In this next series of posts on memorizing the processes, we move on to the final step 6, which is memorizing the INPUTS & OUTPUTS associated with each of the 47 processes. In order to breakdown the memorization into more bite-size chunks, I am breaking down the processes in the 10 knowledge areas into 2 or 3 posts each.
This post covers chapter 11 of the PMBOK® Guide, which covers the Risk Knowledge Area. This knowledge area contains 6 processes, the first five of which are in the Planning Process Group, and the last of which is in the Monitoring & Controlling Group.
I am splitting the discussion of the Inputs & Outputs into three different posts, each covering two processes. This post will cover Process 11.3 Perform Qualitative Risk Analysis and Process 11.4 Perform Quantitative Risk Analysis.
2. Review of processes 11.3 and 11.4 together with their ITTOs (Inputs, Tools & Techniques, Outputs)
| Process Name | Tools & Techniques | Inputs | Outputs |
| 11.3 Perform Qualitative Risk Analysis | 1. Risk probability and impact assessment2. Probability and impact matrix
3. Risk data quality assessment 4. Risk categorization 5. Risk urgency assessment 6. Expert judgment |
1. Risk management plan2. Scope baseline
3. Risk register 4. EEFs 5. OPAs |
1, Project documents updates |
| 11.4 Perform Quantitative Risk Analysis | 1. Data gathering and representation techniques2. Quantitative risk analysis and modeling techniques
3. Expert judgment |
1. Risk management plan2. Cost management plan
3. Schedule management plan 4. Risk register 5. EEFs 6. OPAs |
1. Project documents updates |
As is true of all risk management processes, the outputs are very easy to remember because there’s only one, whereas the inputs are more numerous and come from various knowledge areas.
3. Output of processes 11.3 Qualitative Risk Analysis and 11.4 Quantitative Risk Analysis
a. Project documents updates (11.3 Qualitative Risk Analysis and 11.4 Quantitative Risk Analysis)
The project documents updated as part of the 11.3 Qualitative Risk Analysis process are:
- Risk register–updated with probability and impacts for each risk, risk ranking or scores, risk urgency information or risk categorization, and a watch list for low-probability risks or risks requiring further analysis
- Assumptions log–updated if assumptions change based on new information that becomes available during qualitative risk analysis (assumptions may also be included in the project scope statement rather than a separate assumptions log)
4. Input of processes 11.3 Qualitative Risk Analysis and 11.4 Quantitative Risk Analysis
a. Risk management plan (11.3 Qualitative Risk Analysis and 11.4 Quantitative Risk Analysis)
The Risk Management Plan developed in the 11.1 Plan Risk Management process contains many elements relevant to the two processes 11.3 Qualitative Risk Analysis and 11.4 Quantitative Risk Analysis.
| Category | Plan Element | Definition of Element | |
| 1. | OPAs | Methodology | Tools and data sources from the organization to be used in risk management. |
| 2. | Time | Timing | How and when risk management activities will be conducted; protocol for application of contingency and management reserves. |
| 3. | Cost | Budgeting | Funds needed for risk management activities |
| 4. | Quality | Tracking | How risk activities will be recorded in order to audit and improve risk management processes. |
| 5. | HR | Roles and Responsibilities | Defines, for each type of activity in the risk management plan, the following:
|
| 6. | Communication | Reporting formats | Defines how the outcomes of the risk management process will be documented, analyzed, and communicated. |
| 7. | Risk | Risk categories | Grouping potential sources of risk on the project, often in the form of a Risk Breakdown Structure (RBS). |
| 8. | Probability and impact definitions | Different levels of risk probability and impact are defined (low, medium, high, etc.) | |
| 9. | Probability and impact matrix | Grid for mapping the probability of each risk and its potential impact on the project. | |
| 10. | Stakeholders | Stakeholder risk tolerances | Stakeholder risk tolerances may be revised during the course of this process. |
b. Cost management plan (11.4 Quantitative Risk Analysis)
Provides guidelines on establishing and managing risk reserves (both contingency reserves and management reserves).
c. Schedule management plan (11.4 Quantitative Risk Analysis)
Provides guidelines on establishing and managing risk reserves (both contingency reserves and management reserves).
d. Scope baseline (11.3 Qualitative Risk Analysis)
The risk of projects, especially highly complex projects or those using state-of-the-art technology, can be evaluated by examining the scope baseline, in particular the project scope statement and the WBS (work breakdown structure).
e. Risk register (11.3 Qualitative Risk Analysis and 11.4 Quantitative Risk Analysis)
Contains information used to assess and prioritize risks for the process 11.3 Qualitative Risk Analysis, and is also used as a reference point for performing quantitative risk analysis in process 11.4
f. EEFs (11.3 Qualitative Risk Analysis and 11.4 Quantitative Risk Analysis)
The EEFs used as inputs for the 11.3 Qualitative Risk Analysis process and 11.4 Quantitative Risk Analysis include:
- Industry studies of similar projects by risk specialists
- Risk databases from industry or proprietary sources
g. OPAs (11.3 Qualitative Risk Analysis and 11.4 Quantitative Risk Analysis)
The OPAs used as inputs for the 11.3 Qualitative Risk Analysis process include
- Information on previous, similar projects
The next post will cover the last two of the risk management processes, 11.5 Plan Risk Responses and 11.6 Control Risks.
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