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What are the 6 Risk Management Processes?
- Plan Risk Mgt (planning)
- Identify Risks (planning)
- Perform Qualitative Risk Analysis (planning)
- Perform Quantitative Risk Analysis (planning)
- Plan Risk Responses (planning)
- Monitor and Control Risks (planning)
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What is Risk Management concerned with?
- Identification of Risk (opportunities or threats)
- Categorisation of Risk
- Response Planning
- Increase or Decrease the impact
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When considering risks what factors should be considered?
- 1. Probability it will occur
- 2. Range of outcomes - impact
- 3. Expected timing / proximity
- 4. Anticipated frequency of risks from that source
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Risk Tolerance and Threshold
Risk Tolerance is the degree of risk that is acceptable
Risk Threshold is point at which the risk becomes unacceptable
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Describe the Plan Risk Management process.
Details how risk will be managed for the project.
- May include:
- 1. Methodology - how risk will be managed
- 2. R & R s
- 3. Budgeting - cost of risk management activities
- 4. Timing - when to perform risk management (how often)
- 5. Risk Categories to use
- 6. Definitions of probability and impact to use
- 7. Stakeholder tolerances - will guide risk metrics
- 8. Reporting
- 9. Tracking
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Who should be involved in the Identify Risks process?
Everyone
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What are the types of input into Identify Risks?
- Management Plans (cost, schedule, risk, quality)
- Activity info (Cost and Duration estimates)
- Stakeholder info
- Project Documents - Earned Value reports, Assumptions, Baselines, Network diagrams...
- EEFs - industry studies, benchmarking..
- OPAs - project files, lessons learned etc...
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Identify Risks : Tools and Techniques
- Documentation Reviews
- Info Gathering Techniques (brainstorming, delphi technique, interviewing, root cause analysis)
- Checklist Analysis - Risk Identification checklists built from previous experience and projects (historical info)
- Assumption Analysis - examine validity of assumptions
- Diagramming - Cause & Effect, Flow Charts, Influence Diagrams
- SWOT Analysis
- Expert Judgement
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What is the main output of Identify Risks?
Risk Register containing
- List of risks
- List of responses
- Root causes
- Risk Category
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When in the risk management process are responses documented.
- During:
- Identify Risks
- Plan Risk Responses
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What is the purpose of Perform Qualitative Risk Analysis?
- To analyse risks and prioritise them in order to focus on the most worthy risks.
- Compare the risk of a project to the overall risk of other projects
- Determine whether a project should proceed
- Includes:
- Identifying the probablility and impact of each risk using a scale defined in the Risk Management Plan
The Risks can be plotted on a Matrix (Probability x Impact )
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Tools and Techniques of Perform Qualitative Risk Analysis
- Risk Probability and Impact Assessment - from interviews, brainstorming...
- Probability & Impact Matrix
- Risk data quality assessment - reviews quality of risk data held
- Risk Categorisation - group risks by criteria e.g. source of risk - helps in planning responses, and mitigating many risks at once.
- Risk Urgency Assessment - i.d the high priority risks that need rapid response
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Outputs of Perform Qualitative Risk Analysis
Risk Register Updates including:
- Risk Ranking (against other projects) - this project has a risk score of 8.3
- List of risks , prioritise according to their probability and impact
- Risks grouped by categories
- List of risks with close proximity
- Trends - maybe updated throughout the project to show if risk is increasing etc
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