P ROJECT M ANAGEMENT, PMI A PPROACH (PMP) P ROJECT R ISK MANAGEMENT Sayed Ahmed BSc. Eng. in CSc. & Eng. (BUET, Bangladesh) MSc. in CSc. (University of Manitoba, Canada) Just E.T.C for Business, Education, Technology, and Entertainment Solutions References: Book: PMP in Depth by P. Sanghera Book: The PMP Exam, How to Pass on Your First Try Project Management Lessons in Undergraduate Study

R EFERENCES & S OURCES Book: PMP in Depth by P. Sanghera Read on 2007 Book: The PMP Exam, How to Pass on Your First Try Read on 2007 Project Management Lessons in Undergraduate Study Articles from the Internet Originally created these notes back on

P ROJECT R ISK M ANAGEMENT What is risk? According to PMI Risk refers to an uncertain event that has positive or negative effects on project objectives Risk Management Plan includes tools and approaches to be used for 3

R ISK M ANAGEMENT Risk Management Identification and assignment of resources for risk management Risk categories Risk Probabilities and impacts The format of risk reporting and tracking 4

R ISK M ANAGEMENT P ROCESS Processes of Risk Management Risk Identification Risk Analysis Risk Response Planning Risk Monitoring and Control 5

R ISK I DENTIFICATION P ROCESS Risk Identification Process Output of the Risk Identification Process Risk Register - a list of identified risks A list of the root causes of the risks An initial list of potential responses 6

R ISK A NALYSIS Risk Analysis Output of the Risk Identification Process is used as the input Qualitative Risk Analysis involves prioritization of risks based on a probability and impact matrix for each objective 7

R ISK A NALYSIS Quantitative Risk Analysis involves Assessing the probabilities of meeting each project objective Prioritization of the risks based on their total effect on the overall project objectives 8

R ISK R ESPONSE P LAN Risk Response Plan Based on the priority for each risk Take no action Take action if some events happen Take action 9