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"In
the business world, the rear view mirror is always clearer than the
windshield."
Warren
Buffet
PMP Module 11 + PMBOK® Guide Chapter 11 |
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These notes
are supplementary information that expand on the core information
contained in Mosaic's PMP Exam Prep courses. Whilst not central the the
PMP exam requirements the materials are intended to add value to our
course notes and increase the overall richness of the materials as a
project management reference resource. Topics
planned for this page include:
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Course
Information
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Risk
Management Planning
To manage risk effectively you need to deal with uncertainty that matters by following a structured process that takes into account the people aspects (eg, risk tolerance). Each risk is something in the future which might or might not occur. This is vital to a proper understanding of risk and planning its management. Risks do not yet exist, indeed they may never exist at all. This makes them quite different from things which have happened in the past or which currently exist in the present. his makes risks different from issues, problems or constraints; past and present events can be analysed and measured, but future events can only be imagined or estimated by people and these estimates will be influenced by the people's perceptions and past experiences. - PMI Practice Standard for Project Risk Management is available free of charge to PMI members as a non-printing PDF For instructions on downloading the PDF see: http://www.mosaicprojects.com.au/Books.html - Our How To Build a Risk Management Plan workshop provides practical skills and tools to help develop an effective risk register and risk management plan [view course plan]. - Paper: The Meaning of Risk in an Uncertain World - Paper: Risk Management and Complexity Theory - Blog (Feb. 2009): Risky Business - Blog (July 2009): A Long Tail Add topic details....................... |
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Risk
Identification
The term 'risk management' covers many different types of risk, including strategic risk, financial risk, reputational risk, operational risk, environmental risk, legal risk, contract risk, and technical risk, as well as corporate governance, business continuity and disaster recovery...... to name a few. It is important to ensure that all of the risks that matter are identified and actioned. Add topic details....................... |
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Risk Assessment
The PMBOK® Guide focuses on the Probability of a risk occurring and its likely Impact if it happens; WP1015 Risk Assessment expands on these basic elements to define a more complete range of assessment criteria and the effect of cognitive bias on peoples ability to make rational assessments of any potential gain or loss. The unique nature of projects creates problems in assessing probability; WP1037 outlines some of the issues. |
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Risk
Treatment
A risk process which does not lead to the implementation of actions to deal with the identified risks is incomplete and useless. The ultimate aim is to manage the risk affecting your project, not to simply list and analyse them. Add topic details....................... |
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Risk Tools and Techniques
Decision Trees: One of the best guides to decision trees is at http://www.mindtools.com/dectree.html Venn Diagrams: Show all hypothetically possible logical relations between a finite collection of sets. WP1040 describes there use. Complex Decision Making: Many aspects of project management involve making complex decisions - this CSIRO paper provides valuable insights into how people make complex decisions: download the paper |
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