PMBOK 11 1 Plan Risk Management PDF

Project Management
<11.1 Plan Risk Management>

Project Management
Michael A. Smith
Georgia Tech Scheller College of Business
What is risk management?

The project managers work should not focus on
dealing with problems but on preventing them.
Through risk management, the PM can stay in control
of the project rather then be controlled by it.
Through risk management you increase the

probability and impact of opportunities on the
project (positive events) and decrease the
probability and impact of threats to the project
(negative events).
Michael A. Smith
Michael A. Smith
Project Management
Project Management
Appetite vs. tolerance vs. threshold

Risk appetite is a general, high-level description of the
acceptable level of risk. For example, the sponsor is willing
to accept little risk to the schedule on a given project.
Risk tolerance is more specific than appetite. It refers to a
measurable amount of acceptable risk. For example, a
sponsor might be willing to accept up to 14 days of delay.
Risk threshold is the specific point at which risk become
unacceptable. For example, the sponsor will not tolerate a
delay of 15 days or more.
Risk averse implies the sponsor does not want to take
risks.
Michael A. Smith
Project Management
Plan Risk Management where it fits

Inputs
Outputs
Responses
http://www.professionaltreasure.com/wp-content/uploads/2013/04/Project-Management-Process_FifthEdition1.png
Michael A. Smith
Michael A. Smith
Project Management
Project Management
Inputs, Processes, and Outputs
Michael A. Smith
Project Management
Plan Risk Management inputs, tools &

techniques, and outputs
Inputs
Process
Outputs
Project Mgmt Plan

Project Charter
Stakeholder Register
Plan Risk
Management
Risk Management Plan
Enterprise Env. Factors

Org. Process Assets
Tools & Techniques
Analytical Techniques
Expert Judgment
Meetings
Michael A. Smith
Michael A. Smith
Project Management
Project Management
Plan Risk Management Inputs

Project Management Plan provides baseline or
current state of risk-affected areas include scope,
schedule and cost. All approved components of
the project management plan should be
considered when planning risk management.
Project Charter provides inputs such as the high
level risks, high level project descriptions and
high level requirements.
Michael A. Smith
Project Management

Stakeholder Register provides an overview of the
roles of various stakeholders.
Enterprise Environmental Factors that can
influence the plan risk management process
include but are not limited to, risk attitudes,
thresholds, and tolerances that describe the
degree of risk that the organization will tolerate.
Michael A. Smith
Michael A. Smith
Project Management
Project Management

Organizational Process Assets that influence the
plan risk management process include, but are not
limited to:
Risk categories
Common definitions of concepts and terms
Risk statement formats
Standard templates
Roles and responsibilities
Authority levels for decision making
Lessons learned
Michael A. Smith
Project Management
Plan Risk Management Tools and Techniques

Analytical Techniques are used to understand and
define the overall risk management context of the
project. Context is a combination of stakeholder risk
attitudes and the strategic risk exposure of a given
project based on the overall project context.
Stakeholder risk profile analysis may grade and qualify the
project stakeholder risk appetite and tolerance.
Risk scoring sheets provide a high-level assessment of
exposure
Michael A. Smith
Michael A. Smith
Project Management
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Project Management

Expert Judgment should be drawn from groups and
individuals with specialized training or knowledge in
the subject area, including
Senior management
Project stakeholders
Project managers who have worked on projects in the
same area (directly or through lessons learned)
Subject matter experts (SMEs) in the business or project
area
Industry groups and consultants
Professional and technical associations
Michael A. Smith
Project Management
11

During meetings, which may include the project manager,
selected project team members and stakeholders, anyone in
the organization with responsibility to manage the risk
planning and execution activities, and others, high level plans
for conducting the risk management activities are defined.
Risk management cost elements and schedule activities should be
developed for inclusion in the project budget and schedule.
Risk contingency reserve application approaches may be established
or reviewed.
Risk management responsibilities should be assigned.
General organizational templates for risk categories and definitions
of terms such as levels or risk, probability by type of risk, impact by
type of objectives, an the probability and impact matrix will be
tailored to the specific project. Templates may also be created.
Michael A. Smith
Michael A. Smith
Project Management
12
Project Management
Plan Risk Management Outputs

