Access and manage risks.(ECO Task2.3)
Execute the project with urgency required to deliver business value.(ECO Task 2.1)
Manage communications.(ECO Task 2.2)
Engage stakeholders.(ECO Tasks 2.4)
Create project artifacts.(ECO Tasks 1.12,2.9,3.1)
Manage project changes.(ECO Task2.10)
Attack issues with the optimal action to achieve project success.(ECO Task2.15)
Confirm approach for knowledge transfers.(ECO Tasks 1.6,2.16)
Topic A: Assess and Manage Risks
Enablers, Deliverables & Tools:
This topic addresses various enablers from the ECO.
• Determine risk management approach. (ECO 2.3.1)
• Iteratively identify, assess and prioritize risk and risk responses.
• Determine risk response.
• Implement risk response.
A risk is an uncertain event or condition that ,
if it occurs , has a positive or negative effect on
one or more project objectives.
• Threats. Threats are the negative risks.
• Opportunities. Opportunities are the positive
• Trigger Condition. A trigger condition is an
event or situation that indicates that a risk is
about to happen.
Negative risks — bad things that will cause
your project to suffer if they happen
Examples of negative risks
Risk of residential fire
How to respond to negative risks in project management
Avoid. try to eliminate the risk or its impact. You do this by changing your project
management plan, scope, or schedule. Ex: chance of rain shift of activities to a few days later
to avoid the risk.
Mitigate. This risk response strategy helps you lessen the impact or probability of the risk.
This strategy decreases the severity. Ex: a team member may leave during the peak of your
project - find another employee with similar qualifications in your organization.
Transfer. Strategy when you lack the skills or resources to manage the risk or are too busy to
manage it. Ex: Company install equipment but don’t have much experience. - find an expert
and hire them to do the task for you, signing a fixed price contract.
Accept. Here you take no action to manage the risk other than acknowledging it. Loss of time
due to traffic jam situation in mega cities.
Positive risks — events that would be good
for your project can also happen
Examples of positive risks
A technology currently being developed that will save you
time if released.
A grant that you’ve applied for and are waiting to discover if
you’ve been approved.
A request for additional resources, materials, tools, or training
that will make your project more efficient if provided.
How to respond to positive risks in project management
Exploit it. Exploiting a positive risk means acting in ways that will help increase the chances
of it occurring. If you’re hoping for additional project funding, following up and pleading
your case can help exploit the risk.
Share it. Sharing a risk means working with others outside of your project who could also
benefit from it to try to exploit it. If other project teams could benefit from a new technology,
you may work together to speed up the release date.
Enhance it. Enhancing a positive risk means attempting to increase the opportunity or
positive outcome. If you’re seeking for an expert resource’s enrollment/support, you could
request for more expert resources repeatedly this will increase the total amount of resources
and their potential output.
Accept it. Accepting it means you do nothing and wait to see if the event occurs naturally on
Risk Management Plan
Roles and responsibilities
Risk categories (RBS | Effect
Stakeholder risk appetite
Definition of risk probability &
Checklist Analysis – Developed based on
Root Cause Analysis
Assumption and Constraint Analysis
Points to be remembered
PMs always strive to prevent the risks from occurring or reduce their impact.
Triggers can have both positive and negative effects on a project.
Each risk is assigned a risk response, which is an action to address that risk
and a person to implement that action.
A Contingency Plan is a risk response strategy developed in advance , before
The Fallback Plan is implemented if the initial contingency plan is ineffective
in responding to the risk event.
Use a PMIS & a Lessons-learned Register for effective risk management.
Your hardware vendor left you a voicemail saying that a snowstorm in the
Midwest will prevent your equipment from arriving on time. You
identified a risk response strategy for this risk and have arranged for a
local company to lease you the needed equipment until yours arrives.
This is an example of which risk response strategy?
Topic B: Execute Project to Deliver Business Value
Projects are commissioned to deliver value.
Enablers , Deliverables, and Tools:
Access opportunities to deliver value incrementally (ECO 2.1.1)
Examine the business value throughout the project (ECO 2.1.2)
Support the team to subdivide tasks to find the minimum viable product. (ECO 2.1.3)
Measure ongoing progress based on methodology. (ECO 2.6.4)
Collect and analyze data to make informed project decisions. (ECO 2.9.4)
Examination of Business Value
Projects produce business value. Throughout a project this can be
performed in a variety of means.
The business value can be:
First to market
Creating a Culture of Urgency
& Product Roadmaps
The urgency to accomplish goals in projects is best
achieved when the sense of urgency is ingrained in the
project environment and culture.
Bringing the voice of the customer can express the
desires and personalize the value.
The PM can lead the way by articulating the project’s
importance and vision.
