WorkBookIntroduction RM SD

RISK MANAGEMENT
FOR PROJECT
PROFESSIONALS
MANAGE PROJECT
THREATS AND
OPPORTUNITIES
Learn how to increase the likelihood and

impact of positive events, and decrease
the likelihood and impact of negative
events in your project
RISK MANAGEMENT FOR
PROJECT PROFESSIONALS
Learning objectives
• at the end of this course you will be able to
MASTER TOOLS AND use specific tools and techniques to
o develop project risk management
TECHNIQUES OF RISK plan
MANAGEMENT o identify project risks and
information on project risks
o perform qualitative and
quantitative project risks analysis
Starting from one real life project idea
and using previous work (if available) you o develop risk response plans and
will learn about and practice tools and activities
techniques so that at the end of the o implement, monitor, control risk
course you will have an inventory of
acquired list to transfer to personal and response
professional life
The Complete Project Management Risk Course -
Sorin Dumitrascu - 2015
Risk Management for Project Professionals
Course Content
Topics: This course covers all risk management processes and provides a general
• Risk overview of the project management. Built for project professionals, and also
Management useful as a study guide for project risk management certification.
planning
• Identify Risks Section 1: Introduction to the course
• Risks Analisys • Welcome!
• Risk Response
• Course Method
and
• Course Content
• Risk Control
• Student Workbook
Section 2: Project Management
• Project Management
• Project Integration and Project Scope

Management
• Project Time and Project Cost Management
• Project Quality, Human Resources and

Communication Management
• Project Procurement and Project

Stakeholder Management
Section 3: Project Risk Management
• Project Risks
• Project Risk Management
Risk Management for

Project Professionals
Section 4: Plan Risk Management Section 8: Risk Response
Course features
• Plan Risk Management • Plan Risk Response Process
• Video lessons
• Section quizes • Plan Risk Management: Inputs • Plan Risk Response: Inputs
• Practical work • Plan Risk Management: Tools and • Risk Response: Tools and Techniques
• Templates Techniques
• Risk Response: Outputs
• Demonstrations • Plan Risk Management: Outputs Section 9: Risk Control
• Worked exercises Section 5: Identify Risks
• Risk Control Process
• Continuous update
• Identify Project Risks Process
• Risk Control: Inputs
• Interactive course page
• Identify Risks: Inputs
• Risk Control: Tools and Techniques
• Identify Risks: Tools and Techniques
• Risk Control: Outputs
• Identify Risks: Outputs Section 10: Conclusion
Section 6: Qualitative Analysis of
• New Skills, New Steps
Project Risks
Results
• Qualitative Risk Analysis Process
• in-depth knowledge regarding
project risk management
• Qualitative Risk Analysis: Inputs
• context
• Qualitative Risk Analysis: Tools and
• inputs
Techniques
• tools and techniques
• Qualitative Risk Analysis: Outputs
• outputs
Section 7: Quantitative Analysis of
• actionable skills in performing
project risk management Project Risks
• planning • Quantitative Risk Analysis Process
• identification
• Quantitative Risk Analysis: Inputs
• analysis
• Quantitative Risk Analysis: Tools and
• response
Techniques
• control
• Quantitative Risk Analysis: Outputs
The standard definition portrays risks as uncertain events, situations or conditions Project Risk Management includes the processes of conducting risk management
Risk with a potential positive or negative effect on scope, schedule, cost, and quality.
(source: PMBOK5)
planning, identification, analysis, response planning, and controlling risk on a
project. (source: PMBOK5)
Management for
Project
Professionals
Student Workbook
The Student Workbook of Risk Management best practices that might help you understand
• Information
for Project Professionals course contains in a better the tool and technique used. Useful to
structured way, all the exercises you received practice, learn and review later on.
• Exercices
and you were invited to practice on with the
necessary instructions.
For other exercises you will have some
• Templates examples. This will help you for sure in
You’ll find here all the templates we will use understanding and applying.
• Best practices during the course, in one place. Nothing
fancy, but it’s better to check a table of
• Examples contents and find a template than search
random documents.
• Advice
For some exercises you will have detailed
Risk Management for
Introduction to Project Management
Practice 1
Sorin Dumitrascu - 02/2015
Page 1 of 3
Projects, Project Management and Organizations
A very brief presentation of project management concepts is

