Risk Management Process Flashcards
Identify risks
Identify all the risks on the project
Involve the stakeholders
Use tools such as brainstorming root cause analysis and documentation review to facilitate risk identification
Perform qualitative risk analysis
Quantitatively determine which risk events warrant a response
Asses the quality of the risk data
Risk categorization
Compete a risk urgency assessment
Subjectively determine the probability and impact of all risks
Determine if you will go to quantitative risk analysis or directly to risk response planning
Document the watch list
Determine the overall risk ranking for the project
Determine if project should be terminated
Perform quantitative risk analysis
Numerically evaluate / further investigate the top risks
Determine the probability of meeting project objectives
- decision tree
- sensitivity analysis
- EMV
- Monte Carlo analysis
Create realistic time and cost estimates
Determine initial reserves
Quantitatively determine which risks warrant a response
Control risks
Respond to risk triggers Monitor residual risks Create workarounds Evaluate effectiveness of plans Update plans Communicate risk status Close risks Recommend changes, including corrective and preventative action Look for additional risks then qualify quantify and plan responses for them as necessary Risk reassessments Risk audits Reserve analysis
Plan risk responses
Accept risks where appropriate Identify risk triggers Create contingency and fallback plans Determine risk owners Calculate final reserves Determine secondary and residual risks Decrease project threats and increase opportunities Determine risk response strategies
Plan risk management
How will you perform risk management
What risk management policies exist for use on the project
When will the processes and procedures of risk management be performed
How will risks be identified and what tools will be used
What are stakeholders roles and responsibilities for risk management
How will you budget for risk management
Plan risk management outputs
Risk management plan
Identify risks outputs
Risk register:
- list of risks
- list of potential risk responses
- root causes of risks
- updated risk categories
Perform qualitative risk analysis outputs
Risk register:
- risk ranking of the project as compared to other projects
- list of prioritized risks
- risks by category
- risks needing additional analysis and response
- watch list
- trends
Perform quantitative risk analysis outputs
Risk register:
- prioritized list of quantified risks
- initial reserves
- project completion dates and costs with confidence levels
Ex: we are 95% confident that we can complete the project on Mar 9th for $9k
- probability of achieving project objectives
- trends
Plan risk responses outputs
Updates to the project management plan and project documents Risk register: - residual and secondary risks - contingency and fall back plans - risk owners - triggers - final reserves - contracts - accepted risks
Control risks outputs
Work performance information Workarounds Change requests Updates to the pm plan and org process assets Risk register: - risk reassessment and audit outcomes - new risks - closed risks - details of risk occurrences - lessons learned
