Risk Management Knowledge Area

 

Management of project risks

A project manager with pmp certificate must first know what the risk is, know what risks he or she will face in the processes he or she manages, and know how to turn the negative risks involved in these risks into opportunities for the project.

From the point of view of the pmp exam, the knowledge area of risk management is a knowledge area that has a very deep and rich content, has different processes and uses various tools and techniques.

While managing risk in a project a project manager should be almost fully proactive. In order to ace the PMP Exam, You may need to improve yourself, especially in the use of tools and techniques. But most of the issues in the risk management knowledge area will consist of questions that you can solve with your logic once you understand the logic and basis of the business.

Risks are uncertain things related to project events. A risk may be both negative or positive. Even though a risk generally has negative connotations, it can also be positive and the project manager should work to maximize positive risks. 

In PMP terminology, risk is subdivided as overall project risk and individual risks. While an individual risk may be threatening for only a single project objective, an overall risk may effect the project as a whole.

There are 7 processes in Risk Management Knowledge Area

  • Plan Risk Management
  • Identify Risks
  • Perform Qualitative Risk Analysis
  • Perform Quantitative Risk Analysis
  • Plan Risk Responses
  • Implement Risk Responses
  • Monitor Risks