Project Management Practitioner

Process Group    : Planning
Knowledge Area  : Risk Management
Process               : Risk Planning
Type                    : Tools and Techniques

One of the tool and technique and diagramming technique to identify risk.

Influence diagrams typically show the casual influences among project variables, the timing or time ordering of events, and the relationships among other project variables and their outcomes.

They will visually depict risks (or decisions), uncertainties or impacts, and how they influence each other.

-Posted by Sundar

Refer Exam Tips 3 - Key terms for PMP Exam  for more key terms

Its a type of analytical diagram, which shows the interrelated decisions and the expected results of choosing one altenative over the other.This is an analytical modeling technique, which is a tool and technique of the Quantative Risk Analysis Process.

Expected Monetary Value (EMV), a statistical technique which calculates the average anticipated impact of a decision, is used in conjunction with decision tree analysis to quantify a risk and take decision based on oppurtunities or threats resulted on the analysis.

-Posted by Sundar

In layman term, the Planning process group is the place where the PM, project teams decides what they want, how to do, when to do, who to do, money needed, time needed and so on. Once these are decided, PM will pen down every thing in formal document & gets every one’s agreement and move to next phase. This process group is the key phase in all projects and decides the fate of the project.

As usual now, we will go for PMBOK 3 definition.

The Planning process is the process group of formalizing and confirming the project goals and objectives. It also creates the project management plan to achieve project objectives.

Planning process group literally visits & covers all areas of project management. It includes budgets,activity definition, scope planning, schedule development, risk identification, staff acquisition, procurement planning, and so on. Planning process group is the one group revisited during various phases of the project.

Objectives

1. Define and Record Requirements, Constraints, and Assumptions
2. Identify Project Team and Define Roles and Responsibilities
3. Create the Work Breakdown Structure (WBS)
4. Develop Change Management Plan
5. Identify Risks and Define Risk Strategies
6. Obtain Plan Approval
7. Conduct Kick-off Meeting

 Knowledge Areas & Processes

Note : Planning process group processes covers all nine knowledge Areas

-Posted by Dhana