Terri Echegoyen and Mark Phillipy continue to study for the CAPM exam. In this session we cover Chapter 11 Project Risk Management of the PMBOK. This is the eleventh session in the mentoring series “Preparing for the CAPM”. Mark and Terri study together out of the fifth edition of the PMBOK as Terri gets ready to take the CAPM exam.

If you are new to project management or you are preparing to take the CAPM or PMP exam, grab your PMBOK and follow along. If you missed the first session, go back and start with the first in the series CAPM01 Introduction to Project Management.

Listen to the Podcast

During the podcast you will learn about the following Communications Management Processes:

• 
  
• Plan Risk Management
  
• Identify Risks
  
• Perform Qualitative Risk Analysis
  
• Perform Quantitative Risk Analysis
  
• Plan Risk Responses
  
• Control Risks
  

You will also learn some key concepts about Risk Management including:

• 
  
• The difference between positive (opportunities) and negative (threats) risks
  
• The importance of understanding your organizations appetite, tolerance, and threshold for risk
  
• Definitions of risk, probability, and impact
  
• Methods and techniques used to identify risks
  
• Strategies you can use to address Negative risks or Threats
  
• Strategies you can use to address Positive risks or Opportunities
  

Links and Resources mentioned

A few months ago I had a great discussion with Carl Pritchard, “The Risk Guy”. Carl is a great guy and is very knowledgeable about risk management. On top of that, he makes risk management fun! I highly recommend you check out my conversation with Carl to learn more.

To view the #PMHangout, check out this link: Risk Management – #PMHangout29

To hear the audio version of the #PMHangout on the Sensible Project Manager Podcast, check out this link: SensiblePM 013 | Risk Management with Carl Pritchard

Schedule Your Exam

With only a few more sessions before the end of this series, if you have not yet scheduled to take your exam, I encourage you to do so today. I found as I prepared to take the PMP exam, once I scheduled my exam, that commitment increased my focus and helped be be prepared. So…go schedule for your exam right now.

Share with your friends

If you are enjoying this series and it is helping you prepare for either the CAPM or PMP exam I would ask that you please share this with a coworker or friend. I am very interested in sharing this series with as many project managers as possible.

Thank you for sharing!

Comments

I would appreciate it if you would leave a comment below regarding your experience in preparing for either the CAPM or PMP exam. If you have tips for others on how to prepare for the test, I am sure others would appreciate the suggestions. Additionally, I would love to hear your thoughts about how you make risk management a part of your project management processes.

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