Date: 30/05/2010 – 9 days to PMP exam

Project Risk Management knowledge area revision was completed. In small projects very rarely you may use the techniques specified in this chapter. All techniques specified in this knowledge area are absolutely necessary for large projects. Inputs/tools and techniques/outputs in this chapter are very critical in examination point of view. A project manager must be expertise to use the tools specified in this chapter to make their project successful. Important points to consider in this knowledge area are…

• Develop the procedures and methods for Risk Management
• If require tailor the process exist in your project PMP to meet project specific risk management plans
• Identify the risks and continuously update the risk register throughout the project execution as and when necessary
• Perform subjective evaluation of risks through Qualitative Risk Analysis process. This is frequently used process in most of the projects
• Obtain numerical assessments for the risks through Quantitative Risk Analysis process. This process is rarely used, but get familiar with probability and impact calculations
• Plan risk responses for threats and opportunities. Identify the techniques for negative risk responses; similarly identify the techniques for positive risk responses
• Continuously monitor and control the risk response plans, if necessary update the risk management
• Understand when to use contingency reserves and when to use management reserves
• You may need to perform change control process for the unexpected risks
• When do you provide workarounds for the unanticipated risks?

This is tough knowledge area; one should focus deeply on the techniques.

RITA exam preparation guide helps to interpret risk management techniques in more practical way.

In big projects, project manager life depends on how better he can plan for the risk responses.