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Monday, August 20, 2012

Section Summary – Overview of Risk Analysis

In this section we took a very high-level look at the Risk Analysis domain of the PMI Risk Management Professional certification examination. Let us now quickly summarize what we have learnt so far.
• Analyzing Risks is the next logical step a risk manager has to perform after risks are identified
• Risk Analysis is used to gauge the impact and probability of the risk to shortlist a few critical risks that may affect our project so that we can concentrate on those risks
• Risk Analysis includes two sub tasks - Qualitative Risk Analysis and Quantitative Risk Analysis
• Risk Analysis increases the team and the managers confidence level in dealing with risks
• It allows us to control risks with a greater success rate
• It helps us to create better responses to the risks
• Risk analysis is not a onetime activity. It is repetitive and we can send a risk for further analysis from both the Respond to Risks process as well as the Monitor & Control Risks process
• Both Risk Analysis and Risk Management are an integral part of project risk management. That is why the PMI RMP exam gives this domain a 30% weightage in terms of no. of questions that appear on the exam

Prev: Risk Analysis & Project Management

Next: Qualitative Analysis - An Intro

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