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Drmagedezzatgeorgy pmi pmis practical risk management

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Unformatted text preview: . The Project Management Institute (PMI) states that to “practically” manage risks in your project, you need need to perform six major tasks. Dr. Maged Ezzat Georgy PMI’ PMI’s Practical Risk Management Approach Mana The PMI’s six major tasks are: ◦ Risk Management Planning ◦ Risk Identification ◦ Qualitative Risk Analysis ◦ Quantitative Risk Analysis ◦ Risk Response Planning ◦ Risk Monitoring and Control Dr. Maged Ezzat Georgy Risk Management Planning Don’t confuse this with the risk planning itself. Thi This task will explain how you will go about performing risk management (both planning and control) in the project. l) Risk management planning describes “how” you will identify, analyze, monitor, and control risks (i.e., methodology, tools, people, budget, etc.) Dr. Maged Ezzat Georgy Risk Risk Identification This involves identifying and documenting all the risks that could impact you on this project project. Risk identification ultimately produces a list of project risks. Dr. Maged Ezzat Georgy Qualitative Risk Analysis The purpose is to qualitatively depict the magnitude of the risks identified in the previous stage. Probabilities and impacts are assessed using qualitative/linguistic terms (e.g., low, high, etc). li Then, risks are grouped (or ranked) according to their significance to the project objectives. Dr. Maged Ezzat Georgy Quantitative Quantitative Risk Analysis The purpose is to quantitatively depict the magnitude of the identified risks. Both probabilities and impacts are assigned numeric values. The primary output is a prioritized list of quantified project risks. Dr. Maged Ezzat Georgy Risk Response Planning This task involves deciding what actions to take to reduce reduce threats to the project. The actions are either taken: ◦ At the risk planning stage (e.g., buying an insurance policy before the work starts). ◦ When the risk occurs. Dr. Maged Ezzat Georgy Risk Risk Monitoring and Control The purpose of this task is to: ◦ Ensure proper risk management procedures are being followed, ◦ Track and monitor identifi...
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