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Project Risk Management for Advanced Software Examination
Information system project management engineer examination project management basic knowledge project risk management module, including project risk management overview, risk management activities, planning risk management, identifying risks, implementing qualitative risk analysis, implementing quantitative risk analysis, planning risk response, risk control and other projects management knowledge
Edited at 2022-09-02 17:59:54- One Hundred Years of Solitude Character Relationship Chart
One Hundred Years of Solitude is the masterpiece of Gabriel Garcia Marquez. Reading this book begins with making sense of the characters' relationships, which are centered on the Buendía family and tells the story of the family's prosperity and decline, internal relationships and political struggles, self-mixing and rebirth over the course of a hundred years.
- One Hundred Years of Solitude Character Relationship Chart
One Hundred Years of Solitude is the masterpiece of Gabriel Garcia Marquez. Reading this book begins with making sense of the characters' relationships, which are centered on the Buendía family and tells the story of the family's prosperity and decline, internal relationships and political struggles, self-mixing and rebirth over the course of a hundred years.
- Project Management Process Template
Project management is the process of applying specialized knowledge, skills, tools, and methods to project activities so that the project can achieve or exceed the set needs and expectations within the constraints of limited resources. This diagram provides a comprehensive overview of the 8 components of the project management process and can be used as a generic template for direct application.
Project Risk Management for Advanced Software Examination
- One Hundred Years of Solitude Character Relationship Chart
One Hundred Years of Solitude is the masterpiece of Gabriel Garcia Marquez. Reading this book begins with making sense of the characters' relationships, which are centered on the Buendía family and tells the story of the family's prosperity and decline, internal relationships and political struggles, self-mixing and rebirth over the course of a hundred years.
- One Hundred Years of Solitude Character Relationship Chart
One Hundred Years of Solitude is the masterpiece of Gabriel Garcia Marquez. Reading this book begins with making sense of the characters' relationships, which are centered on the Buendía family and tells the story of the family's prosperity and decline, internal relationships and political struggles, self-mixing and rebirth over the course of a hundred years.
- Project Management Process Template
Project management is the process of applying specialized knowledge, skills, tools, and methods to project activities so that the project can achieve or exceed the set needs and expectations within the constraints of limited resources. This diagram provides a comprehensive overview of the 8 components of the project management process and can be used as a generic template for direct application.
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- Outline
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Project Risk Management Overview
The following situations occurred
Your project technical lead quits, and no one can take over his tasks
Your subcontractor suddenly quits
Customer requirements change significantly at the end of the project
Project members are incompetent for their jobs
The project encountered difficult technical problems
Continuous heavy rains have made it impossible to carry out outdoor construction and the progress is seriously behind schedule.
Laptop was stolen and all construction materials were lost
Project risk management is required
Project risk management includes risk management planning, risk identification, risk analysis, and risk response
Objectives of project risk management in various processes such as planning and risk monitoring It is to increase the probability and impact of positive project events and reduce the probability and impact of negative project events.
Common mistakes in risk management
Project risk-free management plan
Incomplete risk identification, no analysis and countermeasures
No one is responsible for risk management
Risks are not continuously identified and monitored
Failure to rely on the strengths of the organization and project team to manage risk Project managers work alone and rely on experience
Definition of project risk
Risk is an uncertain event that, when it occurs, will have a positive or negative impact on the project.
Risk is a type of uncertainty.
necessary conditions for risk
Relating to people’s purposeful activities;
Relating to future activities and events;
Related to changes in things, uncertain events are not necessarily risks
Project risks include both threats to project objectives and opportunities to further project objectives
Risks and opportunities often coexist.
Characteristics of project risks
Project risks occur throughout the entire project life cycle, and there are different risks at different stages of the project.
Risks change as the project progresses, and its uncertainty generally decreases.
The greatest uncertainty exists in the early stages of a project, and decisions made in the early stages have the greatest impact on later stages and the achievement of project goals.
Characteristics of project risk management
Project risk management is an activity undertaken to mitigate the impact of potential adverse events on a project.
Risk management is an investment and costs money.
In any case, the costs of project risk management should not exceed the potential benefits of the project.
Efforts need to be made to find the balance between risks and opportunities in all aspects of the project.