As goals, milestones and potential deliverables are
determined - a product roadmap emerges. It serves as a
high level visual summary of the product/s of the project.
Product roadmaps are progressively elaborated over
time, and matures & evolves as the project travels down
Incremental (Product) Delivery
Dividing the products into increments
enables parts or elements of the product to be
in the hands of customers prior to full
delivery of the product.
Early and regular incremental releases lead
to higher customer value and an increased
Delivering the product incrementally ensures
feedback from the users & business to the
project team to adjust the direction , priorities
,and quality of the product.
Finding suitable increments demands
conversation and alignment.
Minimum Viable Product(MVP)
MVP is the smallest collection of features that can be included in a product for
customers to consider it functional.
With a MVP , all stakeholders have an opportunity to see and experience some
form of project outcomes.
MVP channels more valuable feedback which ensure ideas & concepts become
MVP ignites shorter-termed urgency and a feeling of accomplishment which is of
value to the customer as well as to the project team(PT).
Topic C: Manage Communications
Enablers, Deliverables ,and Tools
Analyze communication needs of all stakeholders. (ECO 2.2.1)
Plan communications methods, channels, frequency, and level of detail. (ECO 2.2.2)
Communicate project information , and update effectively. (ECO 2.2.3)
Confirm communication is understood and feedback is received. ( ECO 2.2.4)
The methods & types of communication depend
on variety of factors:
Internal or external stakeholders;
Formal or informal communications;
Hierarchical focus in communication;
Official or unofficial communications;
Written or oral communications
Communications Management Plan
Stakeholder communications requirements.
Information to be communicated, including language to be used.
Reason for the distribution of the information.
Time frame and frequency of information distribution.
Person responsible for the communication.
Person responsible for the release of confidential information.
People who will receive the information.
Methods or technologies that will be used to convey the information.
Time and budget allocated for communication.
Escalation process for issues that need visibility.
Method for updating the communications management plan.
Glossary of common terminology.
Flowcharts of information flow.
Any communication constraints due to regulation or policies.
Face to face meetings
Video & voice conferencing
Printed media & documents
Five steps to a standard communication
Encode: Ideas are translated into language used
by the sender to convey information.
Transmit message: The information is actually
sent to the receiver by the sender.
Decode: The receiver translates the message into
Acknowledge: The receiver signals that he /she
has received the information.
Feedback/response : The receiver encodes a
message and transmits it back to the sender.
Communication methods are of three types:
Push communication. Involves sending information to a receiver.
Pull communication. Involves receivers assessing information whenever required.
Interactive communication. Involves communication between multiple people
performing multi-directional information exchange.
Feedback: It can be verbal/non-verbal(body language & facial gestures),written,
positive/negative. It should be clear , specific, and offered in a timely
Topic D: Engage Stakeholders
A PM’s best interest lies in keeping the project stakeholders interested in the project
and the outcomes.
The Stakeholder Register should be reviewed for information needed to plan
appropriate ways to engage project stakeholders.
The organizational culture , structure , and political climate should be reviewed to
help in determining the best options to support a better adaptive process for engaging
The lessons-learned database and historical information helps in providing insight on
previous stakeholder engagement plans and their effectiveness.
The topic ‘Engage Stakeholders’ addresses various enablers from
Analyze stakeholders. (ECO 2.4.1
Categorize stakeholders. (ECO 2.4.2)
Engage stakeholders by category.(ECO 2.4.3)
Develop , execute , and validate a strategy for stakeholder engagement. (ECO2.4.4)
Sponsors - Approve and sign the Project Charter.
Provide finance , resources & support to the project.
Other Stakeholders - govt. regulators , consultants,
financial institutions etc
Stakeholder Engagement Assessment Matrix
Stakeholder Engagement Assessment Matrix is a matrix that compares
current and desired stakeholder engagement levels.
Classification levels can include:
Unaware: Unaware of project and potential impacts
Resistant: Aware of project and potential impacts , but resistant
Neutral: Aware of project yet neither supportive nor resistant
Supportive: Aware of project and potential impacts , and supportive of changes
Leading: Aware of project and potential impacts and actively engaged in ensuring the
project is a success.
Stakeholder Unaware Resistant Neutral Supportive Leading
Stakeholder1 C D
Stakeholder2 C D
Stakeholder3 C D
C = Current engagement level D = Desired engagement level
Stakeholder Engagement Assessment Matrix
Topic E: Create Project Artifacts
Projects create deliverables—the interim and final products of the project’s
scope. Projects also create artifacts throughout their life cycle.
A Project artifact is any document related to the management of a project .
The PT create and maintain many artifact during the life of the project , to
allow reconstruction of the history of the project and to benefit other projects.
Project artifacts are normally living documents , and formally updated to
reflect changes in project requirements and scope.
