PMI-RMP - Plan Risk Management Methodologies

Duration 03:00 2057 Views


Welcome to Lesson 5. So far we discussed about the framework, principles, concepts and high level activities that are carried out in each of the project Risk Management process.

 In this lesson we will discuss in detail about the first process that is Plan Risk Management. To ensure that project risk management is a success, we need to carry out good planning. In the plan risk management we have to develop the overall strategy like how to identify risk? How to analyze it? How to implement the response? and How to track monitor and control the risk?

Let us first look into the concepts that we will be dealing with in this lesson.

This slide is about the agenda for plan risk management process. In this lesson, we will look into purpose and objectives, CSF, tools and techniques, inputs, outputs, and documenting the result of . In the coming slide we will discuss about the objective of plan risk management process.

From this slide we start with plan risk management process. Firstly we will discuss what is the purpose and objective of plan risk management process. The key points are to develop risk management strategy i.e., how to conduct risk management activities for a project and how it should be integrated with overall project management objectives.  The output of plan risk management process is the risk management plan which serves as the roadmap for identifying, analyzing, and addressing risks on the project.  It describes how the risk management processes should be carried out and how they fit in with the other project management processes. It describes about the relationship among the project risk management, general project management and the management processes in the rest of the organization. To leverage maximum benefit, risk management planning needs to be carried out early in the overall planning of the project and the corresponding risk management activities need to be integrated into the overall project management plan.

A Risk Management Plan defines the roles and responsibilities of the people involved in the risk management process, the amount of money and timelines that need to be set aside for risk management activities and the used risk categories which need to be documented as part of the Risk Management Plan.