Subtitles of the Movie

In this movie we'll go through review questions from within your Workbook. You'll find your Workbook in your Work Files, and in this movie we'll specifically cover questions 1 through 5. Our first question is a two-part question: Name the six risk management processes as outlined within the PMBOK Guide Project Risk Management Knowledge Area. The first process is Plan Risk Management according to the Fourth Edition of the PMBOK Guide. The purpose is to define how risk management activities will be conducted. The second process is: Identify Risk. The purpose is to identify risk and determine which risks may affect the project, and then documents their characteristics. The third process is: Perform Qualitative Risk Analysis. It involves prioritizing risk for further analysis or action. This is done by assessing and combining their probability of occurrence and impact. The fourth process: Quantitative Risk Analysis, numerically analyzes the effect of identified risk on the project objectives. The fifth process: Plan Risk Responses, develops options and actions to enhance risk that may bring opportunities and reduce risks that are a threat to the project objectives. And, the final process and the only one that is not a planning process, is Monitor and Control Risk. This process tracks the identified risks, identifies new ones, monitors residual risks, executes the risk management plan, and then evaluates their effectiveness throughout the project's life cycle. For a review, see Risk and PMBOK Guide Part 1. The second question says: Match the list of terms to the correct definition. And the definitions were: Risk; Issue; Risk Event; Risk Trigger; Risk Management Plan; Risk Register; the RBS, which is the Risk Breakdown Structure; Probability; and, Impact. We covered these in the movie titled Risk Definitions. The first one, Risk, is D: An uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives. And the definition of Issue is I: Something that is occurring now in the present. A Risk Event is A: A description of the scenario that may occur if the risk were to materialize. Risk Trigger is C: Signs or indications that a risk event is about to occur or has occurred. The Risk Management Plan is B: Describes how the risk management processes will be carried out. And, the Risk Register is F. It contains all the identified risks, the results of risk analysis, the proposed risk responses, and then the current status of the risk among a few other things. Next, the RBS is H: A hierarchical breakdown of risk, organized by risk categories and sub-categories. You might remember that it looks like a standard company organizational chart. Probability is G: The likelihood that a risk will occur, and then the final term is E: The result and consequences of the probability of the risk occurring. Question 3 is a fill-in-the-blank. If you watched the movie on Managing Uncertainty, this would have been an easy one. The correct answer is Uncertainty, so now it reads: Uncertainty creates risk. Question 4: Name at least two goals of Risk Management. There were five that we reviewed specifically. They included: Identify risk, both positive and negative; Analyze the risk impact, prioritize, and quantify each risk; Reduce the impact through risk response planning; Monitor identified risks; and, Uncover and deal with new risks as they emerge. And the final question for review in this movie: Within the project risk management knowledge area, what document is present in five of the six processes as an output? And the answer is the Risk Register, and the Risk Register as you'll soon find out, is where all of the information on the risks are documented. See the Risks and PMBOK Guide Part 2 movie where we review the flow of the risk management processes if you'd like a review. We'll pause the movie here and continue on with a review of the Workbook exercises in the next movie.