11.0 Project Risk Management
Risk Management is the process of looking at all the essentials and seeing what could go wrong. There is no way to plan for all risks, however identifying the major ones to include likelihood and impact, can increase chances of project success. It involves analyzing schedule, scope, budget and quality factors and identifying pitfalls through lessons learned. The following Project Risk Management processes are used in this process group:
11.1 Plan Risk Management Plan
11.2 Identify Risks
11.3 Perform Qualitative Risk Analysis
11.4 Perform Quantitative Risk Analysis
11.5 Plan Risk Response
11.1 Plan Risk Management
This is the process of defining how to conduct risk management activities for a project. The planning process illuminates the approach for project teams and establishes ground rules for risk management. The output from this process is the risk management plan.
In my work organization, planning risk is something that I am not involved in. We implement the risk management plan that is in place and use lessons learned when we address risk issues.
Plan Risk Management: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th ed." by Project Management Institute, 2013, p.313. Copyright 2013 by PMI.Inc. Reprinted without permission.
1. Organizational Process Assets (Inputs): This artifact was a homework assignment taken from PMGT 613, explaining the risk categories which can be used as an input for planning risk management.
2. Meetings (Tools and Techniques): this is an essay explaining how meetings are an essential tool in planning risk management.
3. Risk Management Plan (Output): these were the risk procedures that were used to develop the risk management plan. Items included where the methodology, roles and responsibilities, and risk categories.