Risk Management

Risk Management

1. Risk Management Planning
Input:
Organizational Process Assets
Enterprise Enviromental Factors
Project Management Plan
Project Scope Statement

Tools:Planning Meetings and Analysis

Output:
Risk Management Plan(who, how, how often), in Risk Management Plan, come up with RBS(Risk Breakdown Structure), then Avoided/Mitigated/Transferred/Accepted the risk

2. Risk Identification
Input:
Risk Management Plan
Project Management Plan
Project Scope Statement
Organizational Process Assets
Enterprise Environmental Factors

Tools:
Information Gathering Techniques(Gathering information from people and making sure it's right)which includes:
Brainstorming,
Interviews,
The Delphi technique,get opinions and ideas from experts anonymously
SWOT analysis(strengths,weaknesses,opportunities,and threats)
Root cause identification
Documentation reviews
Assumptions analysis
Checklist analysis
Diagramming techniques
Output:
Risk Register

3. Qualitative Risk Analysis(ranking risk based on probability and impact)
Input:
Organizational Process Assets
Risk Register
Risk Management Plan
Project Scope Statement

Tools:
Risk data quality assessment
Risk categorization
Risk urgency assessment
Risk probability and impact assessment
Probability and impact matrix

Output:
updated risk register(add columns Category,Priority,Urgency)

4. Quantitative Risk Analysis(ranking risk based on probability and impact)
Input:
Organizational Process Assets
Risk Register(after qualitative analysis)
Project Management Plan
Risk Management Plan
Project Scope Statement

Tools:
EMV(Expected Monetary Value)
Decision Tree Analysis

Output:
updated Risk Register

5. Risk Response planning
Input:
Risk Register
Risk Management Plan

Tools:
strategies for handling negative risk,avoid&mitigate&transfer&acceptstrategies for handling positive risk,Exploit&share&enhance&accept

Output:
add risk response to the register(risk owner,response)
project management plan update
scontract updates

6. Risk Monitoring and Conrol process
Input:
Risk Register
Project Management Plan
Approved Change Requests
Work Performance Information
Performance Reports

Tools:
Risk reassessment
Variance and trend analysis
Reserve analysis
Risk audits
Technical performance measurement
Status meetings

Output:
Risk Register Updates
Project Management Plan Updates
Requested Changes
Organizational Process Assets
Recommended Corrective Actions
Recommended Preventative Actions