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The Standard for Risk Management in Portfolios, Programs, and Projects PDF Book Description
The Standard for Risk Management in Portfolios, Programs, and Projects is an update and expansion upon PMI’s popular reference, The Practice Standard for Project Risk Management. Risk Management addresses the fact that certain events or conditions—whether expected or unforeseeable during the planning process—may occur with impacts on project, program, and portfolio objectives. These impacts can be positive or negative and may cause deviation from the intended objectives. Risk Management processes allow for the consideration of events that may or may not happen by describing them in terms of likelihood of occurrence and possible impact.
This standard will:
- Identify the core principles for risk management,
- Describe the fundamentals of risk management and the environment within which it is carried out,
- Define the risk management life cycle, and
- Apply risk management principles to the portfolio, program, and project domains within the context of an enterprise risk management approach The standard focuses on the “what” of risk management (i.e., the key considerations for effective risk management).
It is primarily written for portfolio, program, and project managers, but is a useful tool for leaders in risk management, business consumers of risk management, and other stakeholders of the portfolio, program, and project management professions.
Table of Contents For The Standard for Risk Management in Portfolios, Programs, and Projects PDF
List of Tables and Figures
- Introduction
1.1. Purpose of This Standard
1.2. Approach of This Standard
1.3. Principles of Risk Management
1.3.1. Strive to Achieve Excellence in the Practice of Risk Management
1.3.2. Align Risk Management with Organizational Strategy and Governance Practices
1.3.3. Focus on the Most Impactful Risks
1.3.4. Balance Realization of Value Against Overall Risks
1.3.5. Foster a Culture That Embraces Risk Management
1.3.6. Navigate Complexity Using Risk Management to Enable Successful Outcomes
1.3.7. Continuously Improve Risk Management Competencies
1.4. Structure of This Standard
- Context and Key Concepts of Risk Management
2.1. Key Concepts and Definitions
2.1.1. Risk
2.1.2. Opportunities
2.1.3. Threats
2.1.4. Risk Attitude
2.1.5. Risk Appetite
2.1.6. Risk Threshold
2.2. Risk Management in Organizations
2.3. Domains of Risk Management
2.3.1. Enterprise
2.3.2. Portfolio
2.3.3. Program
2.3.4. Project
2.4. Key Success Factors
- Framework for Risk Management in Portfolio, Program, and Project Management
3.1. Business Context of Risk Management in Portfolio, Program, and Project Management
3.1.1. Organizational Framework
3.1.2. Organizational Context
3.1.3. Strategic and Organizational Planning
3.1.4. Linking Planning with Execution through Portfolio, Program, and Project Management
3.2. Scope of Accountability, Responsibility, and Authority
3.2.1. Accountability at the Enterprise Level
3.2.2. Accountability at the Portfolio Level
3.2.3. Accountability at the Program Level
3.2.4. Accountability at the Project Level
3.3. General Approaches to Risk Management
3.3.1. Factors for Evaluating Risk
- Risk Management Life Cycle in Portfolio, Program, and Project Management
4.1. Introduction to the Risk Management Life Cycle
4.2. Plan Risk Management
4.2.1. Purpose of Plan Risk Management
4.2.1.1. Risk Appetite in Plan Risk Management
4.2.1.2. Tailoring and Scaling the Risk Management Plan
4.2.2. Success Factors for Plan Risk Management
4.3. Identify Risks
4.3.1. Purpose of Identify Risks
4.3.2. Key Success Factors for Identify Risks
4.4. Perform Qualitative Risk Analysis
4.4.1. Purpose of Perform Qualitative Risk Analysis
4.4.2. Key Success Factors for Perform Qualitative Risk Analysis
4.5. Perform Quantitative Risk Analysis
4.5.1. Purpose of Quantitative Risk Analysis
4.5.2. Key Success Factors for Perform Quantitative Risk Analysis
4.6. Plan Risk Responses
4.6.1. Purpose of Plan Risk Responses
4.6.2. Key Success Factors for Plan Risk Responses
4.7. Implement Risk Responses
4.7.1. Purpose of Implement Risk Responses
4.7.2. Key Success Factors for Implement Risk Responses
4.8. Monitor Risks
4.8.1. Purpose of Monitor Risks
4.8.2. Key Success Factors for Monitor Risks
- Risk Management in the Context of Portfolio Management
5.1. Portfolio Risk Management Life Cycle
5.1.1. Portfolio Risk Identification
5.1.2. Portfolio Risk Qualitative and Quantitative Analyses
5.1.3. Portfolio Risk Response Strategies
5.1.4. Implementing Portfolio Risk Responses
5.1.5. Monitoring Portfolio Risks
5.2. Integration of Risk Management into the Portfolio Management Performance Domains
5.2.1. Portfolio Strategic Management
5.2.2. Portfolio Governance
5.2.3. Portfolio Capacity and Capability Management
5.2.4. Portfolio Stakeholder Engagement
5.2.5. Portfolio Value Management
5.2.6. Portfolio Risk Management
- Risk Management in the Context of Program Management
6.1. Program Risk Management Life Cycle
