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The word Risk signifies or means Danger and our perception is that, whenever it happens, the result will be negative or something undesirable.
According to PMI
Risk is an uncertain event or condition that if occurs, has a positive or negative effect on meeting the project objectives related to components such as schedule (time), cost, scope or Quality.
For example, one of the obvious schedule objectives for a project is to complete the project by the scheduled deadline. If a risk related to the schedule occurs, it can delay the completion of the project, or it can make it possible to finish the project earlier. So, the two characteristics of a risk in project management are the following:
• It stems from elements of uncertainty.
• It might have negative or positive effects on meeting the project objectives.
Risk management includes planning risk management, identifying and analyzing the risks, preparing the response plan, monitoring the risk, and implementing the risk response if the risk occurs.
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What is strategic management plan list and explain the steps you strategic management process?
steps process strategic management
What are the different types of project plan?
There are not different types of a project plan but different parts of a project plan. The project plan or the project management plan as it is also called is the output of the Project Planning Phase. It has multiple parts that include subsidiary plans. The subsidiary plans that are part of the project plan are: a. Scope Management Plan b. Time Management Plan c. Cost Management Plan d. Human Resource Management Plan e. etc
What is the 8 parts in a project plan?
The subsidiary project management plans could include • Project scope management plan • Requirements management plan • Schedule management plan • Cost management plan • Quality management plan • Process improvement plan • Human resource plan • Communication management plan • Risk management plan • Procurement management plan
Can you explain the difference between the Scope Management Plan and the Project Management Plan?
The Project Management Plan tells you how to manage all of the different knowledge areas, and it has baselines for the scope, schedule and budget. The Scope Management Plan is one of the subsidiary plans inside the project management plan. It has really specific procedures for managing scope. For example, it tells us which stakeholders we need to talk to when gathering requirements. It lists what tools and techniques we are planning to use when we use the Scope Definition to define the scope. And when there's an inevitable change because even the best project manager can't prevent every change, it gives him procedures for doing Scope Management. So even though the Scope Management Plan is created in the Develop Project Management Plan process, it's used throughout all of the Scope Management processes.
What are the three types of components to the project management plan?
The project management plan process covers all activities that identify and direct the actions of many other processes in the planning process group. Developing the project management plan includes coordinating the development of the subsidiary plans and incorporating them into the complete project plan. The main purpose of the project management plan is to define how the project is to progress from its beginning to completion. In short, the project management plan provides the high-level game plan for how the project moves through its lifecycle. PMI defines many potential subsidiary plans that make up the overall project management plan. These subsidiary plans provide the specific details for managing each aspect of the project from initiation through closure. The subsidiary project management plans could include • Project scope management plan • Requirements management plan • Schedule management plan • Cost management plan • Quality management plan • Process improvement plan • Human resource plan • Communication management plan • Risk management plan • Procurement management plan
