PMP Exam Strategies for Risk Response: Mitigate Risk, Avoid, or Transfer

PMP Exam Strategies for Risk Response: Mitigate Risk, Avoid, or Transfer

To earn a Project Management Institute (PMI) certification, project managers must know risk response strategies for mitigation, avoidance, transfer, exploitation, enhancement, sharing, and acceptance. All projects have risks; thus, project managers must plan risk responses to ensure positive project outcomes. On this page: What is Risk Mitigation PMP or Mitigate Risk PMP? PMP Risk Mitigation …

Megan Bell

Risk Report vs. Risk Register in Project Management

Risk Report vs Risk Register on the PMP Exam

Risk Analysis and Risk Management are fundamental concepts for Project Management Professionals (PMP)®. You must be able to mitigate surprises and disruptions, and while creating a risk management plan is an essential step, it doesn’t address the specific risks your project faces. Two critical tools: a risk report and a risk register, identify and detail …

Erin Aldridge, PMP, PMI-ACP, & CSPO

Introduction to Project Risks

Project Risks on the PMP Exam: Variability Risk vs Ambiguity Risk

Risk management is a big part of the Project Management Professional (PMP)® exam. To prepare, you’ll need to understand the types of risks that influence your project. All these uncertain events and their impacts are called project risks. This article will look at four different types of project risks.  On this page: What is Risk? …

Erin Aldridge, PMP, PMI-ACP, & CSPO

Introduction to Risk Assessment in Project Management

Introduction to Risk Assessment in Project Management

Project Management Institute’s (PMI) inclusion of risk management skills in multiple PMI certifications indicates the importance of risk across industries and in all projects. The risk management process includes risk identification and risk assessment. During an assessment, the project manager uses standard risk tools and quality data to help the team better avert later problems, …

Megan Bell

Erin Aldridge, PMP, PMI-ACP, & CSPO

Introduction to Cost Risk in Risk Management

As a Project Management Institute (PMI)® Project Management Professional (PMP)®, your success depends on managing project risks, including cost risks. A primary concern of many stakeholders is the project exceeding the budget, so a solid risk management plan that addresses cost risks is essential. This article explores types and examples of cost risks and how …

Erin Aldridge, PMP, PMI-ACP, & CSPO

How to Use Risk Matrix in Project Management

How to Use a Risk Matrix in Project Management

Within the perform qualitative risk assessment process, each identified risk’s probability and impact score is mapped within the risk matrix tool to help the Project Manager and team better understand how certain risks may impact the project. The risk matrix tool communicates the overall project risks and supplies information, increasing the effectiveness of a risk …

Megan Bell

How to Monitor Risks in Project Management: This Is What Professionals Do

Managing projects means learning how to handle positive and negative risks efficiently. As a project manager, you need to understand how to monitor project risks to avoid and mitigate threats while taking advantage of opportunities. Monitoring risks is crucial for effective project management. Learn more about the Monitor Risk PMP process and learn from Project …

Erin Aldridge, PMP, PMI-ACP, & CSPO

Erin Aldridge, PMP, PMI-ACP, & CSPO

Introduction to Quantitative Risk Analysis for the PMP Exam

Understanding how to gather, interpret, and act upon risk-related information is crucial for any project manager. Therefore, it’s crucial to learn how to perform quantitative risk analysis before taking the PMP Exam. This Project Management Academy resource will review what it is, why it matters, and how to perform quantitative risk analysis. Prepare for the …

Erin Aldridge, PMP, PMI-ACP, & CSPO