Monday, 4 November 2013

Learn PMP for Free - 11. Project Risk Management


According to Wikipedia, today is the 308th day of the year.....a day remembered for historic events including the formation of the NSA by the US Governement, Howard Carter uncovering the entrance to  Pharaoh Tutankhamun's tomb in the Valley of the Kings and now of course, the launch of the latest module from Firebrand's PMP course.

Having completed the Project Communications Management module, we can now move onto Project Risk Management.

What is Project Risk Management?

This module is all about identifying potential threats to a project, implementing preemptive measures to minimize risk and responding in the event of said risks occurring.

Project Risk Management is another asset integral to the success of a project. The inability to effectively manage risk can result in serious delay, financial loss or failure of a project in it's entirety.

What is covered in Project Risk Management?

Below are the six sub sections covered in the Risk Management Module:

11.1 - Plan Risk Management - Planning
  • Deciding how to approach, plan and execute the risk management activities for a project
11.2 - Identify Risks - Planning
  • Determining which risks might affect the project and documenting their characteristics
  • Prioritising risks for subsequent further analysis or action by assessing and combining their probability and impact
  • Numerically analysing the effect on overall project objectives
11.5 - Plan Risk Responses - Planning
  • Developing options and actions to enhance opportunities and to reduce threats
11.6 - Control Risks - Monitoring & Control
  • Tracking identified risks, monitoring residual risks, identifying new risks, executing risk response plans and evaluating their effectiveness throughout the project life cycle

What next?

 To get ongoing updates of the final roll out of learn, why not follow us on Google+ LinkedInFacebook or Twitter.

Here are some important dates to put in your diary and check back on Learn:

12. Procurement Management - Monday 11th November

13. Stakeholder Management - Monday 18th November

End of Session Practice Tests - covering PMBOK Guide® Overview, Lifecycles and Organisation Types, Integration Management, Scope Management, Time Management and Cost Management - Monday 25th November

About the Author

Edward is a member of the Marketing team focussing on Technical writing and Community Engagement for Firebrand. Working in the Industry for over 2 years, Edward has experience with Microsoft Technologies including SharePoint and Windows Server and Exchnage Server. Edward writes for a variety of Blogs and Publications on all things Technology