Video Description

This lesson focuses on plan risk management. In risk, there are 6 processes:

  • Plan Risk management (planning)

  • Identify Risks (planning)

  • Perform Qualitative Risk Analysis (planning)

  • Perform Quantitative Risk Analysis (planning)

  • Plan Risk responses (planning)

  • Control Risks (monitoring and controlling)

[toggle_content title="Transcript"] Welcome to Cybrary. My name is Vincent McKeown I am the subject matter expert for the project management certification. Today we are going to go over the risk knowledge area. In the project management certification, there are five process groups, ten knowledge areas and 47 total processes. Under the five process group, there is initiation, planning, monitoring controlling, execution, and closing. Under the ten knowledge areas, there is integration, scope, time, cost quality, human resources, communication, risk, procurement and stakeholder. Under the five process groups and ten knowledge areas, there are total 47 individual processes that are within the table. Today we are going over risk, so there is plan risk management, which is under planning, identifying risk actually these under planning are for monitoring controlling, but there is risk management, identifying risk, perform qualitative risk analysis, and perform quantitative risk analysis. Qualitative deals with characteristics. Anything except the numbers. quantitative is number based. Plan risk responses and under monitoring controlling there is control risk. Going back, this is how risk fits in with those different 47 processes. If you notice, there are the ten knowledge areas to the left and the five process groups on the top and these are how many processes falling within each of these knowledge areas. Start off with plan risk management. Plan risk management is the process that creates the risk management plan. Which acts as the rubric for risks and for risk management. For every knowledge area, there is a plan that sets out how you are going to execute that knowledge area. The input for this is the project management plan, the project charter, the stakeholder register, enterprise environmental factors, and organizational process assets. The project management plan if you have watched the other videos, each one of these knowledge areas, you are assessing the risks. Under scope, time cost, you are evaluating, how scope can happen, how time could increase or how time can decrease cause the risk can be beneficial or it can be a bad thing for the project. Your project charter is your baseline for the whole, project. It is the initial document. Your project charter is going to provide high level risks that could occur. Stakeholder register, you are going to have inputs from all your stakeholders. Your stakeholder register is going to identify them so you can reach out to them to see if they have any risk to contribute or any inputs on that. Enterprise environmental factors...your project is going to have its own organization so the enterprise environmental factor is evaluating how risk affects. Organization process assets...your company might have tools or templates that you can use for developing your risk management plan. Tools are analytical techniques, expert judgements, and meetings. The risk management plan addresses the methodologies used to manage risks. Risk-related roles and responsibilities, budget estimate for risk related activities, guidelines for using contingency and management reserves, and impact of risk activities on the schedule. One of the tools is a risk breakdown structure. This is going to breakdown each area into a smaller, mental things you can determine what those risks are so this is known as decomposition. This is the consumer upgrade, I have identified design, programming, equipment and facility modifications. Under design, will my designs meet the requirements? So I can look at that a little bit further. Under programming, what's the complexity of doing all those computer programming to like to an AMX or cost-drawn controller? Equipment, did I get the cost right during my estimate. Would that cost increase. Would that equipment be available. Facility modifications, a company has to rely on other organizations to install power. If I'm installing a projector, chances are the client will have to contract out who will be installing that power and if it will be available on time. If I'm putting my screen up, they're probably going to have to do structural support, like in the ceiling so that become a risk if those things aren't done. [/toggle_content]

Course Modules

Project Management Professional (PMP) - PMI

Instructor Background