale definition
- 6. 2- Identify risks: Process of determining which risks may affect the project and documenting the characteristics:
- 7. Inputs • Risk management plan •Activity cost estimates • Activity duration estimates • Scope baseline • Stakeholder register • Cost management plan • Schedule management plan • Quality management plan • Project documents • EEF • OPA Tools & techniques • Documentation review • Information gathering technique • Checklist analysis • Assumptions analysis • Diagramming techniques • SWOT analysis • Expert judgment Outputs • Risk register
- 8. Identify riskstools & techniques: Information gathering techniques Brainstorming Delphi techniques Interviewing Root cause analysis Diagramming techniques Cause and effect diagram System & process flow charts. SWOT analysis
- 9. 3- Perform qualitativerisk analysis process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
- 10. Inputs • Risk register •Risk management plan • Project scope statement • Scope baseline • Organizational process assets Tools & techniques • Risk probability & impact assessment • Risk data quality assessment • Risk categorization • Risk urgency assessment • Expert judgment Outputs • Risk register updates
- 11. Perform qualitativerisk analysis tools & techniques Risk probability & impact matrix
- 12. 4- Perform quantitativerisk analysis process of numerically analyzing the effect of identified risks on overall objectives
- 13. Inputs • Risk register •Risk management plan • Cost management plan • Schedule management plan • organizational process assets Tools & techniques • Data gathering & representation techniques • Qualitative risk analysis & modeling techniques • Expert judgment Outputs • Risk register updates
- 14. 5- Plan riskresponses: process of developing options and actions to enhance opportunities and to reduce threats to project objectives
- 15. Inputs • Risk register •Risk management plan Tools & techniques • Strategies for negative risks or threats • Strategies for positive risks of opportunities • Contingent response strategies • Expert judgment Outputs • Risk register updates • Risk – related contract decisions • Project management plan updates • Project documents updates
- 16. Plan riskReponses tools & techniques: Strategies for negative risks or threats Avoid: changing the plan to eliminate the threats entirely Transfer: shifting some or all of the negative impact of the threats, with the ownership of the response to another party. Mitigate: reduction in the probability or impact of a risk. Accept: when there is no other option except to accept the risk.
- 17. Strategies forpositive risks or opportunities: Exploit: eliminating the uncertainty to ensure the opportunity will happen Share: sharing the risk with a third party to capture the opportunity Enhance: increasing the probability and / or positive impacts of the opportunity. Accept: accepting the opportunity impacts without pushing toward it.
- 18. 6- Monitor &control risks: process of implementing risk response plans, tracking identified risks, identified new risks, and evaluating risk process effectiveness throughout the project.
- 19. Inputs • Risk register •Project management plan • Work performance information • Performance reports Tools & techniques • Risk reassessment • Risk audits • Variance & trend analysis • Technical performance measurement • Reserve analysis Outputs • Risk register updates • Organizational process assets • Change requests • Project management plan updates • Project documents updates