Project Risk Management [Part-I] | PMP Certifications | Project Management|ExcelR
The Risk Management Plan is very vital for the success of the project. This process helps to define the risk management activities for a project. It depends on many factors altogether. One of them is the Analytical Techniques used for defining the Risk Management Context of the project. A Risk Management Context is the combination of a stakeholder’s risk attitudes (risk-averse, risk seeing average, the risk exposure of a given project. Strategic risk-scoring sheets used to the high-level assessment of the risk exposure of the project. RBS, in other words, Risk Breakdown Structure is a hierarchical representation of risks according to their risk category created by the potential cause of risk. The Risk Management Plan is the output of the process that includes, methodologies, roles, and responsibilities, budgeting, timing, risk categories, the definition of risk probability and impact.
In this Project Management Report, you will learn about Information gathering techniques like-brainstorming, Delphi techniques, interviewing, Root cause analysis. Diagramming techniques that include causes and effect diagram, also known as Fishbone & Ishikawa diagram, system (or) process flow charts, and influence diagram are used to create the risk register, for identifying lists of risk and lists of potential resources.
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🟢This tutorial video helps you learn the following topics:
1️⃣ What is Project Risk Management?
2️⃣ Introduction to Plan Risk Management
3️⃣ How to perform Qualitative Risk Management
4️⃣ How to perform Quantitative Risk Management
5️⃣ How to Plan Risk Responses
6️⃣ Difference between risk and issue
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🟢About the Course
Project Risk Management is a vital part of Project Management Planning that involves various processes to avoid the risk of the project getting failure that involves risk management activities of a project.
🟢 Risk Attitude and Factors
1️⃣ Input ~ Project Management Plan, Project Charter, Stakeholder Register, Enterprise Environmental Factor, Organizational Process Assets
2️⃣ Tools and Techniques ~ Analytical Techniques, Expert Judgement, Meetings
3️⃣ Output ~ Risk Management Plan
🟢 Risk Register
1️⃣ Identify Risks ~ Risk Management Plan, Cost Management, Schedule Management, Quality Management, Human Resource Management Planning, Scope Baseline, Activity Cost Estimates, Activity Dimensions Estimates, Stakeholder Register, Project Documents, Enterprise Environmental Factor, Organizational Process Assets.
2️⃣ Tools and Techniques ~ Documentation Reviews, Information Gathering Techniques, Checklist Analysis, Assignments Analysis, Diagrammatic Techniques, SWOT Analysis, Expert Judgement.
3️⃣ Output ~ Risk Register
Probability and Impact Assessments
The level of probability of each risk and its impact on the project objective (cost, quality, schedule, etc) is evaluated. Risks are rated as per the probability and its impact. The risks with low ratings are included as a watch list for future monitoring.
Once the risk is identified, the data about the risk is to be evaluated for its accuracy and reliability. This is the technique to evaluate the degree to which risk is understood and accuracy, quality, reliability, & integrity of data about the risk.
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