Project risk management aims to identify and manage risks that are not managed by other project management processes.
concept of risk
Three elements of risk
event, probability, impact
The connotation of risk management
Risk of myopia
Focus only on individual project risks and ignore overall project risks
Only focus on local risks of the project and ignore the global risks of the project
Only focus on the short-term risks of the project and ignore the long-term risks of the project
Only focus on project tactical risks and ignore project strategic risks
Residual risk vs secondary risk
Risks that are not dealt with cleanly are residual risks;
New risks brought about by dealing with risks are secondary risks
attributes of risk
randomness of risk events
relative risk
risk variability
Classification of risks
Divided by risk consequences
pure risk
It does not bring opportunities, and there is no risk of obtaining benefits.
(The loss caused is an absolute loss, always associated with threats, losses, and misfortunes)
speculative risk
It may bring opportunities and gain benefits, but also implies threats and risks of losses.
Pure risk and speculative risk can transform into each other under certain conditions.
Project managers should avoid speculative risks turning into pure risks.
By risk source
natural risks
man-made risk
Classified by whether the risk is manageable
Manageable risk
unmanageable risk
Whether the risk can be managed depends on whether the risk uncertainty can be eliminated)
Divided by risk impact scope
local risk
overall risk
Divided by risk predictability
Known risks
It is clear that it occurs frequently, and the risk is generally known to have a high probability of occurrence. But the consequences turned out to be minor, not serious.
Predictable risk
Its occurrence can be predicted, but its consequences cannot be foreseen.
Unpredictable risks
Unpredictable for its occurrence
Divided by risk bearers
Owner risk, government risk, contractor risk, etc.
risk management activities
Risk management objectives
Increase the probability and/or impact of positive risks
Reduce the probability and/or impact of negative risks
planning risk management
planning risk management concept
Limiting the consequences of risk accidents to an acceptable level is a basic task in the planning and implementation stages of risk management.
A risk contingency plan refers to the predetermined actions that the project team will take if an identified risk event occurs.
The main options for risk response include risk prevention, risk avoidance, risk transfer, risk mitigation, risk retention and loss control.
Using these methods, corresponding response measures can be developed for different risk events.
Issues that risk management planning should clarify
What are the project risks?
Why is taking or not taking this risk important to project goals?
What are the specific risks and their impact?
What are risk mitigation deliverables?
Risk response plan: How will the risk be mitigated?
Who is responsible for implementing the risk management plan?
When will the milestone events related to the mitigation approach occur?
How many resources are needed to mitigate risk?
enter
project management plan
Project Charter
Stakeholder register
business environment factors
organizational process assets
Tools and techniques
Stakeholder analysis (data analysis)
expert judgment
Meeting
output
risk management plan
content
risk management strategy
methodology
Roles and Responsibilities
Funding timing (timing and frequency)
risk category
Related party risk appetite
Risk probability and impact definition
Probability and Impact Matrix
Revised Stakeholder Tolerance
report format
track
risk category
Risk categories are constructed using the Risk Breakdown Structure (RBS).
A risk breakdown structure helps project teams consider all possible sources of risk for a single project, Particularly useful for identifying risks or categorizing identified risks.
Related party risk appetite
Risk-seeking
Prefer risky options and their risk response strategy preference is to accept
risk neutral
Under the same expected return conditions, there is no preference between a certain outcome and an uncertain outcome.
Risk averse
Have a conservative attitude towards risk. For them, the preferred strategy for dealing with risks is avoidance
Probability and impact definitions
A reference basis for objective qualitative risk analysis
Probability and Impact Matrix
Identify risks
concepts and definitions
Risk identification includes
Determine sources of risk
conditions for risk
Characterize risk
Determine which risk events have the potential to impact the entire project
Risk identification is divided into three steps
gather information
Estimate project risk situation
Identify potential risks
enter
risk management plan
cost management plan
progress management plan
quality management plan
Human Resource Management Plan
Scope Baseline
Activity cost estimates
Activity duration estimate
Stakeholder register
project files
Procurement documents
business environment factors
organizational process assets
Techniques and Tools
Document review
information collection technology
Checklist analysis
What-if analysis
Illustration techniques
SWOT analysis
expert judgment
output
risk register
Sources of overall project risk.
Overview information on identified individual project risks
Risk Breakdown Structure (RBS)
Important considerations for identifying risks
Don’t miss important risks
It is impossible to identify all risks
The level of detail in risk identification is related to the budget of the project
The level of detail in risk identification is related to the importance of the project
Assumptions and constraints analysis
Conduct an analysis of assumptions and constraints to explore the validity of assumptions and constraints and determine which of them will cause project risks.
Threats can be identified from inaccurate, unstable, inconsistent or incomplete assumptions
Opportunities are created by removing or relaxing constraints that affect the execution of a project or process.
Data Analysis Technology-SWOT Analysis
Tools-Tips Checklist
It is a preset list of risk categories that may give rise to individual project risks and that may be sources of overall project risk.
