Question

Debate the inputs, tools and techniques, and the outputs of the risk management process as prescribed by the PMI. Your discussion must reference the case study even if you have to make some assumptions.

PMI: Project Management Institute (PMI), in A Guide to the Project Management Body of Knowledge (PMBOK^®

Answer 1

Debate the inputs, tools and techniques, and the outputs of the risk management process as prescribed by the PMI

Answer:

The Project Management Institute (PMI) which is a global nonprofit professional organization for project management since over 1969, with several updates & add on’s have really changed the way projects were used to be handled. If we start talking about the input towards any the risk management processed in alignment with PMI its majorly the Risk register (created mostly during due diligence) and the risk management plan. These two inputs are the most important factor and the output / success replies on them quite heavily. In terms of discussing regarding the tools and techniques it could be strategy planning towards any new risk or opportunity (called positive risk sometimes), an extraordinary response strategy and even the expert opinions by some of the expert industry leaders is always recommended.

For example, lets assume that we are working on a project for a retail organization and we have to access the risk within the project and even need to plan& strategies the same. Majorly any project starts with a transition which mostly consists of phases such as due diligence, knowledge transfer, secondary support & primary support. The risk management start right from phase one and it keep getting updates. All the risk with their impact, cost to overcome etc. are we drafted within the risk register which keeps updating itself along side project goes on. Every risk gets accessed on a regular interval depending on the requirement and are being accessed on timely manner throughout its project lifecycle.

The reason of the above example was to make you understand that its quite debatable on the input, tools & techniques of the risk management, however a strategic risk management processed needs them all as per the requirement. Furthermore, its also required to be able to have desired project output keeping the threats out of the project leading to its successful run going ahead.