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Risk management overview

  1. Iterative: repeated throughout the life of the project
  2. Risk management process: A systematic and proactive approach to taking control of projects by understanding and decreasing the uncertainties
  3. Identify Risk Process: Determining specific risks by the project and by activity
  4. Perform qualitative risk analysis process: Subjectively (Prioritize) the risks that obtained from identify risk process and deciding which risks  warrant a response, creating a “short list” of risks
  5. Plan risk response process: determining what can be done to reduce the overall risk of the project by decreasing the probability and impact of the threats and increasing the probability and impact of the opportunities.
  6. Monitor and control risks: Implementing risk response plans as risks occur, looking for risk triggers, identifying new risks, and evaluating the effectiveness of risk responses.
  7. Opportunity: possible events that may positively impact to the project
  8. Threat: possible events that may negatively impact to the project
  9. Risks: possible events that may impact positively or negatively to the project
  10. Probability: The likelihood (chances) that a risk (threat or opportunity) will occur
  11. Impact: The effect on the activity or project if the risk (threat or opportunity) occurs.
  12. Pure (Insurable) risk: Risk of loss
  13. Risk factor: Probability (Likelihood), impact, expected timing, frequency of the event.
  14. Risk – an uncertain event or condition that, if it occurs, has a positive or negative effect on the projects objectives.
  15. Issue – something that is occurring now in the present. You know about it and it is being dealt with. An Issue is a threat that has already materialized. They are kept track of using an Issue Log.
  16. Risk Event – the description of a scenario that may occur if the risk were to materialize.
  17. Risk Triggers – signs or indications that a risk event is about to occur or has already occurred. These are also known as Risk Symptoms or Warning Signs.
  18. Risk Management Plan – the document that describes how the risk management processes will be carried out in our project. It describes how risk management will be planned; risks will be identified, analyzed & prioritized, responded, monitored and controlled.
  19. Risk Register – a document that contains all the identified risks, the results of risk analysis, the proposed risk responses and the current status of each of the identified risks
  20. Risk Breakdown Structure – a hierarchical breakdown of risks organized by risk categories or impact.

 

What you need before you can effectively begin Risk Management 

  1. Project scope statement: A document that describes the approved product and project requirements
  2. Project team: Those who will be executing the project management plan
  3. WBS: A diagram that shows the decomposition of the project into smaller, more manageable pieces.
  4. Human resource plan: A formal plan that describes how and when resources will be involved in project, and what roles they will perform.
  5. Network diagram: A dependency-sequenced org of the project’s activities
  6. Project constraints: anything that limit team’s options: cost, scope, time, customer satisfaction, resources…
  7. Inputs to risk management: Things that must be collected before you can adequately complete risk management
  8. Procurement management plan: A formal and informal plan that describes what parts of project will be purchased under contract or PO, it includes plan for managing sellers.
  9. Customer: The individual or org who will use the product of project
  10. Project background info: Info from before the project was approved, articles written about similar projects, and other such info.
  11. Lessons learned: what went right or wrong, or would have been done differently by past project teams  if they could execute project again.
  12. Historical records: Info from past, similar projects
  13. Project management processes: Initiating, Planning, Executing, Monitoring and Controlling, Closing
  14. Risk Averse: unwilling to accept risks
  15. Estimates for time or cost: anticipated cost or time for project activities
  16. OPA: Company policies, procedures, templates, and historical info
  17. Assumptions: Things may be accepted as true, but maybe not be true.
  18. Project charter: High level directive from the sponsor outlining the overall objectives of project, it authorizes the existence of the project.
  19. Stakeholder: individuals or org who may affect or be affected by project
  20. Sponsor: individuals or org who authorizes the existence or project and provide the financials resources.
  21. Risk threshold: amount of risk the company and key stakeholders are willing to accept.
  22. Risk tolerance: Areas in which the company or key stakeholders are willing to accept
  23. Communication management plan: A formal plan documenting how and in what form communications will be handled on the project.

 

Plan Risk Management

  1. Risk rating: a number between 1 to 10 chosen to evaluate the probability and impact of risk.
  2. Risk score for a risk: risk score = probability * impact. => risk ranking for each risk
  3. Risk score for project: To obtain the project risk score, you add up the risk scores for each risk in the project.
  4. Risk ranking between project: To rank risks, you have to compare the risk scores for all the risks. The risk with highest score become highest ranking risk, the next highest become second…
  5. Risk ranking compared to other projects: sometimes the total risk score is used, sometimes the average of risk score is used.
  6. Risk team – those helping manage the risk management process
  7. Budget – Amount of resources allocated to be spent on the project
  8. Tracking – how records will be documented for the benefits of the current project and future projects
  9. Definitions of probability and impacts – a standardized interpretation of the numbering system used to evaluate risks. Eg: risk rating 7 is highest risk or lowest risk.
  10. Plan risk management process – determining how risk management will be done on the project, who will be involved, and procedures to be followed.
  11. Methodology – How risk will be handled on the project and what data and tools will be used.
  12. Risk management dept – supplies policies and assistance with project risk management efforts
  13. Roles and responsibilities – who will do what on the project
  14. PMO – a dept supports project management within an org
  15. Reporting formats – how the results of risk management will be documented and communicated
  16. Timing – when/how often risk management activities will be performed throughout the project
  17. Risk management plan – a plan for how risk management will be done on the project, who should be involved, when risk management activities should be done, and how frequency they should be done.