When employing risk identification techniques, a prompt list can be used as a framework to assist the project team in developing ideas.
The risk categories at the bottom of the risk breakdown structure can be used as a reminder list to identify individual project risks.
Common strategic frameworks identify sources of risk
PESTLE (Political, Economic, Social, Technical, Legal, Environmental)
TECOP (Technology, Environment, Business, Operations, Politics)
VUCA (volatility, uncertainty, complexity, ambiguity)
Conduct qualitative risk analysis
Qualitative risk analysis
Refers to the process of assessing the impact and likelihood of identified risks.
The qualitative risk analysis process requires the use of the results of the risk management planning process and the risk identification process
Qualitative risk analysis focuses on the concept and impact of risk.
This process prioritizes risks based on their potential impact on project objectives. and lays the foundation for quantitative risk analysis.
The main work
Prioritize identified risks
Classification of risk based on probability and impact
enter
risk management plan
Scope Baseline
risk register
business environment factors
organizational process assets
Tools & Techniques
Risk probability and impact assessment
Probability and Impact Matrix
Risk data quality assessment
Risk classification
Risk Urgency Assessment
expert judgment
output
Project file updates
Risk probability and impact assessment
Tools and Technology - Data Analysis
Conduct quantitative risk analysis
Quantitative risk analysis
The goal is to quantitatively analyze the probability of each risk and its consequences on the project objectives, Analyze the degree of overall project risk.
After planning risk responses, the quantitative risk analysis should be re-implemented as the monitoring risk process proceeds to determine whether the overall project risk has been satisfactorily reduced.
Repeated quantitative risk analysis can understand the development trend of risks and reveal the necessity of increasing or decreasing risk management measures.
enter
risk management plan
cost management plan
progress management plan
risk register
business environment factors
organizational process assets
Tools and techniques
Data collection and presentation techniques
Quantitative risk analysis and modeling techniques
expert judgment
output
Project file updates
sensitivity analysis
Helps determine which individual project risks or other project outcomes have the greatest potential impact.
The results of sensitivity analysis are often represented by a tornado diagram.
Decision tree analysis
Use decision trees to select the best course of action among several alternative courses of action.
In a decision tree, different branches are used to represent different decisions or events, that is, alternative paths for the project.
By calculating the expected monetary value EMV of each branch, the optimal path can be selected.
Risk value (EMV) is used together with decision trees to take into account both probability and impact factors.
Plan risk responses
enter
risk management plan
risk register
Tools & Techniques
Negative Risk (Threat) Coping Strategies
Active risk (opportunity) response strategies
emergency response strategies
expert judgment
output
Project Management Plan (updated)
Progress management plan, cost management plan, quality management plan
Resource management plan, procurement management plan, scope baseline
progress baseline, cost baseline
Project file updates
Assumption log, cost forecast, lessons learned register
Project progress plan, project team dispatch work order
Risk register, risk report
risk response strategies
Threat response
avoid
Change the project management plan to completely eliminate the threat.
alleviate
1. Reduce the probability of adverse risk events (double insurance)
2. Reduce the impact of adverse risk events (alternative plan)
transfer
1. Responsibility for transfer of risk (subcontracting, subcontracting)
2. The result of transferring risk (insurance, guarantee)
accept
1. Take the initiative to accept: establish emergency reserves
2. Passive acceptance: Let it be (let it go)
opportunity response
Report, develop, share, improve, accept
Emergency response strategies and reserve analysis
risk control
Risk Control Overview
The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of risk processes.
Project management activities to minimize the probability of risk accidents and reduce the magnitude of losses.
risk control objectives
Strive to identify and measure project risks early
Efforts to avoid project risk events
Actively eliminate the negative consequences of project risk events
Fully learn from project risk management experience and lessons
enter
project management plan
risk register
job performance data
job performance report
Tools & Techniques
risk assessment
risk audit
Determine the effectiveness of the risk management process
Before conducting an audit, the format and objectives of the audit should be clearly defined
Deviation and trend analysis
technical performance measurement
Reserve analysis
Meeting
output
job performance information
change request
Project Management Plan Update
Project file updates
Organizational process asset updates
Risk monitoring
Monitor content
Are the risk responses implemented effective?
Has the overall project risk level changed?
Has the status of an identified individual project risk changed?
Whether new individual project risks arise
Is the risk management approach still relevant?
Do the project assumptions still hold?
Have risk management policies and procedures been followed?
Whether cost or schedule contingency reserves need to be modified
Is the project strategy still valid?