Risk Management Matrix
Risk Analysis is defined as the sequence of processes of risk management planning, analysis of risks, identification and controlling risk on a project.
Proper risk management is control of possible future events that may have a negative effect on the overall project. It is more of pro-active then reactive process.
Risk Management Process primarily involves following activities
It is the procedure of defining how to perform risk management activities for a project.
It is the procedure of determining which risk may affect the project most. This process involves documentation of existing risks.
The input for identifying risk will be
The output of the process will be a
It is the process of prioritizing risks for further analysis or action by combining and assessing their probability of occurrence and impact. It helps managers to lessen the uncertainty level and concentrate on high priority risks.
Plan risk management should take place early in the project, it can impact on various aspects for example: cost, time, scope, quality and procurement.
The inputs for qualitative risk analysis includes
The output of this stage would be
It is the procedure of numerically analyzing the effect of identified risks on overall project objectives. In order to minimize the project uncertainty, this kind of analysis are quite helpful for decision making.
Risk Management Matrix
The input of this stage is
While the output will be
To enhance opportunities and to minimize threats to project objectives plan risk response is helpful. It addresses the risks by their priority, activities into the budget, schedule, and project management plan.
The inputs for plan risk responses are
While the output are
Control risk is the procedure of tracking identified risks, identifying new risks, monitoring residual risks and evaluating risk.
The inputs for this stage includes
The output of this stage would be
Project Procurement Management includes the processes of purchasing or acquiring products needed to run a business. The organization can be a seller, buyer or service provider.
Project Procurement Management also includes controlling any contract issued by an outside organization and get work done outside the project team.
Plan Procurement Management includes four stages like
The input in the plan procurement management are
Conduct Procurement process
Conduct Procurement process involves activities like
The benefit of conducting procurement process is that it provides alignment of external and internal stakeholder expectations through established agreements.
The input of the conduct procurement process includes
Control Procurements
It is the process of monitoring contract performance and correction to the contract as per the guidelines. It will ensure that buyers and sellers both meet the procurement requirement according to the terms of the legal agreement.
The input of the Control Procurements include
The output includes
Close procurements
This step involves documenting agreements and other documents for future reference.
The input of this tool includes
The output of this tool includes
A stakeholder is an integral part of any project; their decision can leave a deep impact on project deliverables. In this process, the first part is to identify people, groups or organizations that could impact on the project while the second part is to analyze stakeholder expectations.
It also focusses on continuous communication with stakeholders to understand their needs and expectations.
Identifying Stakeholders
It is the process of identifying the groups, people or organization that can influence project outcomes. It allows the project manager to identify appropriate stakeholders.
Plan Stakeholder Management
It is the process of preparing a strategy to involve stakeholders throughout the project life cycle. It defines clear, actionable plan to interact with project Stakeholders.
The input for Plan Stakeholder Management includes
The output of this
Manage Stakeholder Engagement
In this stage, stakeholder are communicated to understand their expectations, address issues and foster appropriate stakeholder engagement in project activities. It allows the project manager to achieve project success without conflicting with stakeholder's decision.
The input of this stage is
While the output of this stage is
Control Stakeholder Engagement
It is the process of monitoring stakeholder engagement in the project and adjusting strategies as per requirements. It will increase the stakeholder engagement activities as the project evolves and progresses.
The input for this stage include
The output of this stage include
Summary
In this tutorial, you learned:
Risk Management includes the processes of conducting risk management planning, analysis of risks, identification and controlling risk on a project.
These steps can be used to manage risk in an organization
Procurement Management, includes the processes of purchasing or acquiring products needed to run a business. It is the process of monitoring contract performance and correction to the contract as per the guidelines
Stakeholder engagement focusses on continuous communication throughout the project lifecycle. The decision of stakeholder can leave a deep impact on project deliverables.