Question

Review sections 11.2 and 11.3 in the PMBOK® Guide. Name several tools and techniques that are useful for identifying and prioritizing risks in a risk management plan.

Answer 1

As described by PMBOK Guide sixth edition, various tools and techniques for identifying and prioritizing risks in a risk management plan are listed below:

11.2 Identify risks: Tools and techniques for identifying risks comprise of:

1. Expert judgment
2. Data gathering techniques comprising of Brainstorming, Checklists, Interviews
3. Data analysis techniques comprising of Root cause analysis, Assumption and constraint analysis, SWOT analysis, Document analysis
4. Interpersonal and team skills comprising of Facilitation
5. Prompt lists
6. Meetings comprising of specialized meeting called a risk workshop

11.3 Perform Qualitative Risk Analysis for prioritizing risks: Tools and techniques to prioritize risks by performing qualitative risk analysis comprise of:

1. Expert judgment
2. Data gathering techniques comprising of Interviews
3. Data analysis techniques comprising Risk data quality assessment, Risk probability and impact assessment, Assessment of other risk parameters
4. Interpersonal and team skills comprising of Facilitation
5. Risk categorization
6. Data representation techniques comprising of Probability and impact matrix, Hierarchical charts
7. Meetings comprising of specialized meeting called a risk workshop

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Answer 2

In the PMBOK® Guide, sections 11.2 and 11.3 focus on risk identification and risk assessment. Several tools and techniques are useful for identifying and prioritizing risks in a risk management plan:

1. Brainstorming: This technique involves bringing together project stakeholders to generate a list of potential risks based on their knowledge, experience, and expertise. It encourages open and creative thinking to identify various risks.

2. Interviews: Conducting interviews with relevant stakeholders, subject matter experts, and team members helps gather valuable insights and information about potential risks and their potential impacts on the project.

3. Checklists: Using predefined checklists can be helpful to systematically review project documents, historical data, lessons learned, and industry-specific risk lists to identify risks that are common or relevant to the project.

4. SWOT Analysis: SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a technique used to identify risks by analyzing internal strengths and weaknesses of the project as well as external opportunities and threats.

5. Delphi Technique: The Delphi Technique involves seeking input from a panel of experts anonymously, collating their responses, and then iteratively seeking feedback until a consensus is reached on identifying and prioritizing risks.

6. Assumptions Analysis: This technique involves reviewing project assumptions to identify risks that could arise if these assumptions are not met or if they prove to be incorrect.

7. Diagramming Techniques: Diagramming techniques such as Cause-and-Effect Diagrams (Ishikawa or Fishbone diagrams) and Influence Diagrams can help visualize the relationship between various factors and potential risks.

8. Expert Judgment: Relying on the expertise and knowledge of experienced individuals or groups can help in identifying and prioritizing risks effectively.

9. Probability and Impact Matrix: Creating a matrix that assesses the probability of occurrence and the potential impact of identified risks can aid in prioritizing risks based on their severity.

10. Risk Categorization: Grouping risks into categories based on common characteristics can help in better understanding and managing risks.

11. Risk Register: A risk register is a document that captures all identified risks along with their descriptions, potential impacts, probability, risk owners, and planned responses.

By utilizing these tools and techniques, project managers and teams can systematically identify and prioritize risks, which is a crucial step in developing a robust risk management plan to mitigate and respond to potential threats and opportunities effectively.