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PMP-11 Risk Management
This mind map is for Xisai PMP, Chapter 11 - Risk Management - Summary of knowledge points, At the same time, there are PMP test questions with relevant knowledge points. From knowledge points to corresponding test questions, It can deepen your understanding and memory of knowledge points!
Edited at 2023-04-28 17:38:42- bacteria
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PMP-11 Risk Management
- bacteria
This is a mind map about bacteria, and its main contents include: overview, morphology, types, structure, reproduction, distribution, application, and expansion. The summary is comprehensive and meticulous, suitable as review materials.
- Plant asexual reproduction
This is a mind map about plant asexual reproduction, and its main contents include: concept, spore reproduction, vegetative reproduction, tissue culture, and buds. The summary is comprehensive and meticulous, suitable as review materials.
- Reproductive development of animals
This is a mind map about the reproductive development of animals, and its main contents include: insects, frogs, birds, sexual reproduction, and asexual reproduction. The summary is comprehensive and meticulous, suitable as review materials.
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PMP-11 Risk Management
basic concept
Project risk management aims to identify and manage risks not managed by other project management processes
known - known
known-unknown
unknown-unknown
Residual risk vs secondary risk
residual risk
No risk of cleaning
secondary risk
New risks arising from dealing with risks
Risk management objectives
Increase the probability and impact of positive risks
Reduce the probability and impact of negative risks
thereby increasing the likelihood of project success
Project risk handling process
planning risk management
Define and implement risk management activities
Identify risks
Identify sources of risk
Conduct qualitative risk analysis
Assess the impact of individual risks and prioritize risks
Row priority sorting
Conduct quantitative risk analysis
Conduct quantitative analysis on the impact on overall goals
Plan risk responses
Respond to individual risks and develop response strategies
Implement risk responses
Execute agreed risk response plan
Oversight risk
Track and identify risks and identify new risks
1. Plan risk management
definition
The process of defining how project risk management activities will be implemented
effect
Ensure the level, approach and visibility of risk management are commensurate with the level of project risk and the project's importance to the organization and other interested parties
process
tool
risk category
1. Determine how to classify individual project risks
Classification based on risk breakdown structure
2. Risk categories are usually constructed with the help of a Risk Breakdown Structure (RBS)
Risk Breakdown Structure (RBS)
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
1.Risk chasing type
Prefer risky options and their risk response strategy preference is
accept
2.Risk neutral
Under the same expected return conditions, for certain outcomes and uncertain outcomes
no preference
3. Risk aversion
Have a conservative attitude towards risk. For them, the first choice for risk response is
avoid
Risk appetite and risk acceptance of relevant parties
When planning risk responses
Choose the appropriate strategy
Probability and impact definitions
A reference basis for objective qualitative risk analysis
Probability and Impact Matrix
Risk impact and risk prioritization
risk management plan
definition
It is an integral part of the project management plan and describes how to arrange and implement risk management activities.
What's included
1. risk management strategy
2. methodology
3. funds
4. Scheduling (time and frequency)
5. risk category
6. Related party risk appetite
7. Risk probability and impact definition
8. Probability and Impact Matrix
9. Revised Stakeholder Tolerance
10. report format
11. track
2. Identify risks
1. Two major characteristics of risk
feature
Uncertainty
Potential future events, circumstances or conditions that have not yet occurred
importance
Once a risk occurs, it will have some kind of impact and make things different
Problem, problem ≠ risk
Risk uncertainty: 0＜Risk＜100
Three elements of risk
risk treatment options
1. preventive treatment
2. corrective treatment
2. definition
Identify sources of individual project risk as well as overall project risk, and the process of documenting risk characteristics
3. effect
Document existing individual project risks, as well as sources of overall project risk
Gather relevant information so that the project team can appropriately respond to identified risks
carried out throughout the project
4. process
5. Tools & Techniques
data collection
Brainstorming
A technique used to generate and collect diverse ideas for project requirements and product requirements
It is a tool for innovation and creativity
Interview
a formal or informal method of obtaining information through direct conversation
Interviews are often "one-to-one" or "one-to-many"
"One-to-one", "One-to-many"
Interviews can also be used to obtain confidential information
Get confidential information
Speak directly with interviewees and maintain confidentiality
Delphi technique
A group of selected experts answer the questionnaire and provide feedback on the results of each round of requirements gathering in order to reach a consensus.
Experts answer questionnaire
Expert responses can only be given to moderators to maintain anonymity
Anonymous status
Features: Expert, Anonymous, Multiple Rounds
Checklist
Used to determine a list of risks that need to be considered
Checklist
data analysis
1. Root Cause Analysis
Find the cause of the problem
Make suggestions and eliminate problems
2. Assumptions and constraints analysis
3. SWOT analysis
Conduct one-by-one inspection and analysis of strengths, weaknesses, opportunities, and threats to broaden the scope of risk identification
Consider risks more comprehensively
4. File analysis
Tip list
1. definition
A preset list of risk categories that may cause individual project risks and serve as sources of overall project risk
2. effect
When employing risk identification techniques, the prompt list serves as a framework to assist the project team in developing ideas
3. Can use
The risk categories underlying the Risk Breakdown Structure (RBS)
As a reminder checklist to identify individual project risks
Risk Breakdown Structure (RBS)
4. Certain common strategic frameworks are more suitable for identifying sources of overall project risk
Strategic framework, more suitable for identifying overall project risks
PESTLE
Politics, economy, society, technology, law, environment
TECOP
technology, environment, business, operations, politics
VUCA
variability, uncertainty, complexity, ambiguity
6. output
risk register
Document all relevant information about the risk
1. List of identified risks
Keywords: May need to be reworked, indicating that there is a risk and should be updated first
2. Potential Risk Responsible Person
3. Potential risk response list
Improving in planning risk responses
Identification, qualitative risk analysis, quantitative countermeasure development, and closure all need to be updated.
