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11 - PROJECT RISK MANAGEMENT

• Risk categories,
• Common definitions of concepts and terms,

• Risk statement formats,
• Standard templates,

• Roles and responsibilities,
• Authority levels for decision making, and

• Lessons learned.

11.1.2 Plan risk Management: tools and techniques

11.1.2.1 Analytical techniques

Analytical techniques are used to understand and define the overall risk management context of the project.
Risk management context is a combination of stakeholder risk attitudes and the strategic risk exposure of a given 11
project based on the overall project context. For example, a stakeholder risk profile analysis may be performed to
grade and qualify the project stakeholder risk appetite and tolerance. Other techniques, such as the use of strategic
risk scoring sheets, are used to provide a high-level assessment of the risk exposure of the project based on the
overall project context. Depending on these assessments, the project team can allocate appropriate resources and
focus on the risk management activities.

11.1.2.2 Expert Judgment

To ensure a comprehensive establishment of the risk management plan, judgment, and expertise should be
considered from groups or individuals with specialized training or knowledge on the subject area, such as:

• Senior management,

• Project stakeholders,
• Project managers who have worked on projects in the same area (directly or through lessons learned),
• Subject matter experts (SMEs) in business or project area,

• Industry groups and consultants, and
• Professional and technical associations.

©2013 Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Fifth Edition 315
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