PMP Masterclass Module 24 – PMP Risk Management

About PMP Masterclass Module 24 – PMP Risk Management

This is one of the most important Knowledge areas, consisting of seven video lessons covering the seven risk-related PMBOK processes - there is lots to learn here!

This Module contains a rich tapestry of tools and techniques to learn and apply, and for this reason I encourage you to go through carefully and diligently to fully understand the material. Despite the level of detail these are fairly straightforward to learn...

Module Content

Video lesson

The Project Manager must understand how to plan for them – anticipate and identify areas of risk – how to quantify and qualify them – and how to control them. There are TWO risk characteristics that must be understood.

Video lesson

The Risk Management Plan should be created early in the project as it will have an impact on the project scope, cost, time, quality and procurement aspects.

Video lesson

Members Only Risk Analysis

Risk Analysis is performed on a list of risks that are identified from the Identify Risks Process. This list of risks is documented in the form of a Risk Register.

Video lesson

Each risk is analyzed for probability and impact so each risk can be prioritized and ranked – according to their effect on project objectives. Risks normally change their status as the project progresses – so analysis will need to occur more than once

Video lesson

This process evaluates the impacts of risk prioritized during the Qualitative Risk Analysis process and quantifies project risk exposure on the combined effects of the probability of occurrence and impact on project objectives

Video lesson

Members Only Plan Risk Responses

Strategies for Negative Risks or Threats. To avoid a risk means you’ll evade it all together, eliminate the cause of the risk event or change/isolate the project plan to protect the project objectives from the risk event. Essentially, you eradicate the risk by eliminating its cause.

Video lesson

Project Manager ensures risk responses are carried out. Risk Owners are empowered to implement risk responses. Risk reduction needs justification – cost/benefits and PIM. Include the cost of risk prevention and risk responses. Schedule delay risks often cause cost increases

Video lesson

Agile's approach to risk responses are similar to those in a predictive project. However, the differences when using adaptive approaches is the use of frequent reviews of incremental work to manage risks more effectively.

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