needed as they will be used later on and without this project
risk management lessons will be extremely difficult.
Therefore, we are going to define projects, programs and
portfolios and see exactly what is project management. Some
considerations about organizations and project management
will be followed by the presentation of concepts like project
phase, project life cycle.
Before presenting the Project Management Knowledge areas
are going to discuss the project processes. And, are going to
detail them further in what regards the most relevant parts, as
part of this introduction.
Situation Outputs
An issue or a potential opportunity might trigger a project idea. This is how 1. Identify a project idea (50 words max)
usually works in real life. From a situation, somehow we arrive to a project 2. Describe your project idea (100 - 200 words)
idea. It might be negative or positive. The point is that a situation will 3. Perform the SMART evaluation and document results (try
trigger a response, and this response is for us the project idea. to explain)
Details Estimated work time

In classroom training participants receive the situations that might lead to a You will organize yourself of course but from my experience
project idea. These situations are discussed in a group most of the times you should spend at least 30 minutes on this.
and one idea is chosen. Mostly because it sounds interesting or seems to Make it fun by engaging friends in the process and make it
have potential. No real, in-depth analysis. useful by focusing on something that really interests you.
Requirements Learning objectives

Your practice starts in the same way, and this will build a project logic in your • reinforce your project management knowledge
approach to this course if you choose to practice. You are therefore kindly • improve research and analysis skills
asked to identify a project idea, describe it, and try to have a sort of • develop your ability to use a SMART approach to project
preliminary validation. ideas
Method
I am suggesting the following sequence of work:
1. Identify an issue or an opportunity area that interests you or is useful for
your work, personal or professional development.
2. Research the issue or the opportunity trying to get as useful and good
quality information as possible.
3. After you have a broad picture, try to identify causes and effects that
relate to your situation (issue, opportunity).
4. The one you see as the root cause can formulated as your project idea.
And you can have more than one until you decide.
5. Test your idea applying SMART criteria. It should be specific,
measurable, achievable, realistic and time-bounded. Contact
6. After this try to see who would be impacted or have an impact on your
Sorin Dumitrascu
project idea. And, discuss the idea with them.
sorin.dumitrascu@yahoo.com
7. At the end of this process you should have a project idea. Not the
business idea, not the project charter, nothing more than an idea.
Page 2 of 3
Project Processes and Knowledge Areas
Source: PMBOK5
Page 3 of 3
Risk Management for
Practice 2
Page 1 of 3
Project Life-cycle, Processes and Knowledge Areas

