5th Edition PMBOK® Guide—Chapter 11: Risk Management Knowledge Area


1.  Introduction

Risk management involves conducting risk management planning, identifying and analyzing risks, developing risk response plans, and controlling risk on an ongoing basis.

2.  Risk Management Processes

There are six project management processes in the Risk Management Knowledge Area.  Five of them are in the Planning Process Group, and the sixth one is in the Monitoring & Controlling Process Group.

The first process, that of Plan Quality Management, creates the Quality Management Plan which is the framework for all of the other processes, including what the quality requirements will be.  The second process, that of Perform Quality Assurance, is where the quality requirements set up in the first process are audited to make sure they are appropriate.  The third process, that of Control Quality, measures the quality of the deliverables and makes sure they conform to the quality requirements.

Process

Group

Process

Number

Process
Name
Process Description
Planning 11.1 Plan Risk Management Defines how to conduct risk management activities on the project.
11.2 Identify Risks Determines what risks may impact the project and documents their characteristics.
11.3 Perform Qualitative Risk Analysis Prioritizes risks for further analysis or action by assessing their probability of occurrence and impact.
11.4 Perform Quantitative Risk Analysis Numerically analyzes the effect of risks on overall project objectives.
11.5 Plan Risk Responses Develops options and actions to enhance opportunities and reduce threats to project objectives.
Monitoring & Controlling 11.6 Control Risks Implements risk response plans, tracks identified risks, monitors residual risks, identifies new risks, and evaluates risk process effectiveness throughout the project.

Before discussing the first of the risk management processes, I will discuss some risk management concepts in general in the next few posts.

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