PMI-RMP Plan Risk Management Tutorial

5.1 Plan Risk Management

Hello and welcome to the Project Management Institute’s Risk Management Professional Certification Preparatory Course offered by Simplilearn. In this lesson, we will discuss the first process of project risk management processes, which is Plan Risk Management. To ensure the success of project risk management, you need to plan well. In plan risk management, you have to develop the overall strategy in terms of how to identify risks, analyze them, implement the responses, track and monitor risks, and control risks. Let us begin with the objectives of this lesson in the next screen.

5.2 Objectives

After completing this lesson, you will be able to: ? Explain the objectives and purposes ? List the critical success factors ? Define risk tolerance ? List the three levels of risk tolerance In the next screen, we will discuss the objectives of the plan risk management process.

5.3 Objectives of Plan Risk Management Process

The key objectives of the plan risk management process are as follows: to develop an overall risk management strategy for a project, which includes knowledge of how to execute risk management processes for the project and how they should be integrated with overall project management activities. The output of plan risk management process is the risk management plan which serves as the roadmap for identifying, analyzing, and addressing the risks of the project. In the next screen, we will focus on the purposes of plan risk management process.

5.4 Purposes of Plan Risk Management Process

The risk management plan describes how the risk management processes should be carried out and how they fit in with other project management processes. It also describes the relationship between project risk management, general project management, and project management processes in the organization. To leverage maximum benefit, risk management planning needs to be carried out in the early stage of the project; and the corresponding risk management activities need to be integrated into the overall project management plan. A risk management plan defines the roles and responsibilities of the people involved in the risk management process, the amount of money required, the timelines to be set aside for risk management activities, and the predetermined risk categories to be documented as part of the risk management plan. So, a risk management plan consists of information on how risk management is carried out and how it fits with the other project management knowledge areas such as scope, time, quality, cost, communication, human resources, procurement, and integration. In the next screen, we will continue focusing on the purposes of the plan risk management process.

5.5 Purposes of Plan Risk Management Process (contd.)

Risk management planning is not a one-time activity. Risk management activity is a continuous process which should be repeated throughout the project lifecycle. This is similar to the concept of progressive elaboration that you had learned in Project Management. The frequency at which risk management activities should be carried out can be predefined or it can be decided as and when the exceptional events occur. There are two categories of success criteria for risk management. One is project-related criteria and the other is process-related criteria. Let us now discuss the two criteria for success of risk management in the next screen.

5.6 Success Criteria

In the project-related criteria for success in risk management, the stakeholders must have common agreements on the acceptable level of results with respect to the levels of tolerance in terms of cost, time, and scope. The objectives should be created and agreed upon by all, after which the risk response and project objectives should be prioritized. In case of process-related criteria, the success of risk management depends on the level of uncertainty of the project. For example, the risk management process used in research projects is different from the process used in projects which run within a normal predictable environment. The research project can be considered successful even if there is a variation from the baseline value in terms of parameters such as cost, time, and quality. The level of risk that is acceptable in a project depends on the risk attitudes of the relevant stakeholders. The attitudes depend on the organization as well as individuals; and are influenced by factors like tolerance of uncertainty and importance of achieving or missing specific objectives. The output of this analysis should be taken into account for setting thresholds and providing weightages. Escalation on risk related information to management and stakeholders should come in the form of guidelines as part of communications. It is important that stakeholders share a common understanding of terms used to describe the risks, critical values, and threshold that will serve as input for maintaining the risk plan. For example, the definition of high impact and medium probability should be specified, after which they need to be used as part of qualitative risk analysis. Finally, a risk management plan should include a risk register template, frequency of risk meetings, communication process at two levels, that is, within the project team, and between the project team and other project stakeholders. This will make the project risk management consistent and effective. So far, we discussed the ground rules for achieving success in project risk management by considering project-related and process-related criteria. In the next screen, we will find out what the critical success factors for Plan Risk Management process are.

5.7 Critical Success Factors

The three critical success factors for the plan risk management process are: identifying and addressing the barriers to successful project risk management; involving the project stakeholders in project risk management; and complying with the organization’s objectives, policies, and practices. Click each tab to learn more. Identifying and addressing barriers to successful project risk management: The time and effort required to carry out the plan risk management process will not be supported by the stakeholders unless the stakeholders, especially the senior management which is responsible for the project, recognize and accept the benefits of risk management; and the value it adds to the project. Ensuring that there is availability of valid definitions and planning information as part of plan risk management process. If the organization is not experienced in risk management planning, it has to develop its own approach. On the other hand, if an organization has its own assets like templates, predefined risk categories, lessons learned, etc., then it has to leverage these assets while incorporating the risk management procedure. If the organization is not utilizing 100% (Read as: one hundred percent) of these assets, then there is no use for them. The organization must acknowledge roles and responsibilities, terms and conditions, and authority level. Obtaining the access privileges to knowledge management system is also important. The risk management plan will not deliver its value unless project risk management is carried out as an integral part of the project. The respective activities should be built into the project’s work breakdown structure or WBS and must be included in the corresponding schedule, budget, and work assignment documents. Involving the project stakeholders in project risk management: The stakeholders can be involved by building on their skills and experience and ensuring their understanding and commitment toward the processes. The management should be involved in the level of resourcing needed to handle the project risks and they should be willing to accept the risks. They should also address and resolve the disagreements in the areas of risk threshold, risk tolerances, and evaluation measures. To get more details on these points, refer the project communication management knowledge area in PMBOK (Read as: pimbok) 5th Edition - Page Number: 287. This chapter addresses the stakeholder analysis in terms of expectations, interest, influence, and power. Complying with organization’s objectives, policies, and practices: The feasibility of risk management planning is dependent on the features of the organization in which it is carried out. The rules and guidelines defined in the risk management plan should be in line with organizational culture and capabilities. Culture and capabilities refer to the enterprise environmental factors and organizational process assets. People’s views, values, objectives, and goals should be taken into consideration. Further, you should consider how the people of the organization use the facilities. Finally, you need to identify organizational procedures and environmental factors which can influence the overall project risk management. With this, we have come to the end of our discussion on critical success factors for plan risk management process. In the next screen, we will find out what the inputs, tools, techniques, and outputs of plan risk management process are.