The Risk Management Plan is part of the project
management plan and describes how risk activities
will be structured and performed. It includes:
Methodology: describes the approaches, tools and data
sources that will be used to perform risk management
Roles and responsibilities: lists the lead, support, and risk
management team members for each type of activity in
the risk management plan, and clarifies responsibilities
Michael A. Smith
Project Management
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Budgeting: estimates funds needed, based on assigned
resources, for inclusion in the cost baseline and
establishes protocols for application for contingency and
management reserves
Timing: define when and how often risk management
processes will be done during the project, establishes
protocols for application of schedule contingency
reserves, and establishes risk management activities for
inclusion in the project schedule
Michael A. Smith
Michael A. Smith
Project Management
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Project Management

management plan and describes how risk
activities will be structured and performed. It
includes:
Risk Categories provide a way to group potential
risk causes.
Different risk breakdown structures (RBSs) will be
appropriate for different projects.
Michael A. Smith
http://siigrupo7.wikispaces.com/Gest%C3%A3o+de+Projectos
Project Management
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Risk Breakdown Structure Example
http://siigrupo7.wikispaces.com/Gest%C3%A3o+de+Projectos
Michael A. Smith
Michael A. Smith
Project Management
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Project Management

includes:
Definitions of risk probability and impact must be
defined that are specific to the project context.
Michael A. Smith
Project Management
17

Definition of impact scales example
http://industrialaudit.com/workface/mitigating-risk-and-improving-predictability-of-work-package-execution/
Michael A. Smith
Project Management
Michael A. Smith
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Project Management

includes:
Probability and impact matrix. The specific
combinations of probability and impact that lead to a
risk being ratesdhigh, moderate, or low
importance are usually set by the organization.
Michael A. Smith
Project Management
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Probability and impact matrix example
http://vue-matrix.com
Michael A. Smith
Michael A. Smith
Project Management
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Project Management

Revised stakeholder tolerances as they apply to the
specific project
Reporting formats describe how outcomes of the risk
management process will be documents, analyzed, and
communicated, and the content and format of the risk
register and any other required reports
Tracking documents how risk activities will be recorded
for the benefit of the current project and how risk
management processes will be audited.
Michael A. Smith
Project Management
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Project Management
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Important Tips
Michael A. Smith
Michael A. Smith
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Project Management
Plan risk management important tips

When looking at risk, one has to consider:
The probability of occurrence (how likely)
The range of possible impacts (positive or negative)
When during the project life cycle the event might
occur (when)
How often risk events from that source might occur
(frequency)
Michael A. Smith
Project Management
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Risk categories a.k.a. sources of risk, help one
generate lists of risks. A common categorization
is:
External: regulatory, market, government,
environment
Internal: time/cost/scope changes, poor planning,
staffing
Technical: changes in technology
Unforeseeable: only about 10% of risks
Michael A. Smith
Michael A. Smith
Project Management
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Project Management

Another common risk categorization/list of sources is:
Schedule: If the raw materials arrive early, we can start
construction ahead of schedule.
Cost: If interest rates rise before we lock in, well have to reduce
scope to stay in budget.
Quality: If the quality of steel is not to spec, well have to delay
framing while we rectify the situation.
Scope: If we didnt get scope defined properly, we might have to
pay overtime to workers to finish the job on time.
Resources: If we hire Portman to design the building, he might be
able only to fit us in among other projects, which will delay securing
financing.
Customer/stakeholder satisfaction: If the customer isnt honest
with us up front, changes will be more expensive later.
Michael A. Smith
Project Management
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As well as being categorized, a risk can be
thought of as a
Business risk: the risk of a gain or loss
Pure (insurable) risk: only a risk of loss due, for
example, to fire, theft, personal injury, etc.
Michael A. Smith
Michael A. Smith
Project Management
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Project Management
<End>
Project Management
Michael A. Smith
Michael A. Smith
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Project Management

<11.1 Plan Risk Management>

What is risk management?

Through risk management you increase the

Appetite vs. tolerance vs. threshold

Plan Risk Management where it fits

Inputs, Processes, and Outputs

Plan Risk Management inputs, tools &

Project Mgmt Plan

Risk Management Plan

Enterprise Env. Factors

Tools & Techniques

Plan Risk Management Inputs

Plan Risk Management Inputs

Plan Risk Management Inputs

Plan Risk Management Tools and Techniques

Plan Risk Management Tools and Techniques

Plan Risk Management Tools and Techniques

Plan Risk Management Outputs

Plan Risk Management Outputs

Plan Risk Management Outputs

Plan Risk Management Outputs

Plan Risk Management Outputs

Plan Risk Management Outputs

Plan Risk Management Outputs

Plan Risk Management Outputs

Plan Risk Management Outputs

Plan risk management important tips

Plan risk management important tips

Plan risk management important tips

Plan risk management important tips

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