Risk Management for PMI Certification

Present the process and the overview of inputs, tools and techniques and outputs.

Present the benefits of planning risk management over the project life cycle

Present and explain the plan risk management inputs:

• Project management plan
• Project charter
• Stakeholder register
• Enterprise environmental factors
• Organizational process assets

Discuss the use of such inputs in tools and techniques that will realise predicted output

Present and explain Plan Risk Management: Tools and Techniques:

• Analytical techniques
• Expert judgment
• Meetings

Preview the tools and techniques as part of the Plan Risk Management Process.

Present and discuss plan risk structure and content:

• Methodology
• Roles and responsibilities
• Budgeting
• Timing
• Risk categories
• Definitions of risk probability and impact
• Probability and impact matrix
• Revised stakeholders' tolerances
• Reporting formats
• Tracking

Facilitate practice of project risk management plan by integrating all previous work.

Present and discuss Identify Project Risks as the process of determining which risks may affect the project and documenting their characteristics.

Present and discuss the key benefits of Project Risk Identification Process.

Present and discuss the an overview of the inputs to the process of Risk Identification:

• Risk management plan
• Cost management plan
• Schedule management plan
• Quality management plan
• Human resource management plan
• Scope baseline
• Activity cost estimates
• Activity duration estimates
• Stakeholder register
• Project documents
• Procurement documents
• Enterprise environmental factors
• Organizational process assets

Practice on identification of key participants for risk identification, process iteration and risk statement

Present and discuss tools and techniques for Risk Identification:

• Documentation reviews
• Information gathering techniques
• Checklist analysis
• Assumptions analysis
• Diagramming techniques
• SWOT analysis
• Expert judgment

Present and discuss the Risk Register structure and content as output of Identify Risks process:

• List of identified risks
• List of potential responses

Present and discuss the overview of the Qualitative Analysis of Project Risks process. Present and discuss the key benefits of Qualitative Analysis of Project Risk Process.

Present and discuss the inputs to Qualitative Analysis of Project Risks process and the specific relevance for this process:

• Risk management plan
• Scope baseline
• Risk register
• Enterprise environmental factors
• Organizational process assets

• Risk probability and impact assessment
• Probability and impact matrix
• Risk data quality assessment
• Risk categorization
• Risk urgency assessment
• Expert judgment

Present and discuss the Quantitative Risk Analysis process and the specific benefits in terms of decision making. Introduce main tools and techniques.

Present and discuss the inputs to Perform Qualitative Analysis of Project Risks process:

• Risk management plan
• Cost management plan
• Schedule management plan
• Risk register
• Enterprise environmental factors
• Organizational process assets

Data Gathering and Representation Techniques

• Interviewing
• Probability distributions

Quantitative Risk Analysis and Modeling Techniques

• Sensitivity analysis
• Expected monetary value analysis
• Modeling and simulation
• Expert judgment

Present, discuss and practice Project Documents Updates resulted from Qualitative Analysis of Project Risks:

• Probabilistic analysis of the project
• Probability of achieving cost and time objectives
• Prioritized list of quantified risks
• Trends in quantitative risk analysis results

Provide an overview of the Plan Risk Response Process and of the benefits of applying the specific tools and techniques.

Present and discuss inputs to Plan Risk Response process:

• Risk management plan
• Risk register

Practice the specific use of referred inputs to the process.

Present and discuss tools and techniques of Plan Risk Response process:

• Strategies for Negative Risks or Threats
• Strategies for Positive Risks or Opportunities
• Contingent Response Strategies
• Expert Judgment

Present, discuss and practice Project Management Plan Updates and Project Documents Updates.

Present and discuss Risk Control Process in implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness and the process.

To determine if:

• Project assumptions are still valid,
• Analysis shows an assessed risk has changed or can be retired,
• Risk management policies and procedures are being followed, and
• Contingency reserves for cost or schedule should be modified in alignment with the current risk assessment.

Present and discuss inputs to Risk Control process:

• Project management plan
• Risk register
• Work performance data
• Work performance reports

Present and discuss Risk Control Tools and Techniques:

• Risk reassessment
• Risk audits
• Variance and trend analysis
• Technical performance measurement
• Reserve analysis
• Meetings

Present, discuss and practice Project Management Plan Updates and Project Documents Updates.

UPDATE Project Risk Management (by PMBOK 6)

This is a series of 4 courses that together form the Risk Management Certification Program (PMI-RMP). The Program is PMBOK6 aligned and includes the courses on Planning Risk Management, Identifying Risk, Analyzing Risk and Responding to Risk.

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 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.

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. 

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.

In the second course you're going to learn what inputs you need to look at in order to identify risks.

Identify Risks: Inputs, Tools & Techniques, and Outputs

Identify Risks: Data Flow Diagram

After completing this topic, you should be able to identify the inputs to the Identify Risks process.

After completing this topic, you should be able to identify activities that should be part of a document analysis to identify project risks

After completing this topic, you should be able to identify guidelines for conducting a brainstorming session to identify project risks.

After completing this topic, you should be able to recognize when interviewing is a good method for gathering risk information

After completing this topic, you should be able to match types of causes of project risk with examples.

After completing this topic, you should be able to categorize items that would be used to perform a SWOT analysis

After completing this topic, you should be able to identify the questions that would be asked during an assumption and constraint analysis

After completing this topic, you should be able to identify two documents you may gather information from when using checklists to identify risks

After completing this topic, you should be able to identify the outputs of the Identify Risks process 

After completing this topic, you should be able to demonstrate your understanding of the Identify Risks project management process

After completing this topic, you should be able to demonstrate your understanding of the Identify Risks project management process

In the second course you're going to learn what inputs you need to look at in order to identify risks.

In the third course, we'll examine the two risk analysis processes of the project risk management knowledge area, namely, perform qualitative risk analysis and perform quantitative risk analysis.

Perform Qualitative Risk Analysis: Inputs, Tools & Techniques, and Outputs

Perform Qualitative Risk Analysis: Data Flow Diagram

After completing this topic, you should be able to recognize the inputs you use to perform qualitative risk analysis.

After completing this topic, you should be able to identify the tools and techniques you can use for the Perform Qualitative Risk Analysis process

After completing this topic, you should be able to prioritize risks based on given probability and impact ratings 

After completing this topic, you should be able to recognize project documents that may need to be updated as a result of qualitative risk analysis 

Perform Quantitative Risk Analysis: Inputs, Tools & Techniques, and Outputs

Perform Quantitative Risk Analysis: Data Flow Diagram

After completing this topic, you should be able to recognize the inputs to the Perform Quantitative Risk Analysis process 

After completing this topic, you should be able to recognize examples of information you should gather about risks during an interview 

After completing this topic, you should be able to identify the four common types of continuous distribution 

After completing this topic, you should be able to identify the purpose of sensitivity analysis 

After completing this topic, you should be able to calculate the expected monetary value of a risk 

After completing this topic, you should be able to describe how to interpret a cost risk simulation graph 

Example S-Curve from Quantitative Cost Risk Analysis

Example Tornado Diagram

Example Decision Tree

After completing this topic, you should be able to demonstrate your understanding of how to perform qualitative and quantitative risk analysis for your project 

After completing this topic, you should be able to demonstrate your understanding of how to perform qualitative and quantitative risk analysis for your project 

In the third course, we'll examine the two risk analysis processes of the project risk management knowledge area, namely, perform qualitative risk analysis and perform quantitative risk analysis.