5.8 Inputs, Tools and Techniques, and Outputs

A process is a set of activities. To carry out these activities, you need to have some inputs to get the output. How can you get the output? The answer is “by using some tools and techniques.” This screen shows the inputs, tools and techniques, and outputs required to make the plan risk management process successful. In short, these are called ITTOs (Read as I-T-T-Os). The inputs required to carry out plan risk management process are project management plan, project charter, stakeholder register, enterprise environmental factors, and organizational process assets. The output of the risk management plan can be obtained by using tools and techniques such as analytical techniques, expert judgment, and meetings. The output of the Plan Risk Management process is the Risk Management Plan document. Let us look into the details of the inputs required to create the risk management plan, in the following screen.

5.9 Inputs

Some of the inputs explained in this screen are in the context of managing projects. The first input is the project management plan. You need a project management plan which includes all approved subsidiary plans and baselines. It provides the current state of risk-affected areas such as scope, cost, and schedule. (Read as: ske-jule). The second input is project charter which provides high-level risks, high-level project description, and high-level requirements. The third input is the stakeholder register. This contains all the details related to the project’s stakeholders and also provides an overview of their roles. The fourth input is enterprise environmental factors. These are the factors that influence the risk management plan, including attitudes toward risk and risk tolerance, and the individuals involved in the project. These factors help you understand the risk tolerances of your stakeholders. The tools that you use for risk analysis are influenced by the risk tolerances of the stakeholders to a large extent. The last input is “organizational process assets”. By using this asset, you can get information on predefined approaches to risk management, which includes risk categories, common definition of concepts and terms, risk statement formats, standard templates, roles and responsibilities, authority levels for decision-making, lessons learned from past projects, and stakeholder registers. Let us move on to the next screen where we will discuss the tools and techniques for the plan risk management process.

5.10 Tools and Techniques

According to the Project Management Institute, the tools and techniques for creating a risk management plan are: analytical techniques, expert judgment, and meetings. Click each tab to learn more. Analytical Techniques Analytical techniques are used to understand and define the overall risk management context of the project. This is based on a combination of stakeholder risk attitudes and strategic risk exposure of a project. You can analyze the risk management context based on stakeholder risk appetite and risk tolerance. For example, strategic risk scoring sheet might provide a high-level assessment of the risk exposure. The risk scoring sheet can be generated by analyzing the probability and impact, which will be discussed in the forthcoming lessons. Finally, based on these assessments, the allocation of appropriate resources can happen and the risk management activities can be focused. Expert Judgment Expert judgment is one of the most powerful techniques for any risk management process. It ensures the comprehensive establishment and development of a risk management plan. This technique helps in interacting with the expert audience, including senior management, project stakeholders, project managers who worked earlier in similar projects or the same area, subject matter experts or SMEs (Read as S-M-Es), industry groups and consultants, as well as professional and technical associations. Meetings Project teams can conduct meetings to develop a risk management plan. The participants of the meeting can be the project manager, selected project team members and stakeholders, as well as anyone in the organization with a responsibility to manage risk planning and execution activities. The outcomes of this meeting technique will be high-level planning related to risk; approach to contingency reserve application; risk management responsibilities; and consideration given to level of risk, probability, impact, matrix, and templates used to carry out overall risk management activities. Let us understand the output of the plan risk management process in detail in the next screen.

5.11 Output

The output of the plan risk management process is the risk management plan document. This consists of methodology, descriptions of roles and responsibilities, budgeting, timing, risk categories, definitions of risk probability and their impact, probability and impact matrix, revised stakeholder tolerance, reporting formats, and tracking. To know more on outputs, inputs, and tools and techniques, please refer to the PMBOK (Read as: pimbok) 5th Edition - Page Number: 313. In the next screen, we will focus on Project Templates.

5.12 Project Templates

A properly prepared risk management plan should have several supporting templates. These templates and their formats should have been agreed upon by all available stakeholders and may include: Formal risk statement structure, Risk breakdown structure, Status report template, Meeting agenda template, Definitions for threat impacts, Definitions for opportunity impacts, Definitions for probabilities, Probability and impact matrix template, etc. In the next screen, we will learn how to document the results of the plan risk management process.

5.13 Documenting the Results

In this screen, some of the documented areas and elements of the risk management plan will be outlined. The key factors are people, tools, and business. The table in this screen shows the key areas of focus for the plan risk management process. When it comes to people, one should know the attitudes, roles and responsibilities, authority, interest, and influence. Also, people must understand the importance of communication elements such as models and methods, which come under communication plan. As far as tools are concerned, you should know which toolbox can be used for the process and what its capabilities are. It is also important to know the definitions of parameters to be measured. From the business point of view, the constraints, the details of business case and scope, the effort, and the cost aspects are to be documented. Let us discuss a real life example in the next screen.

5.14 Standardized Approach to Risk Management—Example

During a status meeting with a key stakeholder on a project, Susan is asked to detail her team’s methods with respect to how they have conducted risk management till date. The stakeholder praises Susan on how her team has consistently been able to apply objective risk management procedures without becoming biased as the project progressed. She then invites her to write a standard that will be utilized by other project managers who are not performing as well. Susan knows that she must clearly document the steps she and the team have taken before and during the project. She begins by outlining some of the details in the risk plan that were developed very early in project planning, which her team followed without deviation. Let us continue discussing the example of standardized approach to risk management in the next screen.

5.14 Standardized Approach to Risk Management—Example

During a status meeting with a key stakeholder on a project, Susan is asked to detail her team’s methods with respect to how they have conducted risk management till date. The stakeholder praises Susan on how her team has consistently been able to apply objective risk management procedures without becoming biased as the project progressed. She then invites her to write a standard that will be utilized by other project managers who are not performing as well. Susan knows that she must clearly document the steps she and the team have taken before and during the project. She begins by outlining some of the details in the risk plan that were developed very early in project planning, which her team followed without deviation. Let us continue discussing the example of standardized approach to risk management in the next screen.

5.15 Standardized Approach to Risk Management—Example (contd.)

Susan highlights that the plan contained important directions such as the methodology, roles of each risk SME, risk funds that were identified, common terms and definitions that everyone agreed to, as well as reporting formats and risk tracking steps. She also points out that the team determined the risk activities schedule for audits and risk reassessments and integrated them in the overall project plan. Susan delivers the risk guidelines to the stakeholders who then distribute them to the other project managers. Over the next six months, the company’s projects enjoy a more standardized approach to risk management and fewer avoidable problems are encountered as a result. Susan also receives an award for her willingness to improve the risk methodology across the company by capitalizing on her team’s methodology and successes. In the next screen, we will focus on the components of the risk management plan in detail.

