ICPM

This is the process of identifying, analyzing, and planning for risks. The PM keeps track of the identified risks, reanalyzing of existing risks, monitoring trigger conditions for contingency plans, monitoring residual risks, and reviewing the execution of risk responses while evaluating their effectiveness. It is done by using techniques, such as variance and trend analysis, which require the use of performance data generated during project execution. Project work should be continuously monitored for new and changing risks. Other purposes of Risk Monitoring and Control are to determine if:

Risk analysis is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. This technique also helps define preventive measures to reduce the probability of these factors from occurring and identify countermeasures to successfully deal with these constraints when they develop.

Risk Management is the process of measuring, or assessing risk and then developing strategies to manage the risk. In general, the strategies employed include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. The Risk Management Plan (RMP) is the document prepared by a Project manager to foresee risks, to estimate the effectiveness and to mitigate them.

 

Project Managers need to posses certain “Soft Skills” otherwise referred to as General Management Skills.

In developing the project team, the PM is charged with performing a variety of tasks including, providing staff training, coordinating team building activities, establishing grounds rules, co-location and providing rewards and recognition.

The PMBOK defines quality planning as “identifying which quality standards are relevant to the project and determining how to satisfy them”. A key output of the planning process should be the quality management plan for the project.

Cost-Benefit Analysis - This is the process of determining the pros and cons of implementing any process, product, or activity. When it comes to project management, cost-benefit is concerned with the benefits of quality management activities versus the costs of the quality management activities. There are two major considerations with the benefit/cost analysis in quality management:

Configuration management is the term given to the identification, tracking and managing of all the assets of a project; it focuses on controlling the characteristics of a product or service (also referred to as deliverables). In a general sense, configuration management consists of the following:

 

• The documentation of the features, characteristics, and functions of a product or service
• The applied control to restrict changes to the features, characteristics, and function of the product or service
• The process of documenting any changes to the product or service
• The ongoing auditing of products and services to ensure their conformance to documented requirements
• Establishes a method to consistently identify and request changes to established baselines
• To assess the value and effectiveness of changes
• Provides opportunities to continuously validate and improve the project by considering the impact of each change
• Provides the mechanism for the project management team to consistently communicate all changes to the stakeholders.

 

Configuration management activities included in the integrated change control process are:

• Configuration Identification - Providing the basis from which the configuration of products is defined and verified, products and documents are labeled, changes are managed, and accountability is maintained.
• Configuration Status Accounting - Capturing, storing, and accessing configuration information needed to manage products and product information effectively.
• Configuration Verification and Auditing - Establishing that the performance and functional requirements defined in the configuration documentation have been met.
  

When it comes to configuration management, think paperwork. Think about all the paperwork that is involved in documenting every single component of a system deliverable and making sure that there are no changes to that deliverable, or if there are changes, that they are thoroughly documented. Configuration management is traceable. For the exam, know that all change must be screened, tracked, accepted, approved, and the development process updated thereafter.