6.1.1. Program Risk Identification
6.1.2. Program Risk Qualitative and Quantitative Analyses
6.1.3. Program Risk Response Strategies
6.1.4. Implementing Program Risk Responses
6.1.5. Monitoring Program Risks
6.2. Integration of Risk Management into the Program Management Performance Domains
6.2.1. Program Strategy Alignment
6.2.2. Program Benefits Management
6.2.3. Program Stakeholder Engagement
6.2.4. Program Governance
6.2.5. Program Life Cycle Management
6.2.6. Supporting Program Activities
- Risk Management in the Context of Project Management
7.1. Project Risk Management Life Cycle
7.1.1. Project Risk Identification
7.1.2. Qualitative and Quantitative Project Risk Analyses
7.1.3. Project Risk Response Strategies
7.1.4. Implementing Project Risk Responses
7.1.5. Monitoring Project Risk
7.2. Integration of Risk Management into Project Management Process Groups
7.2.1. Initiating Processes
7.2.2. Planning Processes
7.2.3. Executing Processes
7.2.4. Monitoring and Controlling Processes
7.2.5. Closing Processes
Appendix X1. Development of the Standard for Risk Management in Portfolios, Programs, and Projects
Appendix X2. Contributors and Reviewers of the Standard for Risk Management in Portfolios, Programs, and Projects
X2.1. The Standard for Risk Management in Portfolios, Programs, and Projects Core Committee
X2.2. Significant Contributors
X2.3. Reviewers
X2.3.1. SME Review
X2.3.2. Consensus Body Review
X2.3.3. Public Exposure Draft Review
X2.4. PMI Standards Program Member Advisory Group
X2.5. Harmonization Team
X2.5.1. Core Team
X2.5.2. PMI Staff
X2.6. Production Staff
Appendix X3. Portfolio Risk Management Controls
X3.1. The Purpose of Portfolio Risk Management Controls
X3.2. Risk Management Controls for Portfolio Strategic Management
X3.3. Risk Management Controls for Portfolio Governance
X3.4. Risk Management Controls for Portfolio Capacity and Capability Management
X3.5. Risk Management Controls for Portfolio Stakeholder Engagement
X3.6. Risk Management Controls for Portfolio Value Management
X3.7. Risk Management Controls for Portfolio Risk Management
Appendix X4. Program Risk Management Controls
X4.1. The Purpose of Program Risk Management Controls
X4.2. Risk Management Controls for Program Strategy Alignment
X4.3. Risk Management Controls for Program Benefits Management
X4.4. Risk Management Controls for Program Stakeholder Engagement
X4.5. Risk Management Controls for Program Governance
X4.6. Risk Management Controls for Program Life Cycle Management
X4.7. Risk Management Controls for Supporting Program Activities
Appendix X5. Project Risk Management Controls
X5.1. The Purpose of Project Risk Management Controls
X5.2. Risk Management Controls for Project Integration Management
X5.3. Risk Management Controls for Project Scope Management
X5.4. Risk Management Controls for Project Schedule Management
X5.5. Risk Management Controls for Project Cost Management
X5.6. Risk Management Controls for Project Quality Management
X5.7. Risk Management Controls for Project Resource Management
X5.8. Risk Management Controls for Project Communications Management
X5.9. Risk Management Controls for Project Risk Management
X5.10. Risk Management Controls for Project Procurement Management
X5.11. Risk Management Controls for Project Stakeholder Management
Appendix X6. Techniques for The Risk Management Framework
X6.1. Risk Management Planning
X6.2. Identify Risks
X6.2.1. Assumptions and Constraints Analysis
X6.2.2. Brainstorming
X6.2.3. Cause and Effect (Ishikawa) Diagrams
X6.2.4. Checklists
X6.2.5. Delphi Technique
X6.2.6. Document Review
X6.2.7. Expert Judgment
X6.2.8. Facilitation
X6.2.9. Historical Information
X6.2.10. Interviews
X6.2.11. Prompt Lists
X6.2.12. Questionnaire
X6.2.13. Root-Cause Analysis
X6.2.14. SWOT Analysis
X6.3. Qualitative Risk Analysis
X6.3.1. Affinity Diagrams
X6.3.2. Analytic Hierarchy Process
X6.3.3. Influence Diagrams
X6.3.4. Nominal Group Technique
X6.3.5. Probability and Impact Matrix
X6.3.6. Risk Data Quality Analysis
X6.3.7. Assessment of Other Risk Parameters
X6.3.8. System Dynamics
X6.4. Quantitative Risk Analysis
X6.4.1. Contingency Reserve Estimation
X6.4.2. Decision Tree Analysis
X6.4.3. Estimating Techniques Applied to Probability and Impact
X6.4.4. Expected Monetary Value
X6.4.5. FMEA/Fault Tree Analysis
X6.4.6. Monte Carlo Simulation
X6.4.7. PERT (Program or Project Evaluation and Review Technique)
X6.5. Plan Risk Responses
X6.5.1. Contingency Planning
X6.5.2. Force Field Analysis
X6.5.3. Multicriteria Selection Technique
X6.5.4. Scenario Analysis
X6.5.5. Simulation
X6.6. Response Plan Implementation
X6.7. Monitor Risks
X6.7.1. Data Analytics
X6.7.2. Reserve Analysis
X6.7.3. Residual Impact Analysis
X6.7.4. Risk Audit
X6.7.5. Risk Breakdown Structure
X6.7.6. Risk Reassessment
X6.7.7. Sensitivity Analysis
X6.7.8. Status Meetings
X6.7.9. Trend Analysis
X6.7.10. Variance Analysis
X6.8. Risk Management Techniques Recap
Appendix X7. Enterprise Risk Management Considerations for Portfolio, Program, and Project Risk Management
Appendix X8. Risk Classification
References
Glossary