Steps of Risk Management

The steps involved in risk management include management planning, identification, response planning, monitoring and control. These steps of risk management are briefly described below:

The above steps of risk management result in various deliverables in each step. Those deliverables are the outputs generated while going through the risk methodology. They are listed as below:

 

The above mentioned steps of risk management are performed and handled by various designated persons who have their role assigned for each process. Given below is the brief outline of the process against roles that are responsible for performing that process successfully:

 

 

Project Management Knowledge Areas

There are mainly nine knowledge areas in project management. Amongst them some are the core functions while others perform the facilitating functions.

Core Knowledge Areas:

·         Scope Management

·         Time Management

·         Cost Management

·         Quality Management

Facilitating Knowledge Areas:

·         Human Resource Management

·         Communication Management

·         Risk Management

·         Procurement Management

Integration Management:

Both the core and facilitating areas bring together integration management.

Project Management Process: Controlling a Project

Controlling of a project begins as a preventive action in anticipation to possible problems. Complexity of a project determines the level of control. If a project is complex, high control is required whereas if a project is simple, low control works with it. Ongoing administration and management planned project controls involve the following processes:

·         Risk Management

·         Communications

·         Status Reporting

·         Issue Management

·         Project Changes

·         Project Documentation

Core Processes:

The core controlling processes are as follows:

Communications

Performance reporting.

Integration

Integrated change control.

Facilitating Processes:

The facilitating processes in controlling a project are given as under:

Scope

Scope verification and scope change control.

Time

Schedule control.

Cost

Cost control.

Quality

Quality control.

Risk

Risk monitoring and control.