needed as they will be used later on and, without this
introduction, project risk management lessons will be
extremely difficult.
phase and project life cycle.
Before presenting the Project Management Knowledge Areas
we are going to discuss the project processes. And, we will
detail them further in what regards the most relevant parts.
Situation Outputs
Now you have a project idea, and it’s already a good start. The next step 1. Description of your project environment (max. 250 words)
wold be to take care of the Project Charter, and start identifying your 2. Argumentation for the life cycle you have chosen for your
stakeholders. Before that we are going to take some time trying to project ( max. 250 words)
understand the environment of our project and it’s life-cycle. 3. List of the project processes you plan to use to take your
project from initiation to closure. (max. 250 words)
Details 4. Try to compare the knowledge you think you have to some
extent to the knowledge areas presented in page 3.
It might be that you are working for an organization, with a specific
functional and organizational framework. Or you might be an entrepreneur,
ver flexible and extremely enthusiastic. Who decides, and how makes the Estimated work time
difference. Organizational culture also. You will organize yourself of course but from my experience
you should spend at least 30 minutes on this.
Requirements This is a learning activity and I recommend to write the
outputs, even if in real life this steps are not necessary
After you have seen the video lesson you should try to describe your future
formalized.
project in your organization. It is important to envision the type of life cycle
and the potentially used management processes. You will maybe change
this in time as you might see that more or less is used. Learning objective
• reinforce your knowledge about project life cycle,
Method processes and knowledge areas
• improve analysis skills
I would do this exercise in this way:
• use the knowledge areas / process groups matrix to
1. First review your previews work. We are going to build with that, until we
understand project logic
have a foundation and with patience we will gradually have a project.
2. Describe your organization using the project-based typology. It’s easier if
it’s a personal project. But even your home ‘finance officer’ reaction to
your project might matter.
3. Return to the video presentation if you don’t remember but try to
choose the most probable life cycle for your project: one phase, multiple
phase (sequential, overlapping, predictive, iterative, adaptive).
4. You have a long list of processes. At this moment it’s difficult to decide
what to choose or not. Nevertheless, aim for at least 20 and a logical Contact
sequencing.
Sorin Dumitrascu
5. Next lesson will help you understand what exactly to add and or remove
from your list of processes as you will gradually understand the
relationship between project specific and its management processes.
Page 2 of 3
Project Processes and Knowledge Areas
Source: PMBOK5
Page 3 of 3
Risk Management for
Project Integration and Project Scope Management
Practice 1
Page 1 of 2
Project Integration Management
Project Integration includes the processes and activities aimed

at identifying, defining, combining, unifying, and coordinating
the various processes and project management activities within
the project management process groups.
Processes:
• Develop Project Charter
• Develop Project Management Plan
• Direct and Manage Project Work
• Monitor and Control Project Work
• Perform Integrated Change Control
Situation Outputs
Now that we now more about a project in general, we can continue with 1. Develop Project Charter
presenting the knowledge areas and the most important outputs, tools and 2. Develop Project Management Plan (outline)
techniques and concepts that will give us a logical framework of project
development. Estimated work time
You will organize yourself of course but from my experience
Details you should spend at least 60 - 90 minutes on this.
This approach will help us better understand risk management in context Make it fun by engaging friends in the process and make it
and with the right connections. At this stage a project takes shape and the useful by focusing on something that really interests you.
initial form of project documents is used as in integrative framework for the
documents resulted form other knowledge areas. Learning objectives
• reinforce your project integration knowledge
Requirements • develop skills in drafting a Project Charter
Please use the free template that you will find at this link* and develop a • develop skills in drafting a Project Management Plan
Project Charter for your project idea. This is just a template and you can
adapt it as you see fit. And, the template located here in order to develop *In case the links provided are not working you can download
the outline of the Project Management Plan. the referred templates from the resources section of this
lesson.
Method
Since we have a template it is easier to navigate the task. Just in case:
1. Click on the provided links and download the two documents. These
templates provide explanations and examples and are self-explanatory.
Nevertheless some ideas might be unclear, please don’t hesitate to ask
questions if you have.
2. Take your time and have a look at the structure and general content of
the document before starting your work.
3. Then read the explanation, see the example and start working on your
Project Charter and your Project Management Plan.
4. These documents are not directly part of the Risk Management but it is
important because they will be used later on as inputs for risk Contact
management. So, it’s still important to try to go through all the effort of
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finalizing these two documents.
5. Do not hesitate to present and discuss your project documents.
Page 2 of 2
Risk Management for
Practice 2
Page 1 of 2
Project Scope Management
The Project Scope Management knowledge area includes the