5.15 Standardized Approach to Risk Management—Example (contd.)

Susan highlights that the plan contained important directions such as the methodology, roles of each risk SME, risk funds that were identified, common terms and definitions that everyone agreed to, as well as reporting formats and risk tracking steps. She also points out that the team determined the risk activities schedule for audits and risk reassessments and integrated them in the overall project plan. Susan delivers the risk guidelines to the stakeholders who then distribute them to the other project managers. Over the next six months, the company’s projects enjoy a more standardized approach to risk management and fewer avoidable problems are encountered as a result. Susan also receives an award for her willingness to improve the risk methodology across the company by capitalizing on her team’s methodology and successes. In the next screen, we will focus on the components of the risk management plan in detail.

5.16 Risk Management Plan—Components

Depending on the size and complexity of a project, certain elements are dealt with in the risk management plan. Let us now see what each of these elements is about. Risk management methodology: This defines the tools, approaches, and data sources that may be used to perform risk management on the project. Roles, responsibilities, and authority: This defines the person, known as a lead, to whom a particular risk type, if it occurs, will be assigned to. The list of stakeholders who can provide support if the risk type occurs; risk management team membership; and the type of action that needs to be taken if that specific risk type occurs. Definitions of risk probability and impact: Scales of risk probabilities and impact are defined in qualitative risk analysis using terms such as “very unlikely” to “almost certain” with respective values in numbers for these terms. Probability and impact matrix: A predefined matrix with risk priority areas are marked, which has the product of impact value on X axis and the probability value on Y axis. Revised stakeholder tolerances: Revised stakeholder tolerances may need to be updated as a result of the plan risk management process. We will continue focusing on the components in the next screen.

5.16 Risk Management Plan—Components

Depending on the size and complexity of a project, certain elements are dealt with in the risk management plan. Let us now see what each of these elements is about. Risk management methodology: This defines the tools, approaches, and data sources that may be used to perform risk management on the project. Roles, responsibilities, and authority: This defines the person, known as a lead, to whom a particular risk type, if it occurs, will be assigned to. The list of stakeholders who can provide support if the risk type occurs; risk management team membership; and the type of action that needs to be taken if that specific risk type occurs. Definitions of risk probability and impact: Scales of risk probabilities and impact are defined in qualitative risk analysis using terms such as “very unlikely” to “almost certain” with respective values in numbers for these terms. Probability and impact matrix: A predefined matrix with risk priority areas are marked, which has the product of impact value on X axis and the probability value on Y axis. Revised stakeholder tolerances: Revised stakeholder tolerances may need to be updated as a result of the plan risk management process. We will continue focusing on the components in the next screen.

5.17 Risk Management Plan—Components (contd.)

A few other components are as follows: Budgeting: Budgeting is establishing the overall budget of the project, including the risk reserves like contingency and management reserves. Timing: Timing defines how frequently the risk management activities will be performed throughout the project lifecycle. Risk Categories: Documentation such as a risk breakdown structure (RBS) or categories from previous projects helps you in identifying and organizing the risks. Reporting formats: Reporting formats define how the output of plan risk management process will be documented, analyzed, and communicated. Tracking: Documents on how the risk activities will be recorded and audited. Let us look into the probability scales in the next screen.

5.17 Risk Management Plan—Components (contd.)

A few other components are as follows: Budgeting: Budgeting is establishing the overall budget of the project, including the risk reserves like contingency and management reserves. Timing: Timing defines how frequently the risk management activities will be performed throughout the project lifecycle. Risk Categories: Documentation such as a risk breakdown structure (RBS) or categories from previous projects helps you in identifying and organizing the risks. Reporting formats: Reporting formats define how the output of plan risk management process will be documented, analyzed, and communicated. Tracking: Documents on how the risk activities will be recorded and audited. Let us look into the probability scales in the next screen.

5.18 Probability Scales

One of the key components of the risk management plan is the definition of the probability and impact scales. A critical success factor for effective risk management on the project is the agreement of the stakeholders on these scales. As discussed in lesson 2, the probability defines the likelihood of the occurrence of risk. An example of the probability definition scales is given in this screen. The risk team might give a score of 0.9 (Read this as: zero point nine), which is very high for a risk that has greater than 80% (Read as: eighty percent) probability of occurrence. In this case, the event will most likely occur. Similarly, if the probability of risk is between 61% (Read as: sixty one percent) and 80% (Read as: eighty percent), then the score is 0.7 (Read as: zero point seven), which is high. In this case, the event will probably occur. If the probability of risk is between 41% (Read as: forty one percent) and 60% (Read as: sixty percent), then the score is 0.5 (Read as: zero point five), which is medium. In this case, the event is likely to occur. You may even decide to have low probabilities such as 0.3 and even 0.1. A likelihood of 0.3 (read as zero point three) could mean there is a 30% chance of occurrence. You might see this related to the chance of rain on an overcast day. Some companies will even use a more refined likelihood of 0.1 (read as zero point one). A probability definition this small might be used when risk tolerances are very low and must be identified at a very accurate level. You could see this in a highly technical project where even a small possibility of failure of a machine can have a significant effect on the overall success of a project. This is just a sample based on the industry data. The scale can change from one organization to another. Perhaps, you can connect with the scales used in your organization. In the next screen, we will discuss the impact scales.

5.19 Impact Scales

As discussed in Lesson 2, impact is the result or consequence of the probability of risk occurring. Usually, impact is felt on either time or cost, or both, even though it is possible to have impact on other objectives of the project, such as quality and scope. An example of impact scale with respect to overall schedule could be the agreement to give a score of 0.9 (Read as: zero point nine) if the risk has a potential impact of increasing the timelines of the project by greater than 20% (Read as: twenty percent). The rest of the scale can be defined on the same terms. You may decide to have other impacts defined. You could use 0.7 (read as zero point seven), 0.5 (read as zero point five), 0.3 (read as zero point three), and even 0.1 (read as zero point one). An impact of 0.7 might mean there is between 10% and 20% schedule slippage. An impact of 0.5 could mean a schedule slip of between 5% and 10%. An impact of 0.3 might indicate that a schedule increase of 1% and 5%, or that all noncritical paths have used their float. Very low impact, or 0.1, might mean that there is slippage on noncritical paths but some float still exists. You may be wondering why you should have impact values that are this defined. Imagine having a 2 year project, or one that lasts 730 days. A 1% schedule slippage is equal to 7.3 days, which does not sound so alarming. Now imagine a 5% slip, or a delay that equal to 36 days! When you put it in those terms it means you’re now delayed by more than a month! Some companies demand this level of accuracy based on previous lessons learned and the current risk attitudes of senior stakeholders. Regardless of how you define probability and impact, everyone should agree to it. It is important to keep in mind that the team needs to imbibe the definition of scales in their risk management activities. This is a critical success factor for the entire exercise of creating impact scales. Let us discuss the probability and impact matrix in the following screen.

