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PMP Study Guide Chapter 6: Risk Planning
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Chapter 6 Risk Planning Planning for Risks Plan Risk Management Identifying Potential Risk Analyzing Risks Using Qualitative Techniques Quantifying Risks Developing a Risk Response Plan
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Planning for Risks Risks are events that pose opportunities or threats to the project Risk is uncertainty—the more that’s known about risk, the better
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Chapter 6 Risk Planning Planning for Risks Plan Risk Management Identifying Potential Risk Analyzing Risks Using Qualitative Techniques Quantifying Risks Developing a Risk Response Plan
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Plan Risk Management The Plan Risk Management process determines and documents how to plan for risks The Plan Risk Management process establishes an agreed- upon basis for evaluating risk Determine and document stakeholder risk tolerance levels
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Chapter 6 Risk Planning Planning for Risks Plan Risk Management Identifying Potential Risk Analyzing Risks Using Qualitative Techniques Quantifying Risks Developing a Risk Response Plan
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Identifying Potential Risk Budgets/funding Schedules Scope or requirements changes Project plan Technical issues Personnel issues Hardware Contracts Political concerns Business risk Legal risk Environmental risk
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Identifying Potential Risk Tools and techniques of the Identify Risk process: –Documentation reviews –Information-gathering techniques –Checklist analysis –Assumptions analysis –Diagramming techniques –SWOT analysis –Expert judgment
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Identifying Potential Risk Information-gathering techniques include: –Brainstorming –Delphi technique –Nominal Group technique –Interviewing –Root cause identification SWOT analysis
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Identifying Potential Risk Diagramming techniques include: –Cause-and-effect Fishbone diagram or Ishikawa diagram –Flowcharts –Influence diagrams
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Identifying Potential Risk Risk register is the output of the Identify Risk process. Risk register should contain: –List of identified risks –List of potential resources
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Chapter 6 Risk Planning Planning for Risks Risk Management Planning Identifying Potential Risk Analyzing Risks Using Qualitative Techniques Quantifying Risks Developing a Risk Response Plan
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Analyzing Risks Using Qualitative Techniques Risk probability and impact assessment Probability and impact matrix Risk data quality assessment Risk categorization Risk urgency assessment Expert judgment
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Risk Impacts Rating Matrix 5.1
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Probability and Impact Matrix
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Analyzing Risks Using Qualitative Techniques Risk register is updated at the end of the Perform Qualitative Risk Analysis process with: –Risk ranking (or priority) for identified risks –Risks grouped by categories –Causes of risk –List of risks requiring near-term responses –List of risks for additional analysis and response –Watch list of low-priority risks –Trends in qualitative risk analysis results
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Chapter 5 Risk Planning Planning for Risks Risk Management Planning Identifying Potential Risk Analyzing Risks Using Qualitative Techniques Quantifying Risks Developing a Risk Response Plan
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Quantifying Risk Tools and techniques of the Perform Quantitative Risk Analysis process include: –Data gathering and representation techniques Interviewing Probability distributions –Quantitative risk analysis and modeling techniques –Expert judgment
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Quantifying Risk Perform Quantitative Risk Analysis and Modeling Techniques –Sensitivity analysis –Expected monetary value analysis –Decision tree analysis –Modeling and simulation
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Quantifying Risk Sensitivity Analysis Tornado diagram
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Quantifying Risk Decision Tree Analysis
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Chapter 6 Risk Planning Planning for Risks Risk Management Planning Identifying Potential Risk Analyzing Risks Using Qualitative Techniques Quantifying Risks Developing a Risk Response Plan
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Strategies for Negative Risks: Avoid Transfer Mitigate Accept Strategies for Positive Risk: Exploit Share Enhance
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Developing a Risk Response Plan Plan Risk Response Outputs –Risk register updates –Risk-related contract decisions –Project management plan updates –Project document updates
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Developing a Risk Response Plan Risk Register contains: –Prioritized list of risks –Risk ranking –Risk owners and responsibility –Outputs from Perform Qualitative Analysis –Agreed-upon response strategies –Actions needed to implement response plans...
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Developing a Risk Response Plan Risk register continued: –Cost and schedule activities needed to implement risk responses –Contingency plans –Fallback plans –List of residual and secondary risks –Contingency reserves
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Chapter 6 Summary Risk management plan Where potential risks may occur Tools and techniques to identify risks Qualitative techniques Quantitative techniques Strategies for negative risks Strategies for positive risks Risk register contents
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