PM Notebook – Chapter 11: Risk Management

This chapter is part of my personal notebook for PMP preparation. Check out the full notebook here.

This notebook summarizes project management concepts and terms in PMP context. This chapter focuses on risk management knowledge area.

Contents of this chapter are as follow:

  • Key Terms
    • Risk
    • Risk Priority
    • Risk Urgency
    • Risk Severity
    • Trigger / Event / Early Warning Signs
    • Risk Exposure
    • Risk Efficiency
    • Uncertainty
    • Risk Owner
    • Risk Appetite vs Risk Tolerance
    • Risk Levels
    • Risk Sources
  • Processes
    • 1 – Plan Risk Management (Planning)
    • 2 – Identify Risks (Planning)
    • 3 – Perform Qualitative Risk Analysis (Planning)
    • 4 – Perform Quantitative Risk Analysis (Planning)
    • 5 – Plan Risk Responses (Planning)
    • 6 – Implement Risk Responses (Executing)
    • 7 – Monitor Risks (Monitoring & Controlling)
  • Perspective Project Examination / Prompt Lists (Identification)
  • Risk Parameter Assessment (Qualitative)
  • Sensitivity Analysis (Quantitative)
  • Expected Monetary Value (Quantitative)
  • Risk Types
    • Event-Based Risks
    • Nonevent-Based Risks
  • Risk Response Strategies
    • Negative Risks (Threats)
    • Positive Risks (Opportunities)
  • Contingent Response Strategy vs Fallback Plan
  • Contingency Reserve vs. Management Reserve
  • Scales
  • Additional Terms
    • Fait Accompli