Professional Documents
Culture Documents
Prepared by Stephen Penn October 6, 2012 Information derived or quoted from Rita Mulcahy
Threats
Lack of knowledge
1. 2. 3. 4. How likely a risk event will occur Impact or amount at stake When it will occur How often it will occur
Some one that does not want to take on risk Degree of risk acceptable Point at which risk becomes unacceptable
Project Constraints (scope, time, cost, etc)
Risk areas
How much time should we spend? Who will be involved? How should we perform risk management?
Delphi Technique
Interviewing Root Cause Analysis
Identify Risk
SWOT Analysis Identifies strengths and weaknesses and thus risk Checklist of risk categories to identify risk Validate assumptions which may lead to risk
Diagramming Techniques
Numerically analyzing the probability and impact of risks how risk could affect the objectives of the project
1. Determine risk that warrant a response 2. Determine overall project risk 3. Determine quantified probability to meet project objectives (e.g. 75% chance) 4. Determine cost and schedule reserves 5. Identify risks requiring more attention 6. Create realistic and achievable cost, schedule, or scope targets.
1. 2. 3. 4.
Investigate highest risks on the project Determine type of probability distribution Which risks have the most impact Determine quantified risk through EMV or Monte Carlo
Interviewing Cost & Time Estimating Delphi Technique Use of historical records
Quantitative
1. 2. 3. 4. 5.
Prioritized list of quantified risk Amount of contingency time and cost reserves needed Realistic and achievable completion dates and project costs The qualified probability of meeting objectives Trends in quantitative risk analysis
Eliminate the threats before they happen Make sure opportunities happen Decrease the probability and/or impact of threats Increase the probability and/or impact of opportunities For Residual Threats
Contingency Plans Fallback Plans
Team meetings where risked is discussed Close finished risk to focus on remaining risk
3. PM Plan Updates
Monitor & Control process will uncover changes Updates to schedule, cost, quality, hr, etc
Roles & Responsibilities, stakeholder management, quality metrics Risk templates like risk register, checklists, and other data which becomes historical records
Practice Exam
Practice Exam
Practice Exam
Answers
Answers
Answers