5.20 Probability and Impact Matrix

In mathematical terms, risk is considered to be a product of probability and impact. In other words, the risk exposure of a risk is the product of its probability and impact. The matrix on this screen depicts an example of the probability and impact matrix. Here, you have the risk exposures defined on the probability and impact matrix. The probability scales are defined on the X-axis and the impact scales are defined on the Y-axis. The boxes within the matrix contain the risk exposure scores. It is important to come to an agreement as a team as to what exposure is acceptable and what exposure is unacceptable. For example, a team might decide that if the risk exposures are 0.45 (Read as: zero point four five) or above, they would like to consider them as “High” risks on the project. The popular color coding used is the RAG (Read as: r-a-g) classification, which is, red, amber, and green. Here, red indicates high risk, amber implies medium risk, and green signifies low risk. This tool is used to prioritize risks on the projects. Let us learn the risk breakdown structure in the next screen.

5.21 Risk Breakdown Structure (RBS)

An important part of the risk management plan is the “Risk Breakdown Structure,” which is also called as RBS. It is a hierarchical arrangement of identified risks that helps project managers to organize potential sources of risk in the project. It decomposes or breaks down bigger categories of risks into smaller categories. This is a tool that the Project Management Institute provides for effective risk identification and response. This tool can help you create effective checklists for risk identification. The table given on the screen defines different levels of risks. Level 0 is at project risk level; level 1 can be classified as management, external, and technology. ‘Management’ is further classified as corporate, customer and stakeholder, and natural environment, all of which have been categorized as level 2. In level 3, corporate can be further broken down to history, experience, culture, organizational stability, and the organization’s financial capability. Similarly, rest of the categories in level 1 can be classified into level 2 and level 3. We will move on to risk tolerance in the next screen.

5.22 Risk Tolerance

It is important to know the risk tolerances of your stakeholders while planning risk management. Risk tolerance refers to the level of risk acceptability of a project manager or key stakeholder when the investment required for managing the risk is compared to the potential payoff. The definition of probability and impact scales and the definition of risk exposures on the probability and impact matrix are influenced by your understanding of the risk tolerance of stakeholders. Let us discuss a real life example in the next screen.

5.23 Techniques to Determine Risk Tolerance and Risk Exposure—Example

Jerry recently left a meeting with a project sponsor where he was informed that he will be leading a new project for his company, Telecom Solutions. His company is a leading provider of cellular site installation services. So, Jerry wants to ensure that he is well prepared for all aspects of his upcoming project. He is concerned about how detailed the risk plan and the risk methodology should be for this project. He knows that each project has a risk plan tailored specifically to it based on many factors. Jerry decides to review the project charter which contains high-level risks, summary budget, early requirements information, and summary milestone schedule. Let us continue discussing the example in the next screen.

5.23 Techniques to Determine Risk Tolerance and Risk Exposure—Example

Jerry recently left a meeting with a project sponsor where he was informed that he will be leading a new project for his company, Telecom Solutions. His company is a leading provider of cellular site installation services. So, Jerry wants to ensure that he is well prepared for all aspects of his upcoming project. He is concerned about how detailed the risk plan and the risk methodology should be for this project. He knows that each project has a risk plan tailored specifically to it based on many factors. Jerry decides to review the project charter which contains high-level risks, summary budget, early requirements information, and summary milestone schedule. Let us continue discussing the example in the next screen.

5.24 Techniques to Determine Risk Tolerance and Risk Exposure—Example (contd.)

He knows that the complexity of these variables should provide enough information to determine if limited risk management will be conducted on this project, or if it will be a more involved undertaking. Jerry then utilizes multiple analytical techniques to determine stakeholder risk tolerances and the company’s risk exposure for this particular project. At the conclusion of his analysis, he drafts a risk plan template for team review and comments. At the next team meeting, Jerry explains and presents the proposed risk plan to the rest of the team. They all agree that it is a good plan and the team uses it to conduct risk management in an objective manner during the project life cycle. The team’s ability to remain objective was directly related to Jerry’s tailored plan approach for this project and his willingness to engage them for buy-in. In the following screen, we will discuss the roles and responsibilities in the risk management plan.

5.24 Techniques to Determine Risk Tolerance and Risk Exposure—Example (contd.)

He knows that the complexity of these variables should provide enough information to determine if limited risk management will be conducted on this project, or if it will be a more involved undertaking. Jerry then utilizes multiple analytical techniques to determine stakeholder risk tolerances and the company’s risk exposure for this particular project. At the conclusion of his analysis, he drafts a risk plan template for team review and comments. At the next team meeting, Jerry explains and presents the proposed risk plan to the rest of the team. They all agree that it is a good plan and the team uses it to conduct risk management in an objective manner during the project life cycle. The team’s ability to remain objective was directly related to Jerry’s tailored plan approach for this project and his willingness to engage them for buy-in. In the following screen, we will discuss the roles and responsibilities in the risk management plan.

5.25 Risk Management—Roles and Responsibilities

A key component of the risk management plan is the definition of the roles and responsibilities of risk manager, risk owner, and risk action owner. The risk manager creates the risk management plan, risk register, and the risk breakdown structure. The risk owner ensures that appropriate risk response actions are performed when the risks occur. Essentially, the risk owner monitors the risk response implementation. The risk action owner ensures that the risk response, as defined in the plan, is carried out in a timely manner when a risk occurs. The risk action owner is also called a response owner. In the next screen, we will discuss the levels of uncertainty in a risk.

5.25 Risk Management—Roles and Responsibilities

A key component of the risk management plan is the definition of the roles and responsibilities of risk manager, risk owner, and risk action owner. The risk manager creates the risk management plan, risk register, and the risk breakdown structure. The risk owner ensures that appropriate risk response actions are performed when the risks occur. Essentially, the risk owner monitors the risk response implementation. The risk action owner ensures that the risk response, as defined in the plan, is carried out in a timely manner when a risk occurs. The risk action owner is also called a response owner. In the next screen, we will discuss the levels of uncertainty in a risk.

