risk management notes
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Risk management Notes
Exercise: Test yourself explain why each of the following inputs to risk management is needed
before you can adequately perform the risk management process. This is an important test. The
following answer table is what you should know for the exam.
Ans.
There can be many answers. Here are some possible ones.
Sl
no.
Input To Risk
Management
Why Is This Input Needed
! Project
ackground
!nformation
"orrespondence from before the project was appro#ed$ articles written
about similar projects$ and other such information will help identify risks.
%Project background information is part of organi&ational process
assets.'" (rgani&ational
process assets
These records may ha#e information about risk from past$ similar project
$ including risk categories$ formats for stating risks$ and risk
management templates$ plus lessons learned that are rele#ant to
managing risk on the current project.
"ompany processes and procedures for project management and risk
management$ or the lack such standardi&ed procedures$ may help
identify additional risks.
(rgani&ational process assets are inputs into most of the planning
processes of risk management.
# )nterprise
en#ironmentalfactors
*nowing the degree of risk the organi&ation is willing to accept and the
areas where there is willingness to accept risk % organi&ational riskappetites$ tolerances$ and thresholds' helps to identify the impact of
risks$ rank risk $ and determine which risk response strategies to use .
+ company,s culture can add or diminish risk and should be considered
when identifying risks.
)nterprise en#ironmental factors are inputs into most of the planning
processes of risk management.$ Project "harter The project charter indicates the initial $ high - le#el risks identified on
the project and helps you see if the o#erall project objecti#es and
constraints are generally risky or not. The charter also helps identifyrisks based on what is and what is not included in the project.
The project charter is an input to the plan risk management process and
the identify risks process % included as part of project documents in
identify risks'
% Project
management
The entire project management plan is an input to the plan Risk
anagement and "ontrol Risks processes$ as all of the management
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Plan plans must be taken into account. +dditionally$ specific management
plans are inputs to other risk management processes. They are listed
separately within this table.
& /cope baseline Part of the project management plan$ the scope baseline can help you
assess how complex the project will be and what le#el of risk
management effort is appropriate. This also contains information aboutboundaries$ constraints$ and assumptions$ which can indicate risks for
the project.
The scope baseline is an input to identify Risks and Perform 0ualitati#e
Risk +nalysis.' Network
1iagram
The network diagram is the only place where paths that con#erge into
one acti#ity can be easily seen. /uch path con#ergence makes the
acti#ity riskier than if there were no path con#ergence. The network
diagram also helps determine the critical path and near - critical paths.
The tighter the schedule the risk the project has.
The network diagram %part of project documents' is an input to identify
risks.
( Time and cost
estimates
*nowing the estimates helps you determine the risk of the project not
meeting the time and cost objecti#es. !nitial estimates are an input to
risk management$ and detailed estimates are an output of risk
management.) /chedule
management
Plan
The aggressi#eness of the schedule objecti#es pro#ides an indication of
the risk of meeting those objecti#es.
The schedule management plan is an input to !dentify risk and perform
0uantitati#e Risk +nalysis.
!* "ost
management
Plan
This plan details cost processes that may help identify risk to achie#ing
the project budget.
The cost management plan is an input to !dentify Risks and Perform
0uantitati#e Risk analysis.
!! "ommunicatio
n management
plan
The P(* guide does not specifically list the communication
management plans as an input to risk management$ but it is part of the
project management plan $ which is an input to Plan risk anagement
and "ontrol risks . The communication management plan can be usedto structure communication around risk. !t can also help identify risk. The
communication management plan helps answer question such as2 +re
there a lot of people to communication so important that communication
errors can actually add risk to the project3 !s your communication
management plan effecti#e3 /ince the number one problem many
people ha#e on project is poor communication$ there is a strong
connection between planning communication and decreasing risk.
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!" 0uality
anagement
plan
The metrics documented in this plan $ an input to !dentify Risks $ will
help you identify quality risks . the documented processes in this plan
can also help minimi&e threats or enhance opportunities$ and can help
you manage risks. The process impro#ement plan is another output of
quality management that can be useful in risk management2 althoughthe P(* guide does not specifically list this plan as an input to
!dentify Risk it can be proacti#ely identify risks while the project is
underway.
!# Human
resource
management
Plan
The human resource management plan describes what resource are
needed %roles and responsibilities' $ identifies the resources a#ailable to
the project $ and explains how the resources will be managed $ including
how they will be mo#ed on and off the project . *nowing this information
will help you identify risks related to resources.
The human resource management plan is an input to identify risks.
!$ Procurementdocuments
How many contracts will there likely be on the project3 4hat is the le#elof expertise of those handling the contracts3 4as the project manager
in#ol#ed before any contracts wre signed3 if not the project will ha#e
more risk and is likely to cost more. "ontracts are a way to mitigate or
transfer risks in risk response planning.
Procurement documents are an input to identify risks.
!% Project
documents
!n addition to the project charter and network diagram %pre#iously
discussed'$ project documents include the project schedule$ quality
checklist$ issue log$ agreements$ and statement of work.
Project documents are an input to identify Risks.
!& /takeholder
Register
/takeholder will #iew the the project from different perspecti#es and thus
will be able to see risks that the team can not. /takeholders are in#ol#ed
in many aspects of risk management.
The stakeholder register is an input to Plan risk management and
!dentify Risks.
!' Risk
anagement
Plan
"reated as an output of Plan Risk management$ The risk management
plan will define how risk management is conducted throughout the
project$ and is therefore an input to all of the remaining risk processes.
!( Risk Register "reated as an output of !dentify Risks$ the risk register is an input to all
of the remaining risk processes. The risk register is the repository of
information on identified risk for the project$ and as such is an important
input for prioriti&ing and analy&ing risks$ planning risk responses and
controlling risks.
!) 4ork These are both input to the control Risks process. Project work will
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performance
data and
reports
generate raw data and measurements % work performance data'$ which
are analy&ed in "ontrol Risks to e#aluate the impact of #ariance and its
relationship to identified risks. The work performance report are the
outputs of other control processes $ such as "ontrol /chedule $ "ontrol
/cope $ etc. These report pro#ide the analy&ed data from these
processes in a format that can be used to do risk reassessment $reser#e analysis$ analysis of trends and #ariance $ etc.
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