processes required to ensure that the project includes all the
work required, and only the work required, to complete the
project successfully.
Processes:
• Plan Scope Management
• Collect Requirements
• Define Scope
• Create WBS
• Validate Scope
• Control Scope
Situation Outputs
You only practiced the two most important project integration documents, 1. Develop your Scope Statement
and as already discussed, there is a project development logic behind the 2. Develop a Work Breakdown Structure for your project
documents I choose for you to practice in this introduction. Nevertheless
you have to be aware that there is a lot of information that is intentionally Estimated work time
left outside.
Details Make it fun by engaging friends in the process and make it
It’s not within the scope of this course to cover project management useful by focusing on something that really interests you.
exhaustively, the focus being on Risk Management. In what regards scope
management we will practice on defining scope of the project and the WBS Learning objectives
(work breakdown structure).
• reinforce your project scope knowledge
• acquire the skill of developing a Scope Statement
Requirements • acquire the skill of developing a Work Breakdown
So, now that we have the high level plans we need to add details and refine. Structure
And one important step in this regard is the Scope Statement. You can find
here* a template and guidelines. The WBS (Work Breakdown Structure) is *In case the links provided are not working you can download
one of the most important documents in the project, and many other the referred templates from the resources section of this
processes have this as a starting point. At this link you can find a template lesson.
and you can practice.
Method
Please use the templates provided as follows:
3. Then read the explanation, see the example and start working on your Contact
Scope Statement and your Work Breakdown Structure.
Sorin Dumitrascu
4. These documents are also not directly part of the Risk Management but
it is important because they will be used later on as inputs for risk
Page 2 of 2
Risk Management for
Practice 2
Page 1 of 2
Project Scope Management

needed as they will be used later on and without this project
risk management lessons will be extremely difficult.
phase, project life cycle.
Before presenting the Project Management Knowledge areas
are going to discuss the project processes. And, are going to
detail them further in what regards the most relevant parts, as
part of this introduction.
Situation Outputs
You only practiced the two most important project integration documents, 1. Develop your Scope Statement
and as already discussed, there is a project development logic behind the 2. Develop a Work Breakdown Structure for your project
documents I choose for you to practice in this introduction. Nevertheless
you have to be aware that there is a lot of information that is intentionally Estimated work time
left outside.
It’s not within the scope of this course to cover project management useful by focusing on something that really interests you.
exhaustively, the focus being on Risk Management. In what regards scope
management we will practice on defining scope of the project and the WBS Learning objectives
(work breakdown structure).
• reinforce your project scope knowledge
• acquire the skill of developing a Scope Statement
Requirements • acquire the skill of developing a Work Breakdown
So, now that we have the high level plans we need to add details and refine. Structure
And one important step in this regard is the Scope Statement. You can find
here* a template and guidelines. The WBS (Work Breakdown Structure) is *In case the links provided are not working you can download
one of the most important documents in the project, and many other the referred templates from the resources section of this
processes have this as a starting point. At this link you can find a template lesson.
and you can practice.
Method
Scope Statement and your Work Breakdown Structure.
Sorin Dumitrascu
Page 2 of 2
Risk Management for
Project Time and Project Cost Management
Practice 1
Page 1 of 2
Project Time Management
Project Time Management includes all the processes required

to manage the timely completion of the project. Project Time
Management is for this adapted to project logic and project
management requirements.
Processes:
• Plan Schedule Management
• Define Activities
• Sequence Activities
• Estimate Activity Resources
• Estimate Activity Durations
• Develop Schedule
Situation Outputs
We have the Project Charter, we have the Project Management Plan, the 1. Develop your Project Schedule Management Plan
Project Scope is defined, next step would be to establish the activities that
are necessary in order to realize your project’s deliverables, and of course to Estimated work time
establish a budget for your project.
Activities are identified, sequenced and estimated (resources and durations) useful by focusing on something that really interests you.
and as a result a schedule is developed. And, using the sequenced and
estimated list of activities we can estimate the costs and build a budget for Learning objectives
your project.
• reinforce your project schedule management
• acquire the skill of identifying, sequencing and estimating
Requirements project activities
Use your previous work and again the template of the Project Schedule • acquire the skill of developing a Project Schedule
Management Plan. This Schedule Management Plan Template will help you
to start planning the schedule management process for your project. *In case the links provided are not working you can download
the referred templates from the resources section of this
Method lesson.

