Time
5 hours 14 minutes
Difficulty
Intermediate
CEU/CPE
10

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]

Video Transcription

00:04
Welcome to Cyber. My name is Vincent McEwen. I am the subject matter expert for the Project Management Professional Certification. Today we're gonna go over the Risks Knowledge area
00:13
in the Pontiff Management Professional certification. There are five process groups, 10 knowledge areas and 47 total processes.
00:22
Under the five posits groups, there's initiation planning,
00:26
execution, modern controlling and closing
00:30
Under the 10 Knowledge Jerry's there is integration, scope,
00:33
time,
00:34
cost
00:35
quality. Human resource is communication, risk procurement and stakeholder.
00:42
Out of these five process groups and technology Aires there are a total of 47 individual processes that fit within a table.
00:51
Today. We're going over
00:53
risk. So there's plan risk management,
00:56
which is under planning identify risk.
00:59
Uh, actually,
01:00
all these are under planning suffer minor and controlling. But this plan risk management,
01:04
identify risk
01:06
before him qualitative risk analysis
01:08
and perform quantitative risk analysis.
01:11
So
01:12
qualitative deals with characteristics
01:17
Anything except for numbers.
01:19
Quantitative is number based
01:21
plan, risk responses and under amount of controlling there is control risk.
01:30
So going back,
01:30
this is how risk fits in with those 47 different processes. So if you notice
01:36
they're the 10 knowledge Jerry's on the left and the five process groups on the top
01:41
and these air How many processes fall within each one of these knowledge areas,
01:46
so we'll start off with AH, plan risk management
01:49
plan. Risk management is the process that creates the risk management plan,
01:53
which acts as the rule book for wrists and risk management.
01:57
For every knowledge area, there is a plan that sets up how you're gonna execute that knowledge or you,
02:04
um, the inputs for this is the project management plan,
02:07
the Project charter, that stakeholder register
02:09
enterprise, environmental factors and organisational processes.
02:15
So the project management plan, if you've watched the other videos,
02:19
um,
02:20
each one of these knowledge areas,
02:22
you're assessing the risk. So inner scope,
02:25
time cost.
02:28
You're evaluating, um, how scope creep can happen, how time could increase or
02:34
how time can decrease because the risk could be beneficial. Or it could be a bad thing for the project.
02:40
And,
02:43
um, project charter. Your project charter
02:46
is your baseline for the whole project. It's the initial document.
02:51
Your project charters gonna provide high level risks that could occur.
02:55
Um, stakeholder register. You're gonna have inputs from all your stakeholders. So you're stakeholder. Ride this year is gonna identify them
03:04
so you can reach out to them to see if they have any risks thio contribute
03:08
or
03:09
any inputs on that
03:12
enterprise. Environmental factors. Those are, um, your project's gonna have,
03:19
um, it's own organization. So
03:21
the enterprise environmental Factors is evaluating how risk adverse that environment is
03:28
and organizational process ***. It's your company might have tools or templates that you can use,
03:32
um, for developing your risk management plan
03:37
tools,
03:38
analytical techniques, expert judgment and meetings.
03:46
So
03:46
the risk management plan
03:47
addresses the mythology methodologies used to manage risk,
03:53
risk related roles and responsibilities.
03:55
Budget estimates for risk related resource activities,
04:00
Guidelines for using contingency amendment reserves and
04:03
impact of risk activities on the schedule.
04:11
Um, one of the tools is a risk breakdown structure. This is going thio
04:15
uh,
04:16
basically,
04:17
um, breakdown
04:19
each areas into a smaller
04:21
Ah,
04:23
small are manageable things that you can determine what those first star. So this is also known as decomposition.
04:29
Um, so this is a conference room upgrade.
04:30
I've identified
04:32
design programming, our equipment
04:36
and ah,
04:38
facility modifications.
04:40
So under design, well, might as I meet the requirements so I could look at that a little bit further
04:46
under programming.
04:46
What's the complexity of doing all this computer programming? Thio like an AMX or across John Controller?
04:55
Um,
04:56
the equipment.
04:58
Did I get the cost right during my estimate, will that cost increase? Um, well, the equipment be available,
05:03
facility modifications. I probably have to rely on other organizations
05:09
to install power.
05:11
I'm installing a projector.
05:13
Uh, chances are
05:15
the client will have to contract out
05:18
who, um, will be installing that power and will be available on time.
05:24
And, ah,
05:25
if I'm putting,
05:27
like a screen up,
05:29
they're probably have to do our structural support, like in the ceiling, so
05:32
that could become a risk. It those things aren't done.

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 schedules and budgets.

Instructed By

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Vince McKeown
Senior Program Manager at FGS, LLC
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