 

Identify Risks

  1. FMEA – A tools to identify potential failure modes, determine their effects, and identify actions to mitigate failures.
  2. Delphi technique – A process of seeking consensus of expert opinion.
  3. Risk category – common areas or sources of risks on similar projects.
  4. Pre-motern –  Theoretical “evaluation” of a project before it has actually been done.
  5. Affinity diagram – a method to identify additional risk and risk categories on a project
  6. Expert interview – a process for obtaining opinions or other input on the project from experts
  7. Prompt list – A generic list of risk categories.
  8. Nominal group technique – a process of collecting and ranking risks contributed by a select group of participants.
  9. Cause-risk-effect format – As a result of (X), (Y) may occur, which would /cloud / may lead to (Z).
  10. Brainstorming – a meeting comes up with ideas or resolve problems
  11. Cause effect diagram – a tool to evaluate cause of risk
  12. Identify risk process – Determining specific risks by projects and by activity
  13. Risk register – list of identified risks (opportunity and threat) for the project and other info added throughout risk management process
  14. Root cause – underlying risk

Perform qualitative risk analysis

  1. Probability and impact scales – Method of determining probability and impact of identified risks.
  2. Bar chart – a chart showing activity info, in risk management it is modified to include the risk score and risk owner.
  3. Go/No-go decision: is the project is too risky to continue, compared to the potential benefits.
  4. Risk ranking – prioritization of risks based on risk score.
  5. Risk score – a numeric value of a risk calculated by multiplying probability times impact.
  6. Data quality assessment – determining “how well understood is the risk?”
  7. Path coverage – As illustrated on a network diagram, many activities leading into a central activity
  8. Cognitive bias – bias due to difference in perception.
  9. Motivation bias – Intentionally biasing results in one direction or another.

Perform Quantitative Risk Analysis

  1. EMV – The probability weighted average of all possible outcomes, calculated by summing all the quantitative probabilities times impacts for risks on the project.
  2. Monte Carlo Simulation – Computerized method of estimating that simulates the project to determine time or cost estimated based on probability distributions.
  3. Perform quantitative risk analysis process – Numerically analyzing probability and impact of risks obtained in the Identify risks process and analyzing the extent of overall project risk.
  4. Risk exposure – the level of risk on a project
  5. Decision tree – A model of situation used to see potential impact of decisions by taking into account associated risks, probabilities, impacts.

 

Nếu có bất cứ chia sẻ về luyện thi PMP, RMP hay góp ý bạn vui lòng chia sẻ ở dưới phần bình luận. Tôi rất vui lòng về điều đó. Cảm ơn.

 

Xem thêm:

  1. Ghi chú về Risk
  2. Project environment 
  3. Risk management framework
  4. CSFs for risk management
  5. PMP ITTO

 

 

 

Comments

  1. Phạm Hoàng Tuấn

    Risk – Rủi ro là một sự kiện hoặc tình cảnh không chắc chắn, nếu nó xảy ra sẽ có tác động tích cực hoặc tiêu cực đến các mục tiêu của dự án.
    Issue – Một vấn đề là một cái gì đó đang xảy ra hiện tại. Bạn biết về nó và nó đang được xử lý. Vấn đề là một mối đe dọa đã hiện thực hóa. Chúng được theo dõi bằng cách sử dụng nhật ký các vấn đề.
    Risk Event – Một sự kiện rủi ro là mô tả một kịch bản có thể xảy ra nếu rủi ro hiện thực hóa.
    Risk Triggers- Các kích hoạt rủi ro là các dấu hiệu hoặc chỉ dẫn cho thấy một sự kiện rủi ro sắp xảy ra hoặc đã xảy ra. Đây còn được biết là Các triệu chứng rủi ro hoặc các dấu hiệu cảnh báo.
    Risk Management Plan- Kế hoạch Quản lý Rủi ro là tài liệu mô tả quá trình quản lý rủi ro sẽ được thực hiện như thế nào trong dự án của chúng ta. Nó mô tả cách thức quản lý rủi ro; Rủi ro sẽ được xác định, phân tích và lập thứ tự ưu tiên, phản hồi, theo dõi và kiểm soát.
    Risk Register –Đăng ký rủi ro là tài liệu có chứa tất cả các rủi ro được xác định, kết quả phân tích rủi ro, đáp ứng rủi ro đề xuất và tình trạng hiện tại của mỗi rủi ro đã được xác định
    Risk Breakdown Structure – Cơ cấu phân chia rủi ro (hay RBS) là sự phân chia các rủi ro theo thứ bậc đựa theo loại hoặc tác động của rủi ro
    Probability – Thuật ngữ Xác suất đề cập đến cơ hội rủi ro có thể xảy ra
    Impact – Thuật ngữ Tác động đề cập đến tác động mà một sự kiện rủi ro cụ thể sẽ có đối với dự án của chúng ta nếu nó xảy ra

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