Chapter Name: Plan risk management
Description:In this lesson, learners will focus on defining how project risks will be managed, including the development of a risk management plan and the identification of risk processes.
Purpuse:To create a structured approach to identifying, assessing, and mitigating project risks.
Rational:Planning for risks proactively helps the project team address potential issues early, reducing the likelihood of negative impacts on the project.
Chapters Topics
Risk management planning concepts and flow of data
Risk Management Planning Concepts and Flow of Data:This process involves developing a risk management plan that defines how risks will be identified, assessed, and managed throughout the project. It includes determining the risk management approach, risk tolerance levels, and defining roles and responsibilities. The flow of data involves inputs like the Project Management Plan, Project Charter, and Enterprise Environmental Factors, which guide the development of the risk management plan.
The importance and benefits of risk management planning
The Importance and Benefits of Risk Management Planning:Risk management planning ensures that risks are systematically identified and assessed, and mitigation strategies are developed in advance. It helps to reduce the impact of negative events, take advantage of opportunities, and increase the likelihood of project success. Effective risk management allows for proactive decision-making, reduces uncertainty, and enhances project predictability.
Risk management planning inputs (Project management plan, Project charter, Stakeholder register, Entrerprise environmental factors, Organisational process assets)
Risk Management Planning Inputs:Key inputs include the Project Management Plan, Project Charter, Stakeholder Register, Enterprise Environmental Factors, and Organizational Process Assets. These inputs provide the framework and context for defining risk management strategies, roles, and responsibilities.
Risk management planning tools and techniques (Analytical techniques, Expert judgement, Meetings)
Risk Management Planning Tools and Techniques:Tools and techniques include Analytical Techniques (for identifying and evaluating risks), Expert Judgment (to define risk management strategies and plans), and Meetings (for collaborative risk management planning). These tools help define risk categories, risk tolerance, and response strategies.
Risk management planning outputs (Risk management plan (Methodology, Rules and responsibilities, Budgeting, Timing, Risk categories, Definitions of risk probability and impact, Probability and impact matrix, Revised stakeholder tolerances, Reporting formats, Tracking))
Risk Management Planning Outputs:The output of this process is the Risk Management Plan, which includes the methodology, roles and responsibilities, risk categories, risk probability and impact definitions, risk probability and impact matrix, and reporting formats. The Risk Management Plan provides the foundation for managing project risks effectively throughout the lifecycle.