PMI Risk Management Professional (PMI-RMP)®

Develop the risk management strategy and plan, ensuring alignment with organizational goals and stakeholder thresholds.

• Perform preliminary document analysis (Lessons learned, stakeholder register).
• Assess project environment using SWOT and PESTLE analysis.
• Assess project risk appetite and risk tolerance.
• Define risk management strategy and methodology.
• Document the Risk Management Plan.

Identify risks using various techniques and document them in the risk register.

• Conduct risk identification exercises (Brainstorming, Checklists, Interviews).
• Examine assumption and constraint analysis.
• Document risk triggers and thresholds.
• Develop the Risk Register (including opportunities and threats).

Evaluate risks to determine their probability and impact, and perform numerical analysis where appropriate.

• Perform Qualitative Risk Analysis (Probability/Impact Matrix).
• Perform Quantitative Risk Analysis (Monte Carlo, Sensitivity Analysis).
• Identify threats and opportunities using data analysis.

Develop options, select strategies, and agree on actions to address overall project risk exposure.

• Plan risk response strategies (Avoid, Mitigate, Transfer, Accept).
• Plan opportunity strategies (Exploit, Share, Enhance, Accept).
• Implement risk responses.
• Define residual and secondary risks.

Monitor implementation of agreed-upon risk response plans, track identified risks, and evaluate risk process effectiveness.

• Gather and analyze performance data (Earned Value, Variance).
• Monitor residual and secondary risks.
• Provide information required to update project documents.
• Monitor project risk levels and perform audits.