PMI RMP – IMPLEMENT RISK RESPONSES

1. INTRODUCTION

Hi and welcome back again to a new process. Actually it’s the simplest process with the minimum information among the seven risk management processes. It was recently added on the project management body of knowledge latest Edition edition number six. Now we are done or we were done with the five processes as a part of the planning process group. This is the only process that falls into the executing process group and the risk management knowledge area. Implement risk responses. It’s the process of implementing agreed upon risk response plans. So as from the name this process we are going to implement what we agreed on on the previous process plan risk responses.

The key benefit of this process is that it ensures that agreed upon risk responses are executed as planned in order to address the overall project risk exposure, minimize individual project threats and maximize individual project opportunities. This is the key benefit of the implement risk responsive process and this process is usually performed throughout the project life. A common problem with the project risk management in real practice is that the project team spends efforts in identifying project risks, analyzing them qualitatively and quantitatively and developing risk responses. But there is no action taken to manage the risks. When it comes to executing efforts in this process, the primary responsibility relies on the risk owner.

These plans should be executed correctly. If this is carried out correctly, then this effort will be rewarded. This is the process which will reward the efforts we spent in the previous five risk management processes. If the planned actions or responses were executed correctly. A key success factor of this process is the efficient communication. A great project manager or risk manager will keep the stakeholders up to date on the status of the project. Risks can be communicated to stakeholders using the following methods. It can be done by the project management plan or the project monthly reports, the activity status reports, bar charts, risk registers and the activity estimation form.

The performance reporting should be collected and communicated to the right stakeholders in the level of detail required about the project risk. Now we will talk in detail about the performance reporting and the communication risk management in a dedicated section of the communication management knowledge area. For now we need to know that the critical success factor of the implement risk response process is the efficient communication regarding the itpos of the implement risk responses process. As I mentioned earlier, it’s a very simple process. You will just need the risk management plan as a subsidiary plan of the project management plan. We will need a few project documents, three of them actually.

There is some learned register, there is register and the risk report and we will need the organizational process assets. The tools and techniques of this process will be the expert judgment, the interpersonal and team skills, which is the influencing and the PMIs or the project management information system. The outputs will be the change requests and few project documents updated which are the issue log, the lessons learned register, the project team assignments, the risk register and the risk report. This is all as an introduction of the implement risk response to the process. Thank you so much. I will see you the following lecture.

2. INPUTS

Hi and welcome back again. So what are the inputs in order to start implementing the risk responses? What you are going to need for the implement risk responses process three inputs only the project management plan. Specifically, we need the risk management plan that lists the roles and responsibilities of project team members and stakeholders in risk management activities. The roles and responsibilities who will be the risk owner and the risk action owner of the project team members. All were documented as a section as a separate section of the roles and responsibilities in the risk management plan.

We will need three project documents as well any lessons learned from previous similar projects that might be documented in the listeners learned register. The risk register that records the agreed upon risk responses for each individual risk and nominated owners. The risk report that includes an assessment of the current overall project risk exposure and we will need also the organizational process assets. The primary input will be the risk registered in this process. We are implementing risk responses how to know what are the agreed upon risk resources that needs to be implemented as a part of this process just by reviewing the risk register. This is all for the inputs of this process. Thank you so much. I’ll see you at the next lecture.

3. TOOLS AND TECHNIQUES

Hi and welcome back again. What are the tools and techniques of the implement risk responses process? What you are going to use for the implement risk responses process first of all the expert judgment judgment provided upon expertise as an application area, knowledge area or discipline as appropriate for the activity being performed and the activity being performed is the implementation of the risk responses. We will need also the PMIs, the project management formation system which includes the scheduling, resource and cost software to ensure that the agreed upon risk response plans and their associated activities are integrated into the project alongside other project activities.

The PMIs or the project management software is a tool used for the majority of the executing process group processes any software you are using on your project to manage the resources or to manage the cost or the schedule  like the premise era or like the Ms project can be part of the PMI in this process. We are applying this tool in order to ensure that the agreed upon risk response plans and their associated activities are integrated part into the project.

The last tool will be the interpersonal and team skills specifically will need to apply the influencing. Some risk response actions may be owned by people outside the project team. The project manager may need to exercise influencing to encourage risk owners take necessary actions. So influencing would be very useful when encouraging people from outside the project who fall out of the project manager responsibility to encourage them in order to take the necessary actions for the responses. This is all for the tools and techniques. Thank you so much. I’ll see you at the following lecture.

4. OUTPUTS

Hi and welcome back again. So what are the outputs of the implement risk responses? First of all, we will have few change requests as implementing risk responses may result in a change request to cost and schedule baselines or other components of the project management plan. Some change requests will be triggered as a result of implementing the risk responses if needed. Project documents updates what are the project documents which will be updated? First of all, the issue log updated with the new issues identified during this process. If there are any assumptions you did then it will be in the issue log.

The lessons learned to disturb there are any new lessons to be added regarding the risk responses implementation the project team assignments updated with changes to assign risk owners and action owners. If there are any changes in the assignments, it needs to be documented in the project team assignments the risk register that is updated to reflect any changes to the previously agreed upon risk responses for individual project risk risk report update to reflect any changes to the previously agreed upon risk responses for project overall risk. This is all as an output of the implement risk responses process. Thank you so much. We’ll see you at the next lecture after decoys.