5.26 Levels of Uncertainty

The Project Management Institute describes three types of risks based on the understanding of uncertainty. A known risk is a risk that you know the probability and impact of. In other words, it is the risk that you know could affect you, and for which you can roughly predict the nature and extent of the effect. A known-unknown risk is a risk that you know about, but are not sure of its probability and impact. In other words, the risk that will affect you, although you cannot predict how or how much it will affect you is called a known-unknown risk. An unknown-unknown risk is a risk that you have missed out at the stage of identification and therefore you do not know its impact. In other words, the risk beyond your ability to identify is called an unknown-unknown risk. In the next screen, we will discuss the levels of risk tolerance.

5.27 Levels of Risk Tolerance

Risk tolerance is classified into three levels called risk averse, risk seeking and risk neutral. Stakeholder’s attitude towards risk determines the priority you place to the identified risks. The description of these risk tolerance levels is provided on the screen. Click each tab to learn more. A stakeholder with a risk averse attitude does not like uncertainty, or risk at all. They are very uncomfortable with high risks. The opposite of risk averse is risk seeking. This type of stakeholder is quite comfortable with uncertainty and will tolerate high risks easily. Between the two you are left with a stakeholder who is risk neutral. This type of stakeholder is very flexible as it relates to risk. They will tolerate high risks, with high rewards, or are equally fine with low risks, and low returns. It all depends on the situation. Let us move on to the quiz questions to check your understanding of the concepts covered in this lesson.

5.29 Summary

Here is a quick recap of what was covered in this lesson: ? The Risk management plan should define both the normal frequency for repeating the processes as well as specific or exceptional conditions. ? The critical success factors for the Plan Risk Management process are identifying and addressing barriers, involving project stakeholders in project risk management and complying with the organization’s objectives, policies, and practices. ? Risk tolerance refers to the level of risk acceptability of a project manager or key stakeholder when the investment required for managing the risk is compared to the potential payoff. ? The three levels of risk tolerance are risk averse, risk seeking and risk neutral.

5.30 Conclusion

This concludes, ’Plan Risk Management.’ The next lesson covers, ‘Identify Risks.’

5.1 Plan Risk Management

Hello and welcome to the Project Management Institute’s Risk Management Professional Certification Preparatory Course offered by Simplilearn. In this lesson, we will discuss the first process of project risk management processes, which is Plan Risk Management. To ensure the success of project risk management, you need to plan well. In plan risk management, you have to develop the overall strategy in terms of how to identify risks, analyze them, implement the responses, track and monitor risks, and control risks. Let us begin with the objectives of this lesson in the next screen.

5.2 Objectives

After completing this lesson, you will be able to: ? Explain the objectives and purposes ? List the critical success factors ? Define risk tolerance ? List the three levels of risk tolerance In the next screen, we will discuss the objectives of the plan risk management process.

5.3 Objectives of Plan Risk Management Process

The key objectives of the plan risk management process are as follows: to develop an overall risk management strategy for a project, which includes knowledge of how to execute risk management processes for the project and how they should be integrated with overall project management activities. The output of plan risk management process is the risk management plan which serves as the roadmap for identifying, analyzing, and addressing the risks of the project. In the next screen, we will focus on the purposes of plan risk management process.

5.4 Purposes of Plan Risk Management Process

The risk management plan describes how the risk management processes should be carried out and how they fit in with other project management processes. It also describes the relationship between project risk management, general project management, and project management processes in the organization. To leverage maximum benefit, risk management planning needs to be carried out in the early stage of the project; and the corresponding risk management activities need to be integrated into the overall project management plan. A risk management plan defines the roles and responsibilities of the people involved in the risk management process, the amount of money required, the timelines to be set aside for risk management activities, and the predetermined risk categories to be documented as part of the risk management plan. So, a risk management plan consists of information on how risk management is carried out and how it fits with the other project management knowledge areas such as scope, time, quality, cost, communication, human resources, procurement, and integration. In the next screen, we will continue focusing on the purposes of the plan risk management process.

5.5 Purposes of Plan Risk Management Process (contd.)

Risk management planning is not a one-time activity. Risk management activity is a continuous process which should be repeated throughout the project lifecycle. This is similar to the concept of progressive elaboration that you had learned in Project Management. The frequency at which risk management activities should be carried out can be predefined or it can be decided as and when the exceptional events occur. There are two categories of success criteria for risk management. One is project-related criteria and the other is process-related criteria. Let us now discuss the two criteria for success of risk management in the next screen.

5.6 Success Criteria

In the project-related criteria for success in risk management, the stakeholders must have common agreements on the acceptable level of results with respect to the levels of tolerance in terms of cost, time, and scope. The objectives should be created and agreed upon by all, after which the risk response and project objectives should be prioritized. In case of process-related criteria, the success of risk management depends on the level of uncertainty of the project. For example, the risk management process used in research projects is different from the process used in projects which run within a normal predictable environment. The research project can be considered successful even if there is a variation from the baseline value in terms of parameters such as cost, time, and quality. The level of risk that is acceptable in a project depends on the risk attitudes of the relevant stakeholders. The attitudes depend on the organization as well as individuals; and are influenced by factors like tolerance of uncertainty and importance of achieving or missing specific objectives. The output of this analysis should be taken into account for setting thresholds and providing weightages. Escalation on risk related information to management and stakeholders should come in the form of guidelines as part of communications. It is important that stakeholders share a common understanding of terms used to describe the risks, critical values, and threshold that will serve as input for maintaining the risk plan. For example, the definition of high impact and medium probability should be specified, after which they need to be used as part of qualitative risk analysis. Finally, a risk management plan should include a risk register template, frequency of risk meetings, communication process at two levels, that is, within the project team, and between the project team and other project stakeholders. This will make the project risk management consistent and effective. So far, we discussed the ground rules for achieving success in project risk management by considering project-related and process-related criteria. In the next screen, we will find out what the critical success factors for Plan Risk Management process are.

