GNB INFO 461 Ch08

GNB INFO 461 Ch08 - 1 Managing Project Risk Chapter 8 2...

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1 Managing Project Risk Chapter 8
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2 Learning Objectives Describe the project risk management planning framework introduced in this chapter. Define risk identification and the causes, effects, and integrative nature of project risks. Apply several qualitative and quantitative analysis techniques that can be used to prioritize and analyze various project risks. Describe the various risk strategies, such as insurance, avoidance, or mitigation. Describe risk monitoring and control. Describe risk evaluation in terms of how the entire risk management process should be evaluated in order to learn from experience and to identify best practices.
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3 Common Mistakes in Managing Project Risk Not understanding the benefits of risk management Not providing adequate time for risk management Not identifying and assessing risk using a standardized approach
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4 Effective & Successful Risk Management Requires Commitment by all stakeholders Stakeholder responsibility Different risks for different types of projects
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5 PMBOK ® Risk Management Processes Risk management planning Determining how to approach and plan the project risk management activities. An output of this process is the development of a risk management plan. Risk identification Deciding which risks can impact the project. Risk identification generally includes many of the project stakeholders and requires an understanding of the project’s goal, as well as the project’s scope, schedule, budget, and quality objectives. Qualitative risk analysis Focusing on a qualitative analysis concerning the impact and likelihood of the risks that were identified. Quantitative risk analysis Using a quantitative approach for developing a probabilistic model for understanding and responding to the risks identified. Risk response planning Developing procedures and techniques to reduce the threats of risks, while enhancing the likelihood of opportunities. Risk monitoring and control Providing an early warning system to monitor identified risks and any new risks. This system ensures that risk responses have been implemented as planned and had the effect as intended.
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6 Definitions Risk An uncertain event or condition that, if occurs, has a positive or negative effect on the project objectives. Project Risk Management (PMBOK
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GNB INFO 461 Ch08 - 1 Managing Project Risk Chapter 8 2...

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