The document outlines the principles and processes of risk management in project management according to the PMBOK® Guide, emphasizing continuous evaluation of risks to optimize project outcomes. It describes various methods for identifying risks, including expert judgment and SWOT analysis, and details the processes for qualitative and quantitative risk analysis, including expected monetary value and decision tree analysis. The document also highlights the importance of ongoing risk monitoring, response planning, and the necessity to manage contingency reserves to address identified and emerging risks.

1. Risk management principle
• Continually evaluate exposure to risk, both opportunities and threats,
to maximize positive impacts and minimize negative impacts to the
project and its outcomes" (PMBOK® Guide, 7th Edition, The
Standard for Project Management, p. 53).

2. Risk management definition:

4. The PMBOK’s Project Risk Management knowledge area contains 7 processes:
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Implement Risk Responses
Monitor Risks

5. How to identify risk?
Expert
judgmen
t
Data
gathering
Barainstorming Checklists/Interview
Data
analysis
Rootcause analysis Assumption method SWOT analysis

6. SWOT Analysis:CHAT-GPT in Public Health

8. Risk register
• After identification the risk are documented into risk register
1. This include list of identified risk
2. List of potential risk sources

9. Risk Track and Control:

10. Qualitative risk analysis:

11. 11
Stephen Hartley, Project Management 4th
edition, 2018 slide
page 345
Probability of project risk

12. 12
Stephen Hartley, Project Management 4th
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Impact of project risk

13. • Low: values from 1 to 6 will be treated by existing SOPs.
• Medium: values from 8 to 12 will require direct intervention by the
project manager.
• High: values from 16 to 25 will require immediate escalation and
intervention by senior management (project steering group and/or
sponsor

16. Quantitaive Risk analysis
Expected monetary value
Descion Tree analysis
Monte Carlo Simulation

17. Expected monetary value
• Expected monetary value= Probability * impact
• For example the probability of motorbike accident on Sunday is 35%
and likelihood of head injury cost is $25000,Then the expected
monetary value=$8750

18. Descion Tree analysis

21. Control Risk
• Project assumptions are still valid
• Performance data are still accurate and current
• Planned results compare favourably with actual results
• New risks have been identified, current risks reassessed and risks closed out
• Adherence to the risk management plan has been confirmed
• Contingency reserves for both schedule and cost performance are available
• Alternative strategies have been canvassed and analysed
• Corrective action has been implemented
• The project management plan and associated documents have been revised
• The lessons learned databases have been updated