Minutes of status meetings
Scope & Scope Baseline
Subsid . Proj. Mgt.Plans
Product Vision Roadmap
Project Artifact Management
Artifact mgt. includes the procedure used to create, store , retrieve , and distribute
An effective artifact mgt. system includes the following provisions:
A way to produce and control documents without unnecessary administrative overhead.
Standardized formats and templates.
A structured process for the review and approval of documents.
Version control and security.
Timely distribution of documents.
TOPIC F Manage Project Changes
Change is a must in any type of projects.
A great PM is an effective manager of change, able to anticipate , respond to , and
deal with the changes that will inevitably arise on any project.
Managing changes to performance baselines ensures that the original project scope
and the integrity of performance baselines are maintained. Ensuring that changes are
agreed upon and continuously managing changes as they occur minimizes the impact
changes may have on project time , cost , and quality concerns.
Enablers , Deliverables , and Tools
The topic ‘Manage Project Changes’ addresses various enablers from the
Anticipate and embrace the need for change.(ECO 2.10.1)
Determine strategy to handle change.(ECO 2.10.2)
Executing change management strategy according to the methodology(ECO
Determine a change response to move the project forward.(ECO2.10.4)
Change Management Plan
Who can propose a change?
What exactly constitutes a change?
What is the impact of the change on the project’s objectives?
What steps are necessary to evaluate the change requests before
approving or rejecting it?
When a change request is approved ,what project documents must be
amended to record the actions necessary to effect the change?
How will these actions be monitored to confirm that they have been
A Change Management Plan can answer the following questions:
Change Control system
A Change control system is a set of procedures that describes
how modifications to the project deliverables and
documentation are managed and controlled. An effective
change control system includes the forms , tracking methods
, processes, and approval levels require d for authorizing or
rejecting requested changes.
Change control systems often specify that a Change Control
Board(CCB) will address the issues that affect cost , time ,
and product quality.
Change Control Board
A Change Control Board(CCB) is a formally chartered group
responsible for reviewing, evaluating , approving , delaying, or
rejecting changes to the project , and for recording and
communicating such decisions.
Normally, the CCB operates closely with the project’s sponsor ,
customer , and other key stakeholders.
Decisions made during the CCB meetings are documented and
communicated to the required stakeholders.
Stakeholders can use this information to follow-up on the
Change Control Strategy
Change Management consists of 5 main stages:
Analyzing the impact of change
Course of action
Updating related plans
Approved Change Requests
Approved changes can include:
Corrective action : Adjust the performance of the project work with the project
Preventive action: Ensures future performance of the project work with the project
Defect repair : Modifies a non-conformance with the project.
Updates : Modifies project documents and plans to reflect the project changes.
TOPIC G Manage Project Issues
Issue: An issue is a current condition or situation that may have
an impact on the project objectives. An issue is an action item
that the project team must address.
Risk: A risk is an uncertain event or condition that ,if it occurs ,
has a positive or negative effect on one or more project
Issue Log: An issue log is a document where information about
issues is recorded and monitored. It is used to track problems ,
inconsistencies , or conflicts that occur during the life of the
project and require investigation in order to work toward a
Risk and Issues
• Focus on the future
• Can be positive or negative
• Is documented in the risk register
• Response is called a “Risk Response”
• Focused on the present
• Will always be negative
• Is documented in the ‘Issue Log’
• Response is called a “Workaround”
TOPIC H Ensure Knowledge Transfer for Project Continuity
It is important for the project team members to obtain the right
knowledge at the time when they need it to their job. Therefore, as the
PM, one needs to know how to collect , consume, and use the knowledge
so that the team is prepared and ready. A PM should also know how to
transfer this knowledge to other projects , so they can benefit from it.
This topic addresses various enablers from the ECO:
Maintain team and knowledge transfer. (ECO 1.6.4)
Discuss project responsibilities within team. (ECO 2.16.1)
Outline expectations for working environment. (ECO 2.16.2)
Confirm approach for knowledge transfer.(ECO 2.16.3)
Types of Knowledge
Knowledge can be divided into two
Explicit: Explicit Knowledge is the
knowledge that can be codified using
symbols such as words, numbers, and
Tacit: Tacit Knowledge is personal
knowledge that can be difficult to
articulate and share such as beliefs ,
experience , and insights.
Project Knowledge Management
The PM has to be concerned with managing both types of
knowledge(Explicit & Tacit) to take advantage of the knowledge ,
skills , and experiences that the PT members have gained
throughout the project duration/time-span.
Knowledge management is more than keeping track of what is
known and then distributing it to the team and the project
For managing tacit knowledge, the key is to create and maintain
trust among those involved in the project so they are willing to
share their experiences with everyone else.