Time
5 hours 14 minutes
Difficulty
Intermediate
CEU/CPE
10

Video Description

This lesson focuses on controlling risks and offers a brief summary of the entire module. Controlling risk examines how well you respond when risk is presented and how it impacted a project with regard to things such as outcome and cost. Remember risk affects many aspects of a project: cost, time, scope and quality. [toggle_content title="Transcript"] Control risk is the final process within the risk knowledge area. It's under monitoring controlling, unlike all the others, which are under planning. Control risk is the process that creates work performance information, change requests, project management plan updates. The inputs are, project management plan, risk register, work performance data, and work performance reports. The tools that are used are risk reassessment, risk audits, variance and trend analysis, technical performance measurements, reserve analysis and meetings. Your outputs are work performance information, you are generating reports which is telling if this risks are what they are supposed to. Change requests are changes to your project management plan if those risks are not performing the way...your risk plans are not performing the way how the risk are occurring. Project management plan updates are going back to each one of your plans, and updating your cost plan, your schedule plan. It's all your knowledge areas including risk. The inputs are the project management plan, risk register, work performance data. This is a new one. Your work performance data is data that comes out of your variance reports. It is also assessing how your risks have been occurring and its giving you information into assessing how your risk are doing. Work performance reports are your earn value. You are looking at cost time scope and saying how risk is having effect on what you have planned and what actually occurred. The tools are risk reassessment. You are looking at your risk register and you are assessing like do these risks still exist. Your other tool is risk audits, so you are going through and you are verifying that your employees are performing your plans according to plans that you created under risk. Variance in trend analysis, you are looking at what you planned and what actually occurred. If you plan this risk response, what actually happened to what you planned. Just like in cost, where you are going to earn value. Technical performance measurements, you are assessing time with assessing costs. You have gone in with predefined matrix, and you are assessing how well your response did according to time and cost. Reserve analysis. With risk you have identified a cost range which went to your cost knowledge area. You are assessing what these risks are that I have left. Do I have enough reserve, am I ready to cover this risk. You are having meetings to ensure that all your documents are up to date. After completing your risk knowledge area, you can see the impacts that risk has on the rest of the project management plan. You can see how it affects the cost time scope quality. After you have completed your risk knowledge area, you have to go back and go back to your other plans just to make sure that they are all updated for risk. [/toggle_content]

Video Transcription

00:04
control risk is the final process within the risk military. It's under monitoring. Controlling unlike all the others, which are under planning control risk is the process that creates work performance information. Change your Quest Project Management Plan updates.
00:18
The inputs are the Project mansion plan,
00:21
risk register
00:22
work, performance data and work performance reports.
00:26
The tools there use our risk reassessment risk. Got its variants in trend analysis,
00:31
technical performance measurements, reserve analysis on meetings
00:35
So your outputs, artwork, performance information. You are
00:39
generating reports, which is
00:42
telling if the's wrists are working the way they're supposed to
00:47
change. Requests are
00:50
changes to your project management plan.
00:52
If those risks are not,
00:54
um, performing the way
00:57
your risk plans are not performing the way how the risks are occurring
01:00
and project plan updates are going back to 20 year plans
01:04
and updating your
01:07
Cost plan year
01:08
schedule plan. So it's basically all your knowledge areas, including risk.
01:14
The inputs are the project management plan
01:18
risk register
01:21
work, performance data. So this is a new one. Your work performance data is,
01:26
um,
01:27
data that comes out of your various reports. Uh,
01:32
it is
01:34
also assessing how
01:37
your wrists have been occurring. And,
01:40
um,
01:42
it's
01:42
giving you your information into assessing how your risk are doing
01:48
and work performance reports are your urn value,
01:51
uh,
01:52
earn value. So you're looking at
01:53
cost time scope and saying
01:57
how risk was having effect on what your plan and what actually occurred.
02:01
The tools are risk reassessment. So you're looking at your
02:07
risk register and you're assessing, like, do these risk still exist? Um,
02:14
and
02:15
the other tools risk audits. So you're going through
02:19
and your verifying that
02:21
your employees are performing
02:23
the
02:24
plans according to your plans that you created under risk
02:30
and variance in trend analysis. So you're looking at what you planned
02:35
and what actually occurred.
02:37
So
02:38
if you plan this risk response,
02:42
what actually happened toe what you planned? Um, so
02:46
just like in cost for you, while you're doing earned value
02:51
technical performance measurements
02:53
you're assessing, um,
02:55
time you're assessing cost.
02:59
So you've gone in with predefined metrics
03:01
and you're assessing,
03:04
um,
03:05
how well your responses did
03:07
according to time and cost
03:08
reserve analysis.
03:10
So, with risk, you've identified, um, cost brains. Which one to your costs
03:16
knowledge area.
03:19
And
03:21
you're assessing what these risks that I have left
03:23
do I have enough reserve my budget to cover these risks
03:29
and, ah, meetings. So you're having meetings just to ensure that all your documents are up to date. So after completing the risk military, you can see the impact that risk has on the rest of the Project manager plane.
03:39
You can see it had an effect on cost time, scope,
03:45
quality.
03:46
And
03:46
after you've completed your risk knowledge A you have to go back and go back to your other plans is to make sure that they're all updated for risk.

Up Next

Project Management Professional (PMP) - PMI

Our online PMP training course educates on how to initiate, plan and manage a project, as well as the process behind analyzing risk, monitoring and controlling project contracts and how to develop project schedules and budgets.

Instructed By

Instructor Profile Image
Vince McKeown
Senior Program Manager at FGS, LLC
Instructor