Subtitles of the Movie

The risk analysis domain, which we'll cover in this movie, pertains to the information covered within the PMI-RMP exam. The risk analysis domain encompasses 30 percent of the PMI-RMP Certification Exam, which is the largest domain of the four. As you may already be aware, this will include qualitative and quantitative risk analysis, among other things. The four exam objects covered within this domain contain identify risks, evaluate risk attributes using qualitative and quantitative risk analysis, prioritize risk and establish control limits. You can see why the PMI-RMP exam includes risk analysis as the largest domain based on the exam objectives alone, which cover a lot of information. In order to plan for risk, it must be analyzed. Risk analysis gives the project team tremendous insight, which will guide the risk response. It makes logical sense to spend your time and efforts on the risks that have the highest probability and impact to the project objectives. In order to determine this, risk must first be identified and then evaluated and prioritized according to defined metrics and stakeholder risk tolerance. These three steps include the identify risk process, perform qualitative risk analysis process and perform quantitative risk analysis process. Let's go through a few additional notes that you should know about risk analysis. First, information gathering techniques are important, which were covered in Part 1 of this course series. Next, utilizing historical project information, which you'll see throughout the use of organizational process assets. Then we have the qualitative risk analysis tools and techniques, how to utilize quantitative risk analysis tools and techniques, how to perform sensitivity analysis and establishing control limits and supporting decision making. I mentioned at the beginning of this section how this is a key part of risk analysis. And after going through this course, you'll know the following which relate to the risk analysis domain. You'll understand the basics of risk assessment, you'll know how to use a probability and impact matrix, you'll know what to do with high-priority risk and low-priority risk, understand how and when to use expert judgment, know how to perform risk interviews and how to display results, recognize the various probability distributions used in risk analysis and understand the basics of modeling and simulation. With that said, let's close out this movie and section and move into a thorough review of the perform qualitative risk analysis process.