Subtitles of the Movie

In the previous movie we covered the first five questions of the Workbook pertaining to the Risk Management Plan. In this movie we'll wrap up this review beginning with question 6, which says: The contents of the Risk Management Plan consists of ten items. Name at least five. And these 10 items include: Methodology, Roles and Responsibilities, Budgeting, Timing, Risk Categories, Definition of Probability and Impact, Impact and Probability Matrix, Revised Stakeholder Risk Tolerances, Reporting Formats, and Tracking. The next question: What is the following Table an example of? And this is an example of Probability and Impact Definitions Table. Question 8: What is the following Table an example of? And this is also an example of the Probability and Impact Definitions Table. The only difference between the two is that one uses numerical values to define risk, and the first table that we looked at used high, medium, and the low scale. Moving on to question 9: Match the Risk Management Plan Content Item with the descriptions provided. The first is D, and that is, it describes the approach used to carry out risk management. Next, for Roles and Responsibilities, the answer was G. It identifies who is responsible for the risk activities. Budgeting was B, amount of funds that is set aside for risks and the contingency reserve. Next, we have Timing, which is J. When and how often the risk management processes are carried out. Risk Categories is E: Systematically classifies risk. Definitions, Probability, and Impact is C: Uses a scale or rating system. The Probability and Impact Matrix definition is I: it's used as a look-up Table. Stakeholder Risk Tolerance is F: Describes the Risk Threshold Attitudes. The Reporting Formats is H: Describes how the results of the risk management processes will be documented, analyzed and then shared. And then the last one is A: Tracking defines how the risk activities will be recorded for reference during the project and within lessons learned. Question 10 says: The Risk Probability and Impact definitions, and the Probability and Impact Matrix are utilized by which risk management process? And that is by the Perform Qualitative Risk Analysis process, or if you're using the Third Edition, that would be the Qualitative Risk Analysis process. Question 11 says: What is the probability and impact matrix used for? And the basic explanation would be to prioritize risk and to determine which risks require a response. You'll learn in the sections to come what happens to those risks that don't require a response at this time. And lastly we have a broader question. Question 12 says: Name the six risk management processes. You have this question as part of your Workbook in the previous Section, so hopefully this one was a breeze. And the six processes include: Planned Risk Management or Risk Management Planning in the Third Edition of the PMBOK Guide; Identify Risks, or Risk Identification; Perform Qualitative Risk Analysis; Perform Quantitative Risk Analysis; Plan Risk Responses, or Risk Response Planning; and, Monitor and Control Risk, or Risk Monitoring and Control. If you've gone through VTC's PMBOK Series you'll have heard me say many times not to memorize the inputs, tools and techniques, and outputs of the processes. However, I do recommend memorizing the process names, the order of the risk activities, and the inputs tools and techniques and outputs of each of these risk management processes for the PMI RMP Exam. As always, you need to understand what each input provides, how to utilize the tools and techniques, and how to process results in the outputs. I thought I'd offer that bit of advice for those studying to take the Certification Exam. And now is the final question of the Section's Workbook, which brings the Risk Management Plan Section to a close. Hopefully you've gained the level of confidence as to how the process of creating the Risk Management Plan occurs. Remember that in the practice the process may include variations and should be tailored to your own project as well as account for the policies and practices of your organization. As you'll see later on within the Risk Management Series, process improvement plays a big role in risk management, so you'll always have an opportunity to continue building, refining, and improving your organization's risk policies.