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Chapter 11 of Advanced Project - Project Risk Management Mind Map
This is a mind map about Chapter 11 of High Project - Project Risk Management. It provides an overview from the aspects of risk control, risk management, etc. It is essential for exam preparation and needs to be collected.
Edited at 2021-06-21 13:27:50- 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.
Chapter 11 of Advanced Project - Project Risk Management Mind Map
- 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
Chapter 11 - Project Risk Management
11.1 Overview
Risk classification
Includes both threats to project objectives and opportunities to further project objectives
Features
randomness
The occurrence of risk events and their consequences are accidental
relativity
Risks are always relative to the subject of project activities
Affordability is affected by the following factors
Revenue size
Gains always come with the possibility of losses. The greater the likelihood and amount of loss, the more people want to compensate for it The greater the loss, the greater the gain. In turn, the greater the benefits, the greater the risks people are willing to take
Investment size
The more investment in project activities, the greater the hope for success, and the smaller the risk you are willing to take.
Project activity subject status and resources owned
① Higher-level managers are able to take greater risks than lower-level managers. ② Different individuals or organizations have different tolerances for the same risk. ③ The more resources an individual or organization has, the greater its risk tolerance.
Risk classification
by consequences
pure risk
Risks that do not bring opportunities or obtain benefits
speculative risk
It may bring opportunities and gain benefits, but also implies threats and risks of losses.
by source
Natural Risks & Perceived Risks
By scope of influence
overall risk
local risk
bearer of consequences
Project owner risk
government risk
contractor risk
Investor risk
Design unit risk
Supervision unit risk
Supplier risk
Guarantor risk
insurance company risk
by predictability
Known risks - design and construction changes, material price fluctuations
Predictable risks - untimely approval/delivery, mechanical failure, unforeseen geological conditions
Unpredictable risks – natural disasters
11.2 Planning risk management
*Risk management plan
methodology
Determine methods, tools and data sources that can be used to implement project risk management
Roles and Responsibilities
Determine the leadership, support and composition of the risk management team for each activity in the risk management plan. for this Assign people to these roles and clarify their responsibilities
Budget
Allocate resources and estimate costs for risk management for inclusion in the project cost baseline
Schedule
Determine the number and frequency of risk management processes to be implemented throughout the life of the project and what should be included in the project process planned risk management activities
risk category
It provides a structured approach to systematize and comprehensive the risk identification process so that the organization Able to conduct risk identification under a unified framework, with the purpose of improving the quality and effectiveness of risk identification work
Impact and Definition of Risk Probability
Probability and Impact Matrix
Prioritize risks based on their potential impact on achieving project objectives
Modified project stakeholder acceptance
report format
track
definition
Determine how to plan and implement project risk management activities
11.3 Identify risks
definition
Determine which risks will affect the project and document their characteristics in writing
risk register
List of identified risks (list)
subtopic
List of potential countermeasures
risk root cause
Risk category updates
Tool technology
Document review
information collection technology
Brainstorming
It doesn’t have to be a conclusion, the important thing is to listen to opinions
Delphi technique
Be sure to draw conclusions, make predictions, remain anonymous, and seek truth.
Interview
Root Cause Analysis
Refine risk definitions by identifying root causes and classifying risks according to their causes. Develop effective risk responses by considering the root causes of risks
Checklist analysis
What-if analysis
Graphical analysis
cause and effect diagram
System or process flow diagram
influence diagram
SWOT analysis
expert judgment
11.4 Conduct qualitative risk analysis
Tool technology
Risk probability and impact assessment
Risk probability assessment refers to investigating the likelihood of each specific risk occurring; A risk impact assessment is designed to investigate the potential impact of a risk on project objectives such as time, cost, scope or quality, including both negative impacts or threats and positive impacts or opportunities
Probability and Impact Matrix
Prioritize risks. Divide risks into low, medium and high risks. Use different grayscales to represent differences risk level
Risk data quality assessment
Risk classification
Risk Urgency Assessment
expert judgment
The product of probability and impact value is the risk value of the risk item
definition
Assess and summarize risk probabilities and impacts to rank risks for subsequent analysis or action
11.5 Implement quantitative risk analysis
It refers to the risks that are ranked first in the qualitative risk analysis process as having potential significant impact on project requirements. Risk analysis. The process of quantitative risk analysis analyzes the impact of these risk events and assigns a numerical value to the risk
Tool technology
Data collection and presentation techniques
Interview
Probability distributions
Quantitative risk analysis and modeling techniques
sensitivity analysis
Expected monetary value analysis
Decision tree analysis
Models and Simulations (Monte Carlo)
subtopic
11.6 Planning risk responses
definition
Develop plans and actions to improve opportunities and reduce threats based on project goals
Tool technology
Strategies for coping with negative risks or threats
avoid
Extend progress, reduce scope
transfer
buy insurance
alleviate
Set up redundant components
accept
contingency reserve
Positive risk or opportunity response strategies
open up
Eliminate risk uncertainty and ensure opportunities arise
improve
Increase the probability and impact of opportunities
share
Build risk-sharing partnerships and teams
emergency response strategies
Bounce back plan-plan B
Contingency measures - unplanned emergency measures
Contingency planning - can be activated when a risk is imminent
expert judgment
11.7 Control risks
definition
Throughout the project life cycle, track identified risks, monitor residual risks, identify Identify new risks and implement risk response plans and evaluate their effectiveness
Tool technology
risk reassessment
Additional risk response planning
risk audit
Examine and document the effectiveness of risk responses in addressing identified risks and their root causes, as well as risk management effectiveness of the management process
Deviation and trend analysis
technical performance measurement
Reserve analysis
Meeting