Topic |
Details |
Risk Strategy and Planning - 22% |
Task 1 |
Perform a preliminary document analysis
◉ Gather and review documents - Give examples of preliminary documents to review prior to risk identification includes industry benchmarks (if available), previous lessons learned, historical data, and the sources of the above information. ◉ Determine and assign who is responsible for the preliminary document analysis (e.g., project manager, risk manager, financial controller) ◉ Establish documents relevant to the risk process
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Task 2 |
Assess project environment for threats and opportunities
◉ Determine which OPA / EEF / project methodology is needed (e.g., agile, waterfall, hybrid, etc.) ◉ Analyze the different environmental factors to be considered in the planning phase (e.g., PESTLE, SWOT analysis) ◉ Determine the organizational and cultural risk appetite - Analyze environment for risk culture maturity ◉ Evaluate the project management information system process and data ◉ Conduct a stakeholder analysis ◉ Analyze constraints to risk management - Government, market laws/rules, organizational, environmental, and technical risks ◉ Focus stakeholders on creating a culture of risk awareness ◉ Determine business driver of project, including key assumptions, benefits, and materialization of project.
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Task 3 |
Confirm risk thresholds based on risk appetites
◉ Align project risk thresholds to organizational risk appetite ◉ Calculate the risk the organization can absorb (e.g., financial, scope, environmental, technical, legal, schedule, quality, contract, etc.) ◉ Discuss risk thresholds ◉ Lead conflict resolutions between stakeholders in agreeing on risk appetite
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Task 4 |
Establish risk management strategy
◉ Establish risk processes and tools ◉ Provide risk management templates/forms ◉ Determine risk metrics ◉ Identify risk categories ◉ Coach/mentor team on risk management best practices (servant leadership) ◉ Lead stakeholders to adopt the risk strategy
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Task 5 |
Document the risk management plan
◉ Define organizational risk roles and responsibilities - Align roles and responsibilities with a project RAM (e.g., RACI) chart ◉ Prepare a list of the key artifacts/resources that will be used to compile a risk management plan ◉ Outline the list of key risk management activities (e.g., who, what, when, where, how) ◉ Explain how the Risk Breakdown Structure (RBS) can be used to support the risk management plan ◉ Define a risk communication plan ◉ Define risk prioritization criteria ◉ Define stakeholder empowerment and education strategy
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Task 6 |
Plan and lead risk management activities with stakeholders
◉ Collaborate with the team that would conduct the risk planning on the project ◉ Leverage stakeholder analysis done by the project manager ◉ Manage stakeholder risk appetite and attitudes ◉ Engage stakeholders in the risk prioritization process ◉ Set appropriate expectations with stakeholders on the rules of engagement ◉ Tailor risk communication for stakeholders ◉ Lead stakeholder empowerment for risk strategies in the risk management plan ◉ Train, coach, and educate stakeholders in risk principles and processes in order to create shared understanding of principles and processes, and foster engagement in risk management
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Risk Identification - 23% |
Task 1 |
Conduct risk identification exercises
◉ Conduct meetings, interviews, focus groups, and other SME support activities ◉ Perform detailed analyses of risk identification exercise results ◉ Analyze documents, audio transcripts, telemetry data, etc. and understand business context of information ◉ Indicate risks as threats or opportunities
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Task 2 |
Examine assumption and constraint analyses
◉ Leverage the results of the assumption and constraint analysis ◉ Categorize assumptions and constraints ◉ Assess the risk associated with each assumption and/or constraint ◉ Recognize the relationship between assumptions and/or constraints, and project objectives (e.g., predict the cascade effect of project stakeholder holiday schedules on project timelines) ◉ Encourage stakeholders to challenge assumptions and constraints
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Task 3 |
Document risk triggers and thresholds based on context/environment
◉ Assess, confirm, and document risk compliance thresholds, and categories against updated risk data ◉ Assess and document risk triggers, causes and timing ◉ Assess and document risk consequences and/or impact ◉ Empower stakeholders to challenge existing thresholds
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Task 4 |
Develop risk register
◉ Analyze the validity of identified risks and triggers ◉ Examine the risk attributes like probability, impact, urgency ◉ Establish risk origin and ownership e.g., internal/external ◉ Classify risks as threats or opportunities
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Risk Analysis - 23% |
Task 1 |
Perform qualitative analysis
◉ Perform a nominal classification or risks in the RBS using classifications from the risk management plan (e.g., environment, organizational, project management, technical, etc.) ◉ Estimate the impact of risk on project schedule, budget, resources, and scope ◉ Prioritize the risk based on impact, and urgency ◉ Apply the risk matrices - Agreed-upon assessment approach, Historical information, Definitions of probability and impact, Risk categories, Pre-established criteria ◉ Perform an ordinal classification ◉ Coach stakeholders on risk categorization strategies
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Task 2 |
Perform quantitative analysis
◉ Analyze risk data and process performance information against established metrics ◉ Analyze a project's general risks ◉ Perform a forecast and trend analysis on new and historical information ◉ Perform sensitivity analysis - Monte Carlo, decision trees, critical path, expected monetary value, etc. ◉ Perform risk weighting and calculate risk priority
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Task 3 |
Identify threats and opportunities
◉ Assess project risk complexity - SWOT analysis, Ishikawa, Tree Diagram ◉ Perform an impact analysis on project objectives - project scopes, schedule cost, and resources, quality, and stakeholders ◉ Assess project compliance objectives against organizational strategic objectives - procedures, project plans, corporate, and project governance, regulatory governance ◉ Empower stakeholders to independently identify threats and opportunities
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Risk Response - 13% |
Task 1 |
Plan risk response
◉ Determine appropriate risk response strategy - avoid, accept, mitigate, enhance, contingency planning etc. ◉ Decide the risk response actions (time bound) based on the risk response strategies and identify action owners ◉ Assess the effectiveness of the risk response actions against the identified strategy and the project objectives impact - cost/schedule/environment etc., effect of the action on the probability or the risk impact ◉ Illustrate and communicate effectiveness of the risk response strategies - risk burndown chart, dot plots ◉ Determine the work around ◉ Allocate responsibilities ◉ Outline an appropriate responsibility matrix for a metricized project environment ◉ Re-evaluate organizational risks
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Task 2 |
Implement risk response
◉ Execute the risk response plan(s) ◉ Execute the contingency plan(s) ◉ Encourage stakeholders to provide feedback on the risk response ◉ Evaluate and react to secondary and residual risks from the response implementation - Improvise as needed
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Monitor and Close Risks - 19% |
Task 1 |
Gather and analyze performance data
◉ Reconcile performance data & reports from risk relevant work packages ◉ Analyze data to determine the completion status against the baseline ◉ Perform a variance analysis ◉ Monitor impact against overall project risk exposure to enterprise
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Task 2 |
Monitor residual & secondary risks
◉ Monitor risk response and document residual risk ◉ Monitor risk response for secondary risks ◉ Assess impact of residual and secondary risks on project objectives ◉ Update and communicate impact of residual and secondary risks
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Task 3 |
Provide information required to update relevant project documents
◉ Aggregate and summarize risk data, and update project documents - risk register, lessons learned, project management plan, change logs etc. ◉ Monitor and close out expired risks
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Task 4 |
Monitor project risk levels
◉ Assess project risk level ◉ Prepare reports for different stakeholders ◉ Communicate risk levels to key stakeholders
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