Subtitles of the Movie

In this movie, we'll review the workbook exercises relating to the risk management planning process. You can find the workbook exercise questions within your work files. Let's move right into our review of the nine questions. If you haven't noticed already, you'll find that the first four workbook questions are the same for every process, with the first asking you to note down the purpose of the process. In the case of the risk management planning process, the purpose is to determine how to approach, plan and execute risk management activities. We are literally planning how to carry out the risk management process activities in this first risk management process. Next, we have questions two, three and four covering the inputs, the tools and techniques and outputs of the process. As you can see, there is only one output, which is the risk management plan, a subsidiary plan of the project management plan. As I mentioned in previous movies, the first process of a knowledge area after integration typically results in the generation of the subsidiary project management plan relating to that area of focus. Let's move on to question five, which says what is the difference between known risk and unknown risk? Known risks are risks identified and analyzed, while unknown risks are risks that can't be managed proactively. You'll see other types of risks pop up in a later process. Question six: define planning meetings and analysis, the only tool and technique included within this process and the answer is meetings held within project teams that include the project manager, stakeholders and selected project team members with the purpose of developing the risk management plan. Question seven says name at least one objective of planning meetings and analysis. There were four objectives noted within the process review movies which you could have chosen from. These include defining basic plans for conducting risk management activities, developing risk cost elements and schedule activities, assigning risk responsibilities and tailoring applicable risk-related templates. Question eight, which is next, addresses the risk management plan contents. It says the risk management plan guides the other risk management processes. Name four items addressed within the plan. We covered several during our review. The risk management plan includes the following items: the methodology, roles and responsibilities, budgeting, timing, risk categories, definitions of risk probability, probability and impact matrix, revised stakeholder's tolerances, reporting formats and tracking. And the final question, number nine: what process group does the risk management planning process belong to? This is an easy one, particularly since the name of the process includes the word planning and it's the first process within the knowledge area. The answer is planning process group. And that wraps up this movie covering the workbook exercises of the risk management planning process.