Risk Mgmt Input/Output Definitions

Question 1

Activity Cost Estimates

Answer 1

These are quantitative assessments of the probably costs required to complete project work. Can be presented in detailed or summary form and will usually contain:

• Direct Labor
• Materials
• Equipment
• Services
• IT, etc.

Question 2

Activity Duration Estimates

Answer 2

These are quantitative assessments of the likely number of work periods that will be required to complete an activity. Duration estimates do not include any lags. The estimates will typically be presented with some sort of range e.g. the project will take 2 weeks, +2 Days.

Question 3

Change Requests

Answer 3

If during the course of executing the project, issues develop that require a change to the scope, budget, or schedule, or quality, then change requests are developed. Note that the change requests are made in the Executing Progress Group, but are evaluated and either accepted or rejected as part of the Monitoring & Controlling Progress Group. If they are accepted, these changes get fed into the Executing Progress Group once again.

Question 4

Communication Management Plan

Answer 4

This gives the stakeholder communication requirements, as well as details regarding the frequency, means, and format of the communications. It includes guidelines and templates for project status meetings, project team meetings, e-mail, and online or electronic meetings. This is a subsidiary to the overall PM Plan.

Question 5

Cost Management Plan

Answer 5

The document that sets out the format and establishes the activities and criteria for planning, structuring, and controlling the project costs. This is a subsidiary plan of the PM Plan.

Question 6

EEF

Answer 6

This is the “company culture”, or factors that are external to the project but which influence the project’s success. These can include the company databases and, in particular, the project management software used by the company. Think of them as “soft copy” (software and the company culture or “unwritten rules” that govern how work is done).

Question 7

OPA

Answer 7

Written procedures, policies, and guidelines that are used by the company to guide all operations, including projects. Lessons learned would be an important part of OPA. Think of the operational process assets as the “hard copy” (written procedures)

Question 8

Performance Reports

Answer 8

Performance reports communicate project performance and status information with regard to scope, schedule, cost, quality, resources and risks to various stakeholders as per the Communication Management Plan. They provide summarized project status, forecasts, EV information, variance analysis, seller performance reports, significant achievements, status of risks, and project issues.

Question 9

Project Document Updates

Answer 9

Any time there has been a change that will impact the project it must be documented and the stakeholder’s must be informed.

Question 10

Project Documents

Answer 10

• Project documents include, but are not limited to:
  o Assumptions Log
  o Work Performance Reports
  o Earned Value Reports
  o Network Diagrams
  o Baselines
  o Other project info proven to be valuable in identifying risks.

Question 11

Project Management Plan

Answer 11

A formal, approved document that defines how the project is executed, monitored, and controlled. It will be composed of one or more subsidiary management plans and other planning documents.

Question 12

Project Management Plan Updates

Answer 12

If the project management plan is changed or the performance baseline is changed, then updates to these are made.

Question 13

Project Scope Statement

Answer 13

The project scope statement contains the following:
1.Project scope description
Characteristics of the product, service or result to be produced by the project.
2.Product acceptance criteria
The criteria for acceptance of the completed product, service, or result.
3.Project deliverables
The product, service, or result of the project plus reports of the management of the project.
4.Project exclusions
What is agreed to be out of scope for the project.
5.Project constraints
Constraints on the project scope, predetermined budget, imposed completion and/or schedule milestone dates,
6.Project assumptions
Assumptions associated with the project scope.

Question 14

Quality Management Plan

Answer 14

The quality management plan describes how the project management team will implement the performing organization’s quality policy. The plan is a subsidiary plan of the overall PM Plan.

Question 15

Risk Management Plan

Answer 15

This includes the following elements (RM stands for risk management in the following table):
Component Explanation (answers what question?)
1. Methodology How will RM be performed?
2. Roles and responsibilities Who will handle and lead RM activities?
3. Budgeting What funds are needed for RM?
4. Timing How often will RM be performed
5. Risk categories How are risks categorized according to their source (technical, external, organizational, or PM-related)?
6. Risk probability & impact definitions What does /low/moderate/high risk mean in terms of impacts on project?
7. Probability & impact matrix What are probabilities of risk occurring and what it its impact on project?
8. Stakeholders’ tolerances What are tolerances for risk among various stakeholders?
9. Reporting formats How are the results of RM processes to be communicated to stakeholders?
10. Tracking How will risk events be tracked for the purpose of the project and for inclusion in lessons learned for future projects?

Question 16

Risk Register

Answer 16

The risk register identifies each risk, indicates the chances and what impact it would have on the project if the risk were to occur, and identifies potential responses to that risk.

Question 17

Risk Register Updates

Answer 17

The risk register is an output of the 11.2 Identify Risks process, and is updated as part of the 11.3 Perform Qualitative Risk Analysis process. It is further updated as part of this process by additional of the following categories of information: probabilistic analysis of the project, probability of achieving cost and time objectives, prioritized list of quantified risks, and trends in quantitative risk analysis results.

Question 18

Risk-Related Contract Decisions

Answer 18

Decisions to transfer risk, such as agreements for insurance, services, etc. are selected in this process. This may happen as a result of mitigating or transferring part or all of the risk involved in part of the project. The contract type selected also provides a mechanism for sharing risks.

Question 19

Schedule Management Plan

Answer 19

The document that establishes criteria and the activities for developing and controlling the project schedule. It is part of the overall PM Plan.

Question 20

Scope Baseline

Answer 20

The scope baseline is a component of the PM Plan. Components of the scope baseline include:

• Project Scope Statement: this includes the product scope description, the project deliverables, and defines the product user acceptance criteria.
• WBS: this defines each deliverable and the decomposition of the deliverables into work packages.
• WBS Dictionary: this has a detailed description of work and technical documentation for each WBS element.

Question 21

Stakeholder Register

Answer 21

A Stakeholder Register is a project management document, which contains the information about all project stakeholders. It identifies and lists the people, group and the organizations impacted by the project.

Question 22

Work Performance Information

Answer 22

Information and data, on the status of the project schedule activities being performed to accomplish the project work. Information includes:

• Status of deliverables
• Implementation of change requests
• Corrective & Preventive actions/ Defect Repair
• Status of work completed
• Achieved value of technical performance measures