Planning Risk Management (PMBOK6 Aligned)

A day in the life of a project manager

The Planning Risk Management is part of a series of courses that together form the Risk Management Certification Program (PMI-RMP). The Program is PMBOK6 aligned and includes the courses on Identifying Risk, Analyzing Risk and Responding to Risk.

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FAQs

The Planning Risk Management is part of a series of courses that together form the Risk Management Certification Program (PMI-RMP). The Program is PMBOK6 aligned and includes the courses on Identifying Risk, Analyzing Risk and Responding to Risk.

Project Management Process Group and Knowledge Area Mapping

Project Risk Management Overview

Plan Risk Management: Inputs, Tools & Techniques, and Outputs

The Science of Better Learning

The projects you'll manage will face many different risks. First of all, let's define what we mean by risk. Project risks have two characteristics. They're events that might happen, and they have the potential to impact one or more of the project objectives.

In this topic we're going to use our definition of project risk to examine more closely what it means that project objectives would be impacted by unforeseen events.

For risk management to succeed, you must respond proactively to risks. If you only respond once an event occurs, you will waste time and resources needlessly trying to manage it.

Risk management has two central roles, reducing uncertainty about identified risks, and determining appropriate responses for when risk events do occur.

Plan Risk Management: Data Flow Diagram

The Inputs to this process are Project charter, Project management plan, which includes All components, Project documents, which include Stakeholder register, Enterprise environmental factors, and Organizational process assets.

Imagine trying to manage a project where you aren't sure what the project's potential risks are. In order to effectively monitor and control the risks on a project, it is important to first plan for potential risks. To do so, you use specific tools and techniques. 

The plan risk management process has one output, the risk management plan. A typical risk management plan includes several important sections which are Methodology, Roles and Responsibilities, Budgeting, Timing, Reporting Formats, Tracking, and Risk Categories.

The risk management plan contains the overall plan for managing risk throughout the project's life cycle, broken down into different sections. In this topic, we're going to walk through a simple risk management plan. Tina is a project manager for a large urban hospital. 

Sample Risk Breakdown Structure (RBS)

An important part of the risk management plan is a section that defines how probability and impact will be defined for your particular project. This topic explains how to develop those definitions and create a probability and impact matrix. 

Example of Definitions for Probability and Impacts

Example Probability and Impact Matrix with Scoring Scheme

In this exercise, you'll demonstrate your ability to effectively manage potential risks by planning ahead and assessing their impact, probability, and cause. 

In this exercise, you'll demonstrate your ability to effectively manage potential risks by planning ahead and assessing their impact, probability, and cause. 

PMI Certification Info

The Planning Risk Management is part of a series of courses that together form the Risk Management Certification Program (PMI-RMP). The Program is PMBOK6 aligned and includes the courses on Identifying Risk, Analyzing Risk and Responding to Risk.

PMI PMP Exam Outline

You think knowing stuff changes the game? You think sitting in a library, stacking up facts like you’re building a Jenga tower, is gonna make you a winner? Man, that’s cute. But life ain't a trivia night. Information alone? It’s worthless. It’s like having a Lamborghini in your garage but you never learned how to drive. You just sit in it, making engine noises. Vroom vroom. People walk by, they see the car, but they also see you ain't going nowhere. You got all this knowledge, all these textbooks, but when life throws a punch, you’re still looking up the definition of "duck." It’s what you *do* with that information that actually matters. Don't be the person with the shiny car and no keys.