5.7 Critical Success Factors

The three critical success factors for the plan risk management process are: identifying and addressing the barriers to successful project risk management; involving the project stakeholders in project risk management; and complying with the organization’s objectives, policies, and practices. Click each tab to learn more. Identifying and addressing barriers to successful project risk management: The time and effort required to carry out the plan risk management process will not be supported by the stakeholders unless the stakeholders, especially the senior management which is responsible for the project, recognize and accept the benefits of risk management; and the value it adds to the project. Ensuring that there is availability of valid definitions and planning information as part of plan risk management process. If the organization is not experienced in risk management planning, it has to develop its own approach. On the other hand, if an organization has its own assets like templates, predefined risk categories, lessons learned, etc., then it has to leverage these assets while incorporating the risk management procedure. If the organization is not utilizing 100% (Read as: one hundred percent) of these assets, then there is no use for them. The organization must acknowledge roles and responsibilities, terms and conditions, and authority level. Obtaining the access privileges to knowledge management system is also important. The risk management plan will not deliver its value unless project risk management is carried out as an integral part of the project. The respective activities should be built into the project’s work breakdown structure or WBS and must be included in the corresponding schedule, budget, and work assignment documents. Involving the project stakeholders in project risk management: The stakeholders can be involved by building on their skills and experience and ensuring their understanding and commitment toward the processes. The management should be involved in the level of resourcing needed to handle the project risks and they should be willing to accept the risks. They should also address and resolve the disagreements in the areas of risk threshold, risk tolerances, and evaluation measures. To get more details on these points, refer the project communication management knowledge area in PMBOK (Read as: pimbok) 5th Edition - Page Number: 287. This chapter addresses the stakeholder analysis in terms of expectations, interest, influence, and power. Complying with organization’s objectives, policies, and practices: The feasibility of risk management planning is dependent on the features of the organization in which it is carried out. The rules and guidelines defined in the risk management plan should be in line with organizational culture and capabilities. Culture and capabilities refer to the enterprise environmental factors and organizational process assets. People’s views, values, objectives, and goals should be taken into consideration. Further, you should consider how the people of the organization use the facilities. Finally, you need to identify organizational procedures and environmental factors which can influence the overall project risk management. With this, we have come to the end of our discussion on critical success factors for plan risk management process. In the next screen, we will find out what the inputs, tools, techniques, and outputs of plan risk management process are.

5.8 Inputs, Tools and Techniques, and Outputs

A process is a set of activities. To carry out these activities, you need to have some inputs to get the output. How can you get the output? The answer is “by using some tools and techniques.” This screen shows the inputs, tools and techniques, and outputs required to make the plan risk management process successful. In short, these are called ITTOs (Read as I-T-T-Os). The inputs required to carry out plan risk management process are project management plan, project charter, stakeholder register, enterprise environmental factors, and organizational process assets. The output of the risk management plan can be obtained by using tools and techniques such as analytical techniques, expert judgment, and meetings. The output of the Plan Risk Management process is the Risk Management Plan document. Let us look into the details of the inputs required to create the risk management plan, in the following screen.

5.9 Inputs

Some of the inputs explained in this screen are in the context of managing projects. The first input is the project management plan. You need a project management plan which includes all approved subsidiary plans and baselines. It provides the current state of risk-affected areas such as scope, cost, and schedule. (Read as: ske-jule). The second input is project charter which provides high-level risks, high-level project description, and high-level requirements. The third input is the stakeholder register. This contains all the details related to the project’s stakeholders and also provides an overview of their roles. The fourth input is enterprise environmental factors. These are the factors that influence the risk management plan, including attitudes toward risk and risk tolerance, and the individuals involved in the project. These factors help you understand the risk tolerances of your stakeholders. The tools that you use for risk analysis are influenced by the risk tolerances of the stakeholders to a large extent. The last input is “organizational process assets”. By using this asset, you can get information on predefined approaches to risk management, which includes risk categories, common definition of concepts and terms, risk statement formats, standard templates, roles and responsibilities, authority levels for decision-making, lessons learned from past projects, and stakeholder registers. Let us move on to the next screen where we will discuss the tools and techniques for the plan risk management process.

5.10 Tools and Techniques

According to the Project Management Institute, the tools and techniques for creating a risk management plan are: analytical techniques, expert judgment, and meetings. Click each tab to learn more. Analytical Techniques Analytical techniques are used to understand and define the overall risk management context of the project. This is based on a combination of stakeholder risk attitudes and strategic risk exposure of a project. You can analyze the risk management context based on stakeholder risk appetite and risk tolerance. For example, strategic risk scoring sheet might provide a high-level assessment of the risk exposure. The risk scoring sheet can be generated by analyzing the probability and impact, which will be discussed in the forthcoming lessons. Finally, based on these assessments, the allocation of appropriate resources can happen and the risk management activities can be focused. Expert Judgment Expert judgment is one of the most powerful techniques for any risk management process. It ensures the comprehensive establishment and development of a risk management plan. This technique helps in interacting with the expert audience, including senior management, project stakeholders, project managers who worked earlier in similar projects or the same area, subject matter experts or SMEs (Read as S-M-Es), industry groups and consultants, as well as professional and technical associations. Meetings Project teams can conduct meetings to develop a risk management plan. The participants of the meeting can be the project manager, selected project team members and stakeholders, as well as anyone in the organization with a responsibility to manage risk planning and execution activities. The outcomes of this meeting technique will be high-level planning related to risk; approach to contingency reserve application; risk management responsibilities; and consideration given to level of risk, probability, impact, matrix, and templates used to carry out overall risk management activities. Let us understand the output of the plan risk management process in detail in the next screen.

5.11 Output

The output of the plan risk management process is the risk management plan document. This consists of methodology, descriptions of roles and responsibilities, budgeting, timing, risk categories, definitions of risk probability and their impact, probability and impact matrix, revised stakeholder tolerance, reporting formats, and tracking. To know more on outputs, inputs, and tools and techniques, please refer to the PMBOK (Read as: pimbok) 5th Edition - Page Number: 313. In the next screen, we will focus on Project Templates.

5.12 Project Templates

A properly prepared risk management plan should have several supporting templates. These templates and their formats should have been agreed upon by all available stakeholders and may include: Formal risk statement structure, Risk breakdown structure, Status report template, Meeting agenda template, Definitions for threat impacts, Definitions for opportunity impacts, Definitions for probabilities, Probability and impact matrix template, etc. In the next screen, we will learn how to document the results of the plan risk management process.

