2. Managing risks
is imperative for success
especially in projects
need to have a process/s
five steps project manager/s can use
3. Do it Professionally
risk management processes are cyclic
start from identification of a risk, and
may result in identification of another
New risk
each individual has different opinions &
ways to deal with risks, So
risk should be consistent to meet project objectives
documented in a risk management plan
5. STEP 1-Identify Risks
Identify risks that affect the project
positively or negatively, and
document their characteristics
Do this as thoroughly as you can
7. STEP 2-Assess & Analyze Risks
Assess the risk impact
Analyze the probability of risk occurrence, and
prioritize the risks
numerically analyze the effect of identified risks on project
objectives
usually on cost, schedule and scope targets
10. STEP 3-Plan Actions
• Explore all the possible ways to
reduce the impact of threats , and/or
exploit opportunities
• Plan actions to eliminate
the risks and/or
enhance the opportunities
Action plans should be appropriate,
cost effective, and
realistic
12. STEP 4-Monitor & Implement the
Action
Track the risks throughout the project
If risks occur then,
implement the risk strategy based on action plan
Risk strategies may include’
Mitigation
Acceptance
Avoidance, and
Exploitation
14. STEP 5- Measure the effectiveness
& Control the risk impact
Measure the effectiveness of the planned action and
controlling the risk impact
by understanding risk triggers
& timely implementation of planned actions
Risk management processes are cyclic which starts from identification of a risk and it may result in identification of another new risk.Usually, each individual have different opinions & ways to deal with risks. Some go for avoidance. Others go with risk taking. So, while working for a project, the approach to risk should be consistent to meet project objectives & this need to be documented in a risk management plan. Communication of risk and its approach to be done to risk team member/risk owners/stakeholders
Identify Risks – Mind MapPosted on May 31, 2010 by Babou i 1 VotesHere is the mind map for second process of Risk Management knowledge area – “Identify Risks”. This also placed under Planning Process Group. (Note: Click on the image to get full view) Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections. * Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book
Perform Qualitative Risk Analysis – Mind MapPosted on June 1, 2010 by Babou i 1 VotesHere is the mind map for third process of Risk Management knowledge area – “Qualitative Risk Analysis”. I tried putting as much information as possible in each process map to bring out completeness to each of them. Hope this will be useful to you. This also placed under Planning Process Group.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book.
Perform Quantitative Risk Analysis – Mind MapPosted on June 16, 2010 by Babou i Rate ThisHere is the mind map for fourth process of Risk Management knowledge area – “Perform Quantitative Risk Analysis”. I tried putting as much information as possible in each process map to bring out completeness to each of them. Hope this will be useful to you. This also placed under Planning Process Group.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book
Track the risks throughout the project. If risks occur then implement the risk strategy based on action plan. Ex. If mitigation strategy is selected, execute the contingency plan based on risk triggers. In case contingency plan fails, execute fallback plan
Plan Risk Responses – Mind MapPosted on July 18, 2010 by Babou i Rate ThisHere is the mind map for fourth process of Risk Management knowledge area – “Plan Risk Responses”. I wrote lot of risk management articles in this blog which are input to this post. I tried putting as much information as possible in each branch in this process map to bring out completeness to it. Hope this will be useful to you. (Note: Click on the image to get full view) For detailed information about each response strategies please go through my earlier post Risk Response Planning StrategiesOther Risk Management Articles in this blog – http://leadershipchamps.wordpress.com/category/risk-management/Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections. * Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book.
Monitor & Control Risks – Mind MapPosted on September 12, 2010 by Babou i 1 VotesHere is the mind map for sixth & final process of Risk Management knowledge area – “Monitor & Control Risks”. Monitoring and controlling process are like sanity check processes – there is no exact time frame for these processes and they should be active throughout the project.I tried putting as much information as possible in each branch in this process map to bring out completeness to it. Hope this will be useful to you.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book
