5th Edition PMBOK® Guide—Process 11.1 Plan Risk Management

Posted on July 19, 2013 by Jerome Rowley

1.  Introduction

The first five out of six risk-related project management processes are in the Planning Process group.  The first of these planning processes is the one used to define all of the risk management activities on the project, i.e., the contents of all of the other processes in the Risk Management knowledge area.

2.  Inputs

Inputs include the project management plan, in particular the performance baselines from the triple constraints of scope, schedule and cost, which may be impacted by any risks that may occur during the course of the project.  The project charter will contain high-level risks, as well as the high-level project descriptions and requirements that may help in identifying and analyzing risks.  The levels of risk that the organization can tolerate are important Enterprise Environmental Factors.  The lessons learned on other projects, as well as the basic definitions that will affect decisions regarding risks, are important Operational Process Assets.

1.1 PLAN RISK MANAGEMENT
INPUTS
1. Project Management Plan The performance baseline in the areas of scope, time, and cost may all be affected by risk-related activities.
2. Project Charter High-level risks, high-level project descriptions, and high-level requirements are all inputs from the project charter that may be used in planning risk management.
3. Stakeholder Register Provides an overview of the roles of the various stakeholders on the project.
4. EEFs Risk attitudes, thresholds, and tolerances of the organization.
5. OPAs
  • Risk categories, definitions
  • Risk statement formulas, templates
  • Risk-related roles and responsibilities
  • Authority levels for risk-related decision making
  • Lessons learned
TOOLS & TECHNIQUES
1. Analytical Techniques Used to understand and define the overall risk management context of the project, which is based on a combination of

  • stakeholder risk attitudes and
  • strategic risk exposure of a given project
2. Expert judgment Expertise should be considered from subject matter experts, project stakeholders, and senior management, and lessons learned from previous projects.
3. Meetings Used to develop the risk management plan.
OUTPUTS
1. Risk Management Plan Describes how risk management activities will be planned and executed.

3.  Tools & Techniques

The main tools & techniques for planning risk management are analytical techniques, which are used with input from expert judgment, at meetings where the risk management plan is developed.

4.  Outputs

The Risk Management Plan is the output of the process 11.1 Plan Risk Management.

After the weekend, I will start next week to discuss in more detail the tools & techniques used in this process.

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