This is the eighth article in the series “How to remember ITTOs”. You can find all the articles in this series here: How to remember ITTOs series.
ITTO is an acronym that stands for Inputs, Tools and Techniques, and Outputs.
In this article, we will focus on Project risk management.
What is Project Risk Management?
Project risk management is the knowledge area in which the team performs the following major activities:
- Develops a plan that helps in planning, implementing and monitoring risk management activities in the project
- Identifies risks in the project
- Analyzes the risks, prioritizes the risks and determines the impact of risks on project objectives
- Plans adequate responses to address identified risks
- Implements risk responses
- Monitors the project to identify new risks, any changes to the previously identified risks and effectiveness of the implemented risk responses
Process Flow for Project Risk Management
I have suggested process flow diagrams as a way to remember and map the concepts in the previous seven articles. Following the same approach, I have given the process flow diagram for Project Risk Management below.
I have included ONLY the major inputs and outputs, so that it is easier to understand rather than complicating it too much. It does NOT include ALL inputs and outputs. I have included only those inputs and outputs, which I felt are significant. Please refer to PMBOK Guide for a complete list of ITTOs.
The best way to remember the ITTOs is to draw the process flow diagram yourself. It would help your mind to map the inputs and outputs to the processes; and would help to remember the process flow for a very long time.
Tips to remember ITTOs in Project Risk Management
- Organizational Process Assets (OPA) is an input to all the processes in Project risk management except Monitor Risks. (Note: Please note that OPA is an input to 47 processes; only two processes do not take OPA as an input. They are 5.5 Validate Scope and 11.7 Monitor Risks).
- Enterprise Environmental Factors (EEF) is an input to all the planning processes of Project risk management. EEF is not an input to Implement Risk Responses and Monitor Risks.
- Once risk management plan is developed in 11.1 Plan Risk Management, it becomes an input to the remaining six processes in Project risk management.
- The risk register and risk report gets created for the first time after the Identify Risks process. These two gets updated in all the subsequent processes & you will find the updated risk register and updated risk report as part of the Project document updates. In Perform Quantitative Risk Analysis, Risk register update is not shown as an output as this process mainly deals with overall project risk exposure than individual project risks.
- Work performance data is an input to Monitor Risks process; and work performance information is the relevant output from this process.
- Change requests is an output of Monitor Risks process. (Note: For all Monitoring & Controlling processes, change requests is an output; the only exception is Perform Integrated Change Control. In this process, change requests is an input and Approved change requests is an output).
- Work performance reports is an input to Monitor Risks process. Work performance reports is an input to only three other processes, namely, 4.6 Perform Integrated Change Control, 9.5 Manage Team and 10.2 Manage Communications.
Conclusion
What is your approach to remember ITTOs in Project Risk Management? Do you like the above approach? Have you tried this approach hands-on? Share your experience and advice whether it helped you.
Do you have any other tips you want me to include in the above list?
Share your opinions and comments in the comments box below. I will continue to work on the process flow diagram for the other knowledge areas.
Certified Risk Management Professional (PMI-RMP)®
An enthusiastic project management practitioner and trainer.
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Karthik Mani says
Dear Manikavel,
Straight into my Brain and memorized. Thank you so much. I need your guidance to clear PMI RMP. How can I connect with you.
Regards,
Karthik Mani
Tripti Ramesh says
Thank you for this process flow chart it is very simple and easy to understand. I would like to view the complete process flow from Initiating Process to Closing process. Where can I view that?
Roy says
Thank you for making this easy to understand . It is very useful.
Manickavel Arumugam says
Thanks Roy for the feedback.
Agatha says
Thank you this is very helpful, excellent.
Manickavel Arumugam says
Thanks Agatha.
kalpesh patil says
Very effective and simply represented. Appreciated your efforts and thanks for sharing key points of ITTO’s.
Manickavel Arumugam says
Thanks Kalpesh.