Project Schedule Management Plan.
management. Contact
5. Do not hesitate to present and discuss project documents resulted from
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your practical work. Now you have a lot more information on project
management.
Page 2 of 2
Risk Management for
Practice 2
Page 1 of 2
Project Cost Management
The Project Cost Management knowledge area includes the

processes responsible for determining and controlling project
costs.
Processes:
• Plan Cost Management
• Estimate Costs
• Determine Budget
• Control Costs
Situation Outputs
After the schedule is ready we can safely define an indicative Project 1. Develop your Cost Management Plan
Budget. It will be updated later on, as more activities specific to project
development will be identified and budgeted. Estimated work time
Details you should spend at least 60 minutes on this.
So, at this moment, we again use all the previous work and estimate the Make it fun by engaging friends in the process and make it
financial resources needed for effective project implementation. Cost useful by focusing on something that really interests you.
Management is facilitated by Schedule Management processes and the
documents already realized at this step. Activities and resources needed are Learning objectives
identified, costs for them will need to be estimated.
• reinforce your project cost management
• acquire the skill of estimating costs
Requirements • acquire the skill of developing a Project Budget
Use your previous work and again the template of the Project Cost
Management Plan. This Cost Management Plan Template will help you to *In case the links provided are not working you can download
develop a budget for your project. the referred templates from the resources section of this
lesson.
Method
Project Cost Management Plan.
management. Contact
5. Do not hesitate to present and discuss project documents resulted from
Sorin Dumitrascu
our practical work. Now you have a lot more information on project
management.finalizing these two documents.
6. Do not hesitate to present and discuss your project documents. business
Page 2 of 2
Risk Management for
Project Quality, Human Resources and Communications
Management
Practice 1
Page 1 of 2
Project Quality, Human Resources and Communications Management
Project Quality Management
Project Quality Management includes the processes and

activities of the performing organization that determine quality
policies, objectives, and responsibilities so that the project will
satisfy the needs for which it was undertaken.
Processes:
• Plan Quality Management
• Perform Quality Assurance
• Control Quality
Situation Outputs
Very often project planning stops after a schedule and a template is ready. If 1. Develop your Quality Management Plan
templates are used, some quality activities are included and budgeted. But,
no real connections, no proper identification of quality standards. And, this Estimated work time
impacts seriously a project.
In classroom based training it’s visible how quality management and the useful by focusing on something that really interests you.
next steps in project development changes plans and even project ideas.
Most of the times to stay within the budget and respect quality Learning objectives
requirements the scope is modified, schedule is also changed.
• reinforce your quality cost management
• acquire the skill of designing quality assurance and quality
Requirements control activities
Use your previous work and the template of Quality Management Plan that • acquire the skill of preparing a Project Quality Audit
you can download here. Follow the guidelines and develop your own
Quality Management Plan. Try to focus on quality requirements, quality *In case the links provided are not working you can download
assurance and quality control activities and costs. the referred templates from the resources section of this
lesson.
Method
Please use the practice templates as follows:
1. Click on the provided links and download the document. The template
provide explanations and examples and is self-explanatory.
2. Nevertheless some ideas might be unclear, don’t hesitate to ask
Quality Management Plan.
5. Do not hesitate to present and discuss your project documents.
Contact
Sorin Dumitrascu
Page 2 of 2
Risk Management for
Management
Practice 2
Page 1 of 2
Project Human Resources Management
Project Human Resource Management includes the processes

