pmi north area pmp exam study group l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
PMI North Area PMP Exam Study Group PowerPoint Presentation
Download Presentation
PMI North Area PMP Exam Study Group

Loading in 2 Seconds...

play fullscreen
1 / 13

PMI North Area PMP Exam Study Group - PowerPoint PPT Presentation


  • 194 Views
  • Uploaded on

PMI North Area PMP Exam Study Group . Risk Presentation Prepared by Denise Robertson 15 March 2003. Risk Management Processes. Process I/O and Tools/Techniques emphasized on exam, so memorize them Memorize process in order: Risk Management Planning Risk Identification

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PMI North Area PMP Exam Study Group


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
pmi north area pmp exam study group

PMI North Area PMP Exam Study Group

Risk Presentation

Prepared by Denise Robertson

15 March 2003

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

risk management processes
Risk Management Processes
  • Process I/O and Tools/Techniques emphasized on exam, so memorize them
  • Memorize process in order:
    • Risk Management Planning
    • Risk Identification
    • Qualitative Analysis
    • Quantitative Analysis
    • Risk Response Planning
    • Risk Monitoring and Control

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

risk concepts
Risk Concepts
  • Risk tolerance
  • Risk adverse
  • Risk factors
    • Probability
    • Impact
    • Range of possible outcomes
    • Expected timing in project life cycle

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

unknowns
Unknowns
  • Risks are also called “Unknowns”
  • “Known Unknowns” are identified during Risk Management and are documented in the project plan
    • Can be planned for with Risk Response
  • “Unknown Unknowns” are unanticipated risks
    • Cannot be planned for in advance

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

policy level
Policy Level
  • Organization’s Risk Management Policy on how to approach risk is now part of PMBOK
  • Policy describes:
    • Level of tolerance
    • Level of acceptable risk

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

project status
Project Status
  • 3 possible statuses:
    • In Jeopardy
    • Committed to
    • Approved

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

risk probability impact matrix
Risk Probability/Impact Matrix
  • 2-D rating system that rates:
    • Likelihood (probability) of a risk occurring between 0.0 and 1.0 or 100% certainty
    • Impact of risk should it occur
      • Impact scale can be
        • Ordinal (ordered)
        • Cardinal (assigned numeric values)
    • Risk Score = Probability * Impact

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

evaluating project data for use in assessing risk
Evaluating Project Data for Use in Assessing Risk
  • Assumption Testing Criteria:
    • Stability of assumption
    • Impact to project if assumption proves false
  • Data Precision Ranking Accuracy Dependencies:
    • Extent risk is understood
    • Data available about risk
    • Quality of data
    • Reliability and integrity of data

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

monte carlo simulation
Monte Carlo Simulation
  • Used in Quantitative Risk Analysis and Cost Analysis
  • Evaluates the project, not the tasks, however:
    • Provides probability of completing project on any specific day or for any specific task
    • Provides probability of any task actually being on the critical path
    • Provides percent probability that each task will be on critical path
  • Takes into account path convergence
  • Translates uncertainties into impacts to total project
  • Can be used to assess cost and schedule impacts
  • Results in probability distribution

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

decision tree analysis
Decision Tree Analysis
  • Quantitative Analysis Tool
  • Diagram describes decision and probabilities associated with choices
  • Determines aggressive or conservative route to highest Expected Monetary Value (EMV)
  • Total of Probabilities * Consequences for a Choice Event = EMV

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

cost reserve
Cost Reserve
  • PMI recommends at least 10%

OR

  • Based on EMV:
    • Total of Probability * Risk Cost for all risks
    • Remember risk can be negative or positive

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

risk response techniques
Risk Response Techniques

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials

residual and secondary risks
Residual and Secondary Risks
  • Outputs from Risk Response Planning
  • Residual Risks are those that remain after Avoidance, Transference, and Mitigation have been taken.
  • Secondary Risks arise as a direct result of implementing a risk response
    • Secondary risks should be identified and responses planned

Information derived or quoted from from PMI, Mulcahy, and Look Glass Development's PMP Exam Prep Materials