Risk management in the project (Project risk management) :
When we talk about risks we should not only think about negative risks but also about "positive risks" or opportunities that can arise and make our project better than expected.
The following diagram shows how the risks are identified in the planning phase, they evaluate qualitatively and quantitatively in relation to the probability of occurrence and the impact on the project and, once prioritized by these criteria, a Monitoring Plan - With indicators of occurrence - and a Response Plan for when they occur.
The differences and similarities between ISO 21500 and the PMBOK 6th Edition Guide regarding risk management are as follows:
Plan project risk management
Process by which it is defined how the activities will be carried out to manage the risks of the project.This process is not included in ISO 21500 although it is considered to be elaborated as part of the Project Management Plan and its Subsidiaries Plans.
Identify the risks
Process by which determine what risks and opportunities can affect the project and document its characteristics.This process does not differ from ISO 21500.
Carry out a qualitative risk analysis
Process by which risks are prioritized by joint evaluation of their likelihood and impact with the objective of identifying those that will require a more detailed analysis.
ISO 21500 includes the process "Evaluate risks" whose objective is to measure and prioritize the risks identified. Therefore, it would collect the objectives and contents of the processes "Perform the qualitative analysis of risks" and "Perform the quantitative analysis" of risks of PMBOK 6th Edition.
Conduct quantitative risk analysis
Process by which the numerical impact of the effect of the risks identified as most relevant in the objectives of the project is analyzed.As indicated ISO 21500, the objectives and contents of the processes "Conduct the qualitative risk analysis" and "Conduct the quantitative analysis" of PMBOK 6th Edition risks are included in the process "Evaluate risks".
Plan the response to risks
Process through which options are studied and actions are defined to increase the probability and impact of opportunities and reduce the probability and impact of risks.
Implement the response to risks
Process by which defined response plans are implemented.The process "Treat the risks" of ISO 21500 reflects the objectives and contents of the process "Implement the response to risks" of PMBOK 6th Edition without significant differences.
Process by which risk response plans are implemented, identified and residual risks are monitored, new risks are identified and the effectiveness of risk management during the life of the project is evaluated.The process Control risks of ISO 21500 includes the objectives and contents that the process of the same name of PMBOK 6th Edition.
Project Procurement Management (Project Procurement Management)
These processes define the procurement procedures of products, services, materials, equipment to vendors, contractors, consultants, suppliers ... of the services and elements that the project team will not do. In these processes the project manager assumes the position of buyer, unlike the case of the general project in which he is a salesman for a client.
The differences and similarities between ISO 21500 and the PMBOK 6th Edition Guide in terms of procurement management are as follows:
Plan acquisition management
Process by which project purchasing decisions are documented by specifying the method and identifying potential suppliers.The "Procurement Planning" process of ISO 21500 includes the same objectives and contents.
Process by which the responses of potential suppliers are obtained, the supplier is selected and the contract is signed.The process Select suppliers of ISO 21500 includes the same objectives and contents as the process "Acquisitions" of PMBOK 6th Edition.
Process by which the relationships of the procurement contract are managed, the performance of the contract is monitored and changes and corrections are made if necessary.The process "Manage acquisitions" of ISO 21500 includes the same objectives and contents as the process Control the acquisitions of PMBOK 6th Edition.
About the Author : Alejandro J.Romàn