that organize, manage, and lead the project team. And, by the
project team we understand the people with assigned roles
and responsibilities for completing the project.
Processes:
• Plan Human Resource Management
• Acquire Project Team
• Develop Project Team
• Manage Project Team
Situation Outputs
Now it’s time to think about who does what, acquire a project team, make 1. Develop your Project Human Resources Plan
provisions for professional development and be ready for the difficult part
of managing the project team. It’s all about terms of reference, human Estimated work time
resources procedures but also some procurement is involved.
As part of the progressive development of the project we are going back to useful by focusing on something that really interests you.
the list of activities and realize at least an assignments matrix and a staffing
plan for our project. All these activities will be implemented by staff hired or Learning objectives
contracted out.
• reinforce your project human resources knowledge
• acquire the skill of human resources planning
Requirements • acquire the skill of developing a RAM (Responsibility
Use your previous work and the template of the Project Human Resources Assignments Matrix)
Plan. The key component of all projects is the human resources on the
project. At the very least define roles and responsibilities, organizational *In case the links provided are not working you can download
charts, how resources will be acquired, time when each resource will be the referred templates from the resources section of this
needed and any specialized training requirements. lesson.
Method
Project Human Resources Plan.
5. Do not hesitate to present and discuss your project documents. idea, Contact
not the project charter, nothing more than an idea.
Sorin Dumitrascu
Page 2 of 2
Risk Management for
Management
Practice 3
Page 1 of 2
Project Communications Management
Project Communications Management includes the processes

that are required to ensure timely and appropriate planning,
collection, creation, distribution, storage, retrieval,
management, control, monitoring, and the ultimate disposition
of project information.
Process:
• Plan Communications Management
• Manage Communications
• Control Communications
Situation Outputs
An important part of the project manager’s time is spent communicating. 1. Develop your Communications Management Plan
With it’s team, with suppliers, with beneficiaries with the sponsor, with
constructors, and with whoever is necessary. And this is not a random need- Estimated work time
to-communicate activity. It’s planned beforehand and updated as needed.
In some big project you actually will need a member of your team in charge useful by focusing on something that really interests you.
with these activities. This is time consuming, requires specialized skills and
sometime the project manager simply doesn’t have the time to manage Learning objectives
directly project communication even if he/she will still execute the major
• reinforce your project communications knowledge
part of the activities.
• acquire the skill of planning project communications
• acquire the skill of identifying communication needs
Requirements
Use your previous work and he template of the Communications *In case the links provided are not working you can download
Management Plan that you can download from this link. A good project the referred templates from the resources section of this
Communications Management Plan ensures that you have effective lesson.
communications throughout the life of your project. This template helps you
to identify and analyze the communication requirements for your project
and plan for the most effective communication.
Method
Communications Management Plan.
Sorin Dumitrascu
5. Do not hesitate to present and discuss your project documents. idea,
Page 2 of 2
Risk Management for
Project Procurement and Stakeholder Management
Practice 1
Page 1 of 2
Project Procurement Management
The Project Procurement Management includes the processes

necessary to purchase or acquire products, services, or results
needed from outside the project team. This is based on a
make-or buy analysis and the organization can be either the
buyer or seller of the products, services, or results of a project.
Processes:
• Plan Procurement Management
• Conduct Procurements
• Control Procurements
• Close Procurements
Situation Outputs
Everything is now in place. It’s all planned, we have the team, the schedule, 1. Develop your Procurement Management Plan
the budget. And, we are prepared to ensure the right quality of our
deliverables. But, we cannot produce everything inside our project or Estimated work time
organization. Some resources we will need to buy.
You have already identified resources needed and we have an estimate of useful by focusing on something that really interests you.
costs regarding this resources during the Cost Management processes.
Therefore, you can proceed to procurement being careful of budget, quality Learning objectives
and schedule constraints.
• reinforce your project procurements knowledge
• acquire the skill of procurement planning
Requirements • acquire the skill of developing procurement documents
To practice procurement management use this Procurement Management
Plan template. Our Procurement Management Plan template helps you to *In case the links provided are not working you can download
think through the procurement processes for your project and plan for the the referred templates from the resources section of this
most effective management of procurements. lesson.
Method
Procurement Management Plan.
5. Do not hesitate to present and discuss your project documents. idea,
not the project charter, nothing more than an idea. Contact
Sorin Dumitrascu
Page 2 of 2
Risk Management for
Practice 2
Page 1 of 2
Project Stakeholder Management
The Project Stakeholder Management includes the processes

