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The risk identification process cost estimates assumptions

PMP ® Exam Preparation Course

Project Risk Management

1
PMP ® Exam Preparation Course
Aim

How to plan risk management

How to identify risk and plan response to the identified risk

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PMP ® Exam Preparation Course

Risk Management - Definitions

Risk is an uncertain event or condition that, if it occurs, has an effect on at

If a person develops cancer, it is no longer a risk, but a health issue. Now

the uncertainty became certain.

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PMP ® Exam Preparation Course

Known Risks – Project management team is aware of this risks and can

gluten allergy (known risk). Product label shall contain warning against any

possible allergy.

Negative Risks or Threats – If occurs will negatively affect objectives Positive Risks or Opportunities - If occurs will positively affect objectives

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PMP ® Exam Preparation Course

return or some not. This is called Risk Tolerances.

To be successful, individuals or organizations must explicitly express the

according to this.

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PMP ® Exam Preparation Course

3. Perform Qualitative risk analysis: prioritizing risks for further analysis or action based by assessing and combining their probability of occurrence and impact

4. Perform Quantitative risk analysis: numerically estimating the effects of the identified risks on overall project objectives

6

PMP ® Exam Preparation Course

11.1 Plan Risk Management

Inputs
Outputs
1.
1.
1.
2.

environmental factors

analysis

Organizational process
3.
4. Cost management plan
5. Schedule Management
6.

Management Plan

7

PMP ® Exam Preparation Course
Project management team decides how to approach risks, how the risk will

be handled and monitored in the project.

All policies related to risk management will be decided now
Decisions on up to which level of rigorousness shall be applied to risk

All further risk activities shall comply with this management plan unless

changed through change management plan.

8
PMP ® Exam Preparation Course
1.

Team conducts meeting with various stakeholders to develop plan how to

handle risks for a specific project
Attendees should include: The project manager, project team leaders, key

Plan 9
PMP ® Exam Preparation Course

11.1 Plan Risk Management : Output

 Budget and schedule (Include activities for risk management in schedule and

with risk management activities)

 Risk categories (Different categories of risks associated with the specific

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