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PMI: Risk Management Professional (Part 1) Tutorials
Understanding Risk Management / Risk & the PMBOK Guide pt. 2
Subtitles of the Movie (PMI: Risk Management Professional (Part 1) / Understanding Risk Management / Risk & the PMBOK Guide pt. 2)
In the previous movie I introduced to you the six risk management processes as laid out by the PMBOK Guide. I also mentioned that there are subtle differences between the PMBOK Guide, Third Edition and Fourth Edition. Let's continue with a look at risk and the PMBOK Guide where we left off in the previous movie, which is the flow of the processes within the Risk Management Knowledge Area. As you might recall the purpose of the first process is to define how to conduct risk management activities for a project. This process results in the Risk Management Plan, which will guide all the other processes to achieve their individual purposes. In order to create the Risk Management Plan, which is a component of the Project Management Plan, we utilize many other subsidiary plans of the Project Management Plan. This includes: the Cost Management Plan; Schedule Management Plan; and, the Communication Management Plan. We'll also utilize the Project Scope Statement, and other information accessed through the organizational process assets and Enterprise environmental factors. You'll learn more about these in a future movie. Using the resources just highlighted, the Risk Management planning process generates the Risk Management Plan, which is utilized by the next process: Risk Identification. This process, Risk Identification, utilizes the Risk Management Plan along with other information and creates the Risk Register. From here on a hand-off occurs with each process adding and updating the Risk Register and receiving the Risk Register as an input. In the next process, the Qualitative Risk Analysis, the only output generated includes Risk Register updates so you can see the heavy dependence of this process to the previous one. Here, risks will be prioritized and further analyzed. The Risk Register goes through additional updates in the next process: Quantitative Risk Analysis. Because this process conducts numerical analysis of the identified risk, it also utilizes the Cost Management Plan and also the Schedule Management Plan, which are obtained through the Project Management Plan. Additional updates to the Risk Register occur in the Risk Response Planning Process. Here we see more updates to the Risk Register along with risk-related contractual decisions, which are fed into the final process: Risk Monitoring and Control. But before moving on, I'd also like to point out that the Project Management updates are submitted into the integrated Change Control Process for review and approval. To track and monitor identified risks and identify new ones, the Risk Monitoring and Control Process utilizes performance reports from previous performance reporting process called the Report Performance Process in the Fourth Edition of the PMBOK Guide, and also Work Performance Information from the direct and managed Project Execution Process. From here, recommendations are made and submitted into the integrated Change Control Process. Approved changes are submitted into the developed project management planned process for implementation and this process also submits the updates to the organizational process assets into the closed project process, and we also have updates to the Risk Register. And that wraps up the overview of the Risk Management Knowledge Area Process Flow. This review is meant to give you a high-level overview of the Risk Management processes as provided by the PMBOK Guide. In addition to this, we'll go through some general steps to Risk Management in the next Section, and that concludes this movie on Risk and the PMBOK Guide. If you require additional review of the PMBOK Guide, please see the PMBOK Guide Snapshot Review movies at the end of this course, or you may go through the PMBOK Guide Course Series offered separately through VTC.
Tutorial Information
| Course: | PMI: Risk Management Professional (Part 1) |
| Author: | Vanina Mangano |
| SKU: | 33982 |
| ISBN: | 1-935320-38-6 |
| Release Date: | 2009-04-08 |
| Duration: | 7 hrs / 109 lessons |
| Work Files: |
Yes |
| Captions: | No |
| Compatibility: |
Vista/XP/2000, OS X, Linux QuickTime 7, Flash 8 |
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