required to identify the people, groups, or organizations that
could impact or be impacted by the project, to analyze
stakeholder expectations and their impact on the project, and
to develop appropriate management strategies for effectively
engaging stakeholders in project decisions and execution.
Processes:
• Identify Stakeholders
• Plan Stakeholder Management
• Manage Stakeholder Engagement
• Control Stakeholder Engagement
Situation Outputs
Something we needn’t forget, the stakeholders. They can make or brake 1. Develop your Stakeholder Management Strategy
our project since real and perceived impact of the project on them and by
them on the project can so many times interfere with our planning and Estimated work time
execution of the project.
Imagine one authority is not giving you an approval, no matter the reason. useful by focusing on something that really interests you.
You planned for the approval to be on that date in order to be able to
continue our project but, something went wrong in the relationship with this Learning objectives
particular authority. And, you simply have no idea where is the problem.
• reinforce your stakeholder management knowledge
• acquire the skill of stakeholder identification
Requirements • acquire the skill of stakeholder analysis
To avoid these issues and to be prepared for effective stakeholder
engagement use this Stakeholder Management Strategy template to *In case the links provided are not working you can download
practice. The stakeholder management strategy identifies and documents the referred templates from the resources section of this
the approach to take in order to increase support and decrease negative lesson.
impacts of stakeholders throughout the life of the project.
Method
Stakeholder Management Strategy.
5. Do not hesitate to present and discuss your project documents. idea, Contact
Sorin Dumitrascu
Page 2 of 2
Risk Management for
Project Risk Definition
Practice
Page 1 of 2
Project Risk Definition
Project risk is an uncertain event or condition that, if it occurs,

has a positive or negative effect on one or more project
objectives such as scope, schedule, cost, and quality.
Risk statement
As a result of <definite cause>, <uncertain event> may occur,
which would lead to <effect on objective(s)>
The most significant Critical Success Factor for effective risk

management is the one most often lacking : an appropriate
and mature risk culture.
Situation Outputs
We used some templates for the introductory concepts. This helps you 1. Define 5 Risk Statements
developing a broad perspective. And, working with them will greatly 2. Identify potential impact of the 5 identified risks on your
improve your knowledge about the project management. But, for some project objectives.
parts of our course we are going to change the approach.
Estimated work time
Details You will organize yourself of course but from my experience
Now we are going into the minute details of Risk Management and we start you should spend at least 30 minutes on this.
with a definition and the characteristics of managing risks in projects. The Make it fun by engaging friends in the process and make it
aim here is to understand risks and risk management. In the video I useful by focusing on something that really interests you.
presented these details, it’s important to make sure it’s clear.
Learning objectives
Requirements • reinforce your risk definition and context knowledge
So, to improve our understanding of risks, risk causes, risk impact, risk • acquire the skill of developing a correct risk statement
language, risk origins, risk causes, or risk exposure and risk attitude, please • understand potential impact in the context of causality
return to your project idea and your project documents and prepare a list relations in risk management
of 5 project risk statements describing their potential impact on your
project.
Method
To respond to these requirements:
1. First review your documents. All are relevant, and we don’t need to go
into the details.
2. Identify a list of potential risks to your project objectives: scope,
schedule, costs, quality.
3. Use the Risk Statement formula and frame your risks as Risk Statements.
4. It’s important here to be careful not to confuse a risk with it’s effect or
cause.
5. Keep in mind that a cause or an effect can themselves be a risk in a
different perspective. Contact
6. For every Risk Statement try to identify potential impact on scope,
Sorin Dumitrascu
schedule, costs and quality of your project.
7. Use a word document and save your work. You will need this later on.
Page 2 of 2
Risk Management for
Project Risk Management
Practice
Page 1 of 2
Project Risk Management
Risk Management is the process of identifying, analyzing

