Subtitles of the Movie

In this movie, we'll go through a review of the Risk Management Knowledge Area assessment in your Work Files. The purpose of the assessment is to gauge how much you currently know relating to the Risk Management Knowledge Area and then how much you've retained after going through the individual process movies. For this reason it's a good idea to come back to the assessment multiple times. The first part of the assessment is to recall the purpose of the knowledge area, which is to increase the probability and impact of positive events and decrease the probability and impact of negative events. It's not necessary for you to recall this verbatim but instead to understand and remember the concept. Next you are asked to recall the six processes of the knowledge area, followed by the process group that each process belongs to. The processes are risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning and risk monitoring and control. The process groups in this knowledge area are particularly easy, since all but one belong to the planning process group, which includes risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis and risk response planning and risk monitoring and control gives itself away with the process name alone. Let's now go through the purpose of each process, followed by the key outputs of each. The same applies here as with the purpose of the knowledge area. It's important to know the concept of the processes as opposed to just memorizing the purpose. The purpose of risk management planning is to determine how to approach, plan and execute risk management activities. In risk identification, you're determining which risks may affect the project and then documenting their characteristics. Qualitative risk analysis assesses risks and combines the probability of occurrence and impact by prioritizing them for further analysis or action. Quantitative risk analysis has a purpose of numerically analyzing the effect on overall project objectives of the identified risk. The purpose of risk response planning is to develop options and actions as a way of enhancing opportunities and reducing threats to the project objectives. With risk monitoring and control, you're tracking identified risk, monitoring residual risk, identifying new risk and executing the risk response plans while continuously evaluating their effectiveness. The key outputs, or just generally the outputs, are easiest to recall in this knowledge area, although just because there may be one or two doesn't make it an easy output to generate. As a reminder, the purpose of this exercise is to know the outputs and the piece together what inputs and tools and techniques you will need to generate it, as opposed to memorizing inputs, tools and techniques and outputs, which would result in data overload. Let's go through them. Risk management planning has just one output; the risk management plan. Risk identification also has one output; the risk register. The next two processes also have one, which are both updates to the risk register and this includes the qualitative risk analysis and the quantitative risk analysis processes. The risk response planning has two noted specifically: the risk register updates, risk-related contractual agreements and if you noted all of the outputs you would also have included updates to the project management plan. Risk monitoring and control has a few key outputs: the risk register updates, requested changes, recommended corrective actions and recommended preventive actions. And if you are thorough and remembered all the outputs, you would have also noted updates to the organization process assets and to the project management plan. And that wraps up the Risk Management Knowledge Area assessment. If you're taking the PMP Certification exam, please note that you'll also need to know the risk attitudes, which is something that is covered within the risk-related process review movies.