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The Project Management Institute (PMI) states that
to “practically” manage risks in your project, you
need to perform six major tasks. Dr. Maged Ezzat Georgy PMI’
PMI’s Practical Risk
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.
This task will explain how you will go about
performing risk management (both planning and
control) in the project.
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
This involves identifying and
documenting all the risks that
could impact you on this
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).
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 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
◦ Track and monitor identifi...
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- Winter '14
- Project Management, Ezzat Georgy, Dr. Maged Ezzat Georgy