and responding to risk factors throughout the life of a
project and in the best interests of its objectives.
The benefits of risk management in projects are extremely
important. You can save or gain a lot if you deal with
uncertain project events in a proactive manner.
The result will be that you minimize the impact of project
threats and maximize the opportunities that occur.
Failed projects show that project managers in such
projects were frequently unaware of the big issues that
were about to impact them and their projects.
Situation Outputs
According to the body of knowledge developed by the Project 1. Re-define project risk management in your own words.
Management Institute risk management is the process that aims to 2. Define your top 5 priorities in managing your project.
maximize opportunities and minimize threats. And, the the sequence of risk
management is clear. Estimated work time
Details you should spend at least 30 minutes on this.
We start with planning risk management, continue to identification and Make it fun by engaging friends in the process and make it
analysis, and develop a risk response plan. The actual response is useful by focusing on something that really interests you.
implemented under the Control Risks process according to our chosen
strategies and individual risk responses. Learning objectives
• reinforce your risk management definition and context
Requirements knowledge
To increase your knowledge about project risk management, please • develop your analytic and creative general skills
develop an alternative definition to project risk management and explain • understand the logic and the sequence of project
why you feel the change you propose makes sense. And, for your project, management
make a list of management priorities.
Method
To respond to these requirements:
1. Review the lecture video if needed to take note on the PMBOK5 and
other definitions.
2. Decompose the definition provided and explain each component.
3. It might be a good idea to represent this definition in a graphic form.
4. Remember it’s an exercise and the aim is to help you define project risk
management and give a personal meaning to what is commonly agreed.
5. Try 3 - 5 different re-definitions and choose one that seems best for your
use.
6. Now check for clarity, consistency and refine your own definition of risk
management. Contact
7. Don’t think you are not ready to re-define what project management
Sorin Dumitrascu
experts wrote in PMBOK5. We all redefine in our terms common
definitions to make good use of abstract concepts.
8. Use a word type document and save your work. You might need this
later.
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RISK MANAGEMENT

Learn how to increase the likelihood and

• Project Integration and Project Scope

• Project Time and Project Cost Management

• Project Quality, Human Resources and

• Project Procurement and Project

• Project Risk Management

Risk Management for

Risk Management for Project Professionals

Sorin Dumitrascu - 02/2015

A very brief presentation of project management concepts is

Details Estimated work time

Requirements Learning objectives

Sorin Dumitrascu - 02/2015

A very brief presentation of project management concepts is

Sorin Dumitrascu - 02/2015

Project Integration includes the processes and activities aimed

Sorin Dumitrascu - 02/2015

The Project Scope Management knowledge area includes the

Sorin Dumitrascu - 02/2015

A very brief presentation of project management concepts is

Sorin Dumitrascu - 02/2015

Project Time Management includes all the processes required

Please use the templates provided as follows:

Sorin Dumitrascu - 02/2015

The Project Cost Management knowledge area includes the

Sorin Dumitrascu - 02/2015

Project Quality Management includes the processes and

Sorin Dumitrascu - 02/2015

Project Human Resource Management includes the processes

Sorin Dumitrascu - 02/2015

Project Communications Management includes the processes

Sorin Dumitrascu - 02/2015

The Project Procurement Management includes the processes

Sorin Dumitrascu - 02/2015

The Project Stakeholder Management includes the processes

Sorin Dumitrascu - 02/2015

Project risk is an uncertain event or condition that, if it occurs,

The most significant Critical Success Factor for effective risk

Sorin Dumitrascu - 02/2015

Risk Management is the process of identifying, analyzing

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