risk report
1. Definition: Provides information on overall project risks, as well as overview information on identified individual project risks
2. Include
Sources of overall project risk
Overview information on identified individual project risks
3. Preparation of risk reports
It is a progressive work
3. Qualitative risk analysis
1. definition
By assessing the probability and impact of individual project risks and their characteristics
Prioritize risks
The process of providing a basis for subsequent analysis or action
2. effect
Focus
High priority risk
carried out throughout the project
3. process
4. Tools & Techniques
data analysis
Risk data quality assessment
Data quality
Risk data is the basis for qualitative risk analysis
Designed to evaluate data on individual project risks
accuracy
reliability
Risk probability and impact assessment
Probability and impact
It is a table that maps the probability of each risk occurring to the impact on the project objectives if it occurs.
Risk-based probability and impact
Prioritize risks
for further analysis and development of countermeasures in the future.
Assessment of other risk parameters
Other parameters
Other risk characteristics include
Urgency, proximity, incubation period, manageability, controllability, monitorability, connectivity, strategic influence, closeness
If more than two parameters are used
Classify risk risks
Then you cannot use probability and influence matrices
You need to use other graphics
Hierarchical/bubble chart
For more than two parameters, Classify risks
Display 3D data
4.Quantitative risk analysis
1. definition
Other sources of risk and uncertainty identified for individual projects
Risks and Uncertainties
The process of quantitatively analyzing the impact on overall project goals
2. effect
Quantify overall project risk exposure
and provide additional quantitative risk information
to support risk response planning
This process is not required for every project, but if used, it will continue throughout the project
3. process
4. Tools & Techniques
data analysis
1. simulation
definition
In quantitative risk analysis, models are used to simulate the combined impact of individual project risks and other sources of uncertainty to assess their potential impact on project objectives
Use models to simulate impacts
Monte Carlo analysis
Quantitative risk analysis is commonly used
The relationship between probability and cost or time
Used in creating schedules and quantitative risk analysis
Modeling for uncertainty
2. sensitivity analysis
Risks that have the greatest impact on the project
Sensitivity analysis to help determine which individual project risks, or other project outcomes, have the greatest potential impact
Results of sensitivity analysis
Usually used
Tornado diagram to represent
3. Decision tree analysis
Calculation of expected monetary value
Calculate the expected monetary value, multiply the probability returns, and choose the largest
Use decision trees to select the best option among several alternative courses of action
In a decision tree, different branches represent different decisions or events.
That is, alternative paths for the project
By calculating the expected monetary value EMV of each branch
Choose the best path
5. Plan risk responses
1. definition
The process of developing options, selecting response strategies, and agreeing on response actions to address overall project risk exposure, as well as individual project risks.
2. effect
Allocate resources and add related activities to project documents and project management plan as needed
carried out throughout the project
3. process
4. Tools & Techniques
1. Threat response strategies
Report
Not within project scope
The project team or project sponsor believes that a threat is outside the scope of the project
Exceeding project manager authority
The proposed response is beyond the project manager's authority
avoid
Change the project management plan to completely eliminate the threat
transfer
Transfer to third party
1. Responsibility for transferring risk
Subcontract, subcontract
2. Risk transfer consequences
insurance, guarantee
alleviate
Reduce the probability and impact of adverse risk events
1. Reduce the probability of adverse risk events
Double insurance
2. Reduce the impact of adverse risk events
back up plan
accept
The strategy can be passive or active
1. Take the initiative to accept
Establish emergency reserves
2. passive acceptance
let it be
2. Opportunity response strategies
Report
1. Not within project scope
2. Exceeding project manager authority
open up
Ensure opportunities are realized and allocate the most capable resources
share
Allocate response opportunities to third parties
improve
Provide probability of occurrence and positive impact of opportunities
accept
When opportunities arise, they are willing to take advantage of them but do not actively pursue them.
3. emergency response strategies
emergency opportunities
Pre-established risk response plan
It means that when a possible risk event occurs, The project team will take predetermined actions
Plan ahead
Bounce chance
A backup response plan developed for a risk to be activated if the primary response plan (contingency plan) does not work.
backup plan
can target both threats and opportunities
contingency measures
In the process of monitoring risks, some risks may arise that have not been identified and analyzed. At this time, emergency measures need to be taken. Such measures are called contingency measures.
emergency procedures
Only for threats
6. Implement risk responses
1. definition
is the process of executing an agreed risk response plan
After the risk occurs, implement it according to the contents in the risk register
2. effect
Ensure agreed risk responses are implemented as planned
to manage overall project risk exposure and minimize individual project threats
and maximize individual project opportunities
3. process
carried out throughout the project
7. Monitor risks
1.Definition
The process of overseeing the implementation of the agreed risk response plan, tracking identified risks, identifying and analyzing new risks, and evaluating the effectiveness of risk management throughout the project period
Monitor identified risks and identify new risks
2. Function
Base project decisions on current information about overall project risk exposure and individual project risks
3. Process
carried out throughout the project
4. Monitor risk content
5.Risk reassessment
Continuously re-identify, re-analyze and re-evaluate risks
6.Tools
audit
Determine the effectiveness of the risk management process
risk audit
1. Is a type of audit that can be used to evaluate the effectiveness of risk management processes
2. project manager
Responsible for ensuring that risk audits are conducted at the frequency specified in the project risk management plan
3. Development form
daily project review meeting
risk review meeting
Dedicated risk audit meeting