Risk management

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