5.13 Documenting the Results

In this screen, some of the documented areas and elements of the risk management plan will be outlined. The key factors are people, tools, and business. The table in this screen shows the key areas of focus for the plan risk management process. When it comes to people, one should know the attitudes, roles and responsibilities, authority, interest, and influence. Also, people must understand the importance of communication elements such as models and methods, which come under communication plan. As far as tools are concerned, you should know which toolbox can be used for the process and what its capabilities are. It is also important to know the definitions of parameters to be measured. From the business point of view, the constraints, the details of business case and scope, the effort, and the cost aspects are to be documented. Let us discuss a real life example in the next screen.

5.14 Standardized Approach to Risk Management—Example

During a status meeting with a key stakeholder on a project, Susan is asked to detail her team’s methods with respect to how they have conducted risk management till date. The stakeholder praises Susan on how her team has consistently been able to apply objective risk management procedures without becoming biased as the project progressed. She then invites her to write a standard that will be utilized by other project managers who are not performing as well. Susan knows that she must clearly document the steps she and the team have taken before and during the project. She begins by outlining some of the details in the risk plan that were developed very early in project planning, which her team followed without deviation. Let us continue discussing the example of standardized approach to risk management in the next screen.

5.15 Standardized Approach to Risk Management—Example (contd.)

Susan highlights that the plan contained important directions such as the methodology, roles of each risk SME, risk funds that were identified, common terms and definitions that everyone agreed to, as well as reporting formats and risk tracking steps. She also points out that the team determined the risk activities schedule for audits and risk reassessments and integrated them in the overall project plan. Susan delivers the risk guidelines to the stakeholders who then distribute them to the other project managers. Over the next six months, the company’s projects enjoy a more standardized approach to risk management and fewer avoidable problems are encountered as a result. Susan also receives an award for her willingness to improve the risk methodology across the company by capitalizing on her team’s methodology and successes. In the next screen, we will focus on the components of the risk management plan in detail.

5.16 Risk Management Plan—Components

Depending on the size and complexity of a project, certain elements are dealt with in the risk management plan. Let us now see what each of these elements is about. Risk management methodology: This defines the tools, approaches, and data sources that may be used to perform risk management on the project. Roles, responsibilities, and authority: This defines the person, known as a lead, to whom a particular risk type, if it occurs, will be assigned to. The list of stakeholders who can provide support if the risk type occurs; risk management team membership; and the type of action that needs to be taken if that specific risk type occurs. Definitions of risk probability and impact: Scales of risk probabilities and impact are defined in qualitative risk analysis using terms such as “very unlikely” to “almost certain” with respective values in numbers for these terms. Probability and impact matrix: A predefined matrix with risk priority areas are marked, which has the product of impact value on X axis and the probability value on Y axis. Revised stakeholder tolerances: Revised stakeholder tolerances may need to be updated as a result of the plan risk management process. We will continue focusing on the components in the next screen.

5.17 Risk Management Plan—Components (contd.)

A few other components are as follows: Budgeting: Budgeting is establishing the overall budget of the project, including the risk reserves like contingency and management reserves. Timing: Timing defines how frequently the risk management activities will be performed throughout the project lifecycle. Risk Categories: Documentation such as a risk breakdown structure (RBS) or categories from previous projects helps you in identifying and organizing the risks. Reporting formats: Reporting formats define how the output of plan risk management process will be documented, analyzed, and communicated. Tracking: Documents on how the risk activities will be recorded and audited. Let us look into the probability scales in the next screen.

5.18 Probability Scales

One of the key components of the risk management plan is the definition of the probability and impact scales. A critical success factor for effective risk management on the project is the agreement of the stakeholders on these scales. As discussed in lesson 2, the probability defines the likelihood of the occurrence of risk. An example of the probability definition scales is given in this screen. The risk team might give a score of 0.9 (Read this as: zero point nine), which is very high for a risk that has greater than 80% (Read as: eighty percent) probability of occurrence. In this case, the event will most likely occur. Similarly, if the probability of risk is between 61% (Read as: sixty one percent) and 80% (Read as: eighty percent), then the score is 0.7 (Read as: zero point seven), which is high. In this case, the event will probably occur. If the probability of risk is between 41% (Read as: forty one percent) and 60% (Read as: sixty percent), then the score is 0.5 (Read as: zero point five), which is medium. In this case, the event is likely to occur. You may even decide to have low probabilities such as 0.3 and even 0.1. A likelihood of 0.3 (read as zero point three) could mean there is a 30% chance of occurrence. You might see this related to the chance of rain on an overcast day. Some companies will even use a more refined likelihood of 0.1 (read as zero point one). A probability definition this small might be used when risk tolerances are very low and must be identified at a very accurate level. You could see this in a highly technical project where even a small possibility of failure of a machine can have a significant effect on the overall success of a project. This is just a sample based on the industry data. The scale can change from one organization to another. Perhaps, you can connect with the scales used in your organization. In the next screen, we will discuss the impact scales.

5.19 Impact Scales

As discussed in Lesson 2, impact is the result or consequence of the probability of risk occurring. Usually, impact is felt on either time or cost, or both, even though it is possible to have impact on other objectives of the project, such as quality and scope. An example of impact scale with respect to overall schedule could be the agreement to give a score of 0.9 (Read as: zero point nine) if the risk has a potential impact of increasing the timelines of the project by greater than 20% (Read as: twenty percent). The rest of the scale can be defined on the same terms. You may decide to have other impacts defined. You could use 0.7 (read as zero point seven), 0.5 (read as zero point five), 0.3 (read as zero point three), and even 0.1 (read as zero point one). An impact of 0.7 might mean there is between 10% and 20% schedule slippage. An impact of 0.5 could mean a schedule slip of between 5% and 10%. An impact of 0.3 might indicate that a schedule increase of 1% and 5%, or that all noncritical paths have used their float. Very low impact, or 0.1, might mean that there is slippage on noncritical paths but some float still exists. You may be wondering why you should have impact values that are this defined. Imagine having a 2 year project, or one that lasts 730 days. A 1% schedule slippage is equal to 7.3 days, which does not sound so alarming. Now imagine a 5% slip, or a delay that equal to 36 days! When you put it in those terms it means you’re now delayed by more than a month! Some companies demand this level of accuracy based on previous lessons learned and the current risk attitudes of senior stakeholders. Regardless of how you define probability and impact, everyone should agree to it. It is important to keep in mind that the team needs to imbibe the definition of scales in their risk management activities. This is a critical success factor for the entire exercise of creating impact scales. Let us discuss the probability and impact matrix in the following screen.

