Risk management comprises of;
- Plan risk management
- Identify risks
- Qualitative risk analysis
- Quantitative risk analysis
- Plan risk responses
- Implement risk responses
- Monitor risks
- Improve risk management
Tools & Techniques
- Stakeholder analysis
- Alternatives analysis
- Audits
- Brainstorming
- Bubble chart
- Checklists
- Contingent response strategies
- Cost benefit analysis
- Decision tree analysis
- Interviews
- Influence diagrams
- Influencing
- Multi criteria decision analysis
- Risk data quality assessment
- Risk probability and impact assessment
- Risk parameters (Others)
- Urgency
- Proximity
- Dormancy
- Manageability
- Controllability
- Detect-ability
- Connectivity
- Strategic impact
- Propinquity (considered as significant)
- Strategies for overall project risks
- Probability and Impact matrix
- Project Management Information System (PMIS)
- Reserve analysis
- Root cause analysis
- Sensitivity analysis
- Simulation
- Assumption and constraint analysis
- Strategies for threats
- Escalate
- Avoid
- Transfer
- Mitigate
- Accept
- Strategies for opportunities
- Escalate
- Exploit
- Share
- Enhance
- Accept
- Strategies for overall project risks
- Avoid
- Exploit
- Transfer / share
- Mitigate / enhance
- Accept
- SWOT analysis
- Technical performance analysis
- Document analysis
- Facilitation
- Prompt lists
- Meetings
Artifacts
- Risk management plan
- Risk strategy
- Methodology
- Roles & Responsibilities
- Funding
- Timing
- Risk categories
- Risk breakdown structure (RBS)
- Technical risk
- Management risk
- Commercial risk
- External risks
- Stakeholder appetite for risks
- Definition of risk probabilities and impacts
- Very high
- High
- Medium
- Low
- Very low
- Nil
- Probability and Impact matrix
- Reporting formats
- Tracking
- Risk register
- Risk reports
- Organizational process assets updates
References
PMBOK V6 pages 395-458