Risk is inherent in all projects, and risks posed both threats to and opportunities for the project. Understanding the risks facing your project, better equips you to determine the appropriate strategies to deal with those risks and help you develop the response plans for the risks.
PMP Risk Planning Exam Essentials
Can define the purpose of the risk management plan
This describes how you will define, monitor, and control risks throughout the project. Its details how risk management process is will be implemented, monitored, and controlled throughout the life of the project. It describes how you will manage risks. The risk management plan is a subsidiary of the project management plan, and it is the only output of the plan risk management process.
Can name the purpose of identify risks
The purpose of the identify risks process is to identify all risks that might impact the project and then document them and identify the characteristics.
Can define the purpose of perform qualitative risk analysis
This determines the impact the identified risks will have on the project and the probability that they will occur. It puts the risks in priority order according to their effects on the project objectives.
Can define the purpose of perform quantitative risk analysis
This the value rates the impacts of risk prioritize during the perform qualitative risk analysis process, and quantify is risk exposure for the project by assigning numeric probabilities to each risk and the impacts on project objectives.
Can define the purpose of the plan risk responses process
Plan risk responses are the process where risk response plans are developed using strategies such as avoid, transfer, mitigate, accept, exploit, share, enhance, develop contingent response strategies, and apply expert judgment. The risk response plan describes the actions to take, should the identified risks occur. It should include all the identified risks, a description of the risks, how they will impact the project objectives, and the people assigned to manage the risk responses.
Can define the risk register and some of its primary elements
The risk register is an output of the identified risks process, and updates to the risk register occur as an output of every risk process that follows this one. By the end of the plan risk responses process, the risk register contains these primary elements:
- The identified list of risks
- Risk owners
- Risk triggers
- Risk strategies
- Contingency plans
- Contingency reserves