5.20 Probability and Impact Matrix

In mathematical terms, risk is considered to be a product of probability and impact. In other words, the risk exposure of a risk is the product of its probability and impact. The matrix on this screen depicts an example of the probability and impact matrix. Here, you have the risk exposures defined on the probability and impact matrix. The probability scales are defined on the X-axis and the impact scales are defined on the Y-axis. The boxes within the matrix contain the risk exposure scores. It is important to come to an agreement as a team as to what exposure is acceptable and what exposure is unacceptable. For example, a team might decide that if the risk exposures are 0.45 (Read as: zero point four five) or above, they would like to consider them as “High” risks on the project. The popular color coding used is the RAG (Read as: r-a-g) classification, which is, red, amber, and green. Here, red indicates high risk, amber implies medium risk, and green signifies low risk. This tool is used to prioritize risks on the projects. Let us learn the risk breakdown structure in the next screen.

5.21 Risk Breakdown Structure (RBS)

An important part of the risk management plan is the “Risk Breakdown Structure,” which is also called as RBS. It is a hierarchical arrangement of identified risks that helps project managers to organize potential sources of risk in the project. It decomposes or breaks down bigger categories of risks into smaller categories. This is a tool that the Project Management Institute provides for effective risk identification and response. This tool can help you create effective checklists for risk identification. The table given on the screen defines different levels of risks. Level 0 is at project risk level; level 1 can be classified as management, external, and technology. ‘Management’ is further classified as corporate, customer and stakeholder, and natural environment, all of which have been categorized as level 2. In level 3, corporate can be further broken down to history, experience, culture, organizational stability, and the organization’s financial capability. Similarly, rest of the categories in level 1 can be classified into level 2 and level 3. We will move on to risk tolerance in the next screen.

5.22 Risk Tolerance

It is important to know the risk tolerances of your stakeholders while planning risk management. Risk tolerance refers to the level of risk acceptability of a project manager or key stakeholder when the investment required for managing the risk is compared to the potential payoff. The definition of probability and impact scales and the definition of risk exposures on the probability and impact matrix are influenced by your understanding of the risk tolerance of stakeholders. Let us discuss a real life example in the next screen.

5.23 Techniques to Determine Risk Tolerance and Risk Exposure—Example

Jerry recently left a meeting with a project sponsor where he was informed that he will be leading a new project for his company, Telecom Solutions. His company is a leading provider of cellular site installation services. So, Jerry wants to ensure that he is well prepared for all aspects of his upcoming project. He is concerned about how detailed the risk plan and the risk methodology should be for this project. He knows that each project has a risk plan tailored specifically to it based on many factors. Jerry decides to review the project charter which contains high-level risks, summary budget, early requirements information, and summary milestone schedule. Let us continue discussing the example in the next screen.

5.24 Techniques to Determine Risk Tolerance and Risk Exposure—Example (contd.)

He knows that the complexity of these variables should provide enough information to determine if limited risk management will be conducted on this project, or if it will be a more involved undertaking. Jerry then utilizes multiple analytical techniques to determine stakeholder risk tolerances and the company’s risk exposure for this particular project. At the conclusion of his analysis, he drafts a risk plan template for team review and comments. At the next team meeting, Jerry explains and presents the proposed risk plan to the rest of the team. They all agree that it is a good plan and the team uses it to conduct risk management in an objective manner during the project life cycle. The team’s ability to remain objective was directly related to Jerry’s tailored plan approach for this project and his willingness to engage them for buy-in. In the following screen, we will discuss the roles and responsibilities in the risk management plan.

5.25 Risk Management—Roles and Responsibilities

A key component of the risk management plan is the definition of the roles and responsibilities of risk manager, risk owner, and risk action owner. The risk manager creates the risk management plan, risk register, and the risk breakdown structure. The risk owner ensures that appropriate risk response actions are performed when the risks occur. Essentially, the risk owner monitors the risk response implementation. The risk action owner ensures that the risk response, as defined in the plan, is carried out in a timely manner when a risk occurs. The risk action owner is also called a response owner. In the next screen, we will discuss the levels of uncertainty in a risk.

5.26 Levels of Uncertainty

The Project Management Institute describes three types of risks based on the understanding of uncertainty. A known risk is a risk that you know the probability and impact of. In other words, it is the risk that you know could affect you, and for which you can roughly predict the nature and extent of the effect. A known-unknown risk is a risk that you know about, but are not sure of its probability and impact. In other words, the risk that will affect you, although you cannot predict how or how much it will affect you is called a known-unknown risk. An unknown-unknown risk is a risk that you have missed out at the stage of identification and therefore you do not know its impact. In other words, the risk beyond your ability to identify is called an unknown-unknown risk. In the next screen, we will discuss the levels of risk tolerance.

5.27 Levels of Risk Tolerance

Risk tolerance is classified into three levels called risk averse, risk seeking and risk neutral. Stakeholder’s attitude towards risk determines the priority you place to the identified risks. The description of these risk tolerance levels is provided on the screen. Click each tab to learn more. A stakeholder with a risk averse attitude does not like uncertainty, or risk at all. They are very uncomfortable with high risks. The opposite of risk averse is risk seeking. This type of stakeholder is quite comfortable with uncertainty and will tolerate high risks easily. Between the two you are left with a stakeholder who is risk neutral. This type of stakeholder is very flexible as it relates to risk. They will tolerate high risks, with high rewards, or are equally fine with low risks, and low returns. It all depends on the situation. Let us move on to the quiz questions to check your understanding of the concepts covered in this lesson.

5.29 Summary

Here is a quick recap of what was covered in this lesson: ? The Risk management plan should define both the normal frequency for repeating the processes as well as specific or exceptional conditions. ? The critical success factors for the Plan Risk Management process are identifying and addressing barriers, involving project stakeholders in project risk management and complying with the organization’s objectives, policies, and practices. ? Risk tolerance refers to the level of risk acceptability of a project manager or key stakeholder when the investment required for managing the risk is compared to the potential payoff. ? The three levels of risk tolerance are risk averse, risk seeking and risk neutral.

5.30 Conclusion

This concludes, ’Plan Risk Management.’ The next lesson covers, ‘Identify Risks.’

  • Disclaimer
  • PMP, PMI, PMBOK, CAPM, PgMP, PfMP, ACP, PBA, RMP, SP, and OPM3 are registered marks of the Project Management Institute, Inc.

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