Comparison and Review of Risk Management Models: Pmi Bok, Ramp and Kendrick

Comparison and Review of Risk Management Models: PMI BOK, RAMP and Kendrick

Sherwette Mohammed Abdel-Wahab

Enoh Sarahann Bacchus

Joel Devallon

Janet Miller

University of Maryland University College

PMAN 637 9081

Fall 2010

Dr. Atilio Moran Leal

December 12, 2010

Table of Contents

Abstract 4

1. Introduction 5

1.1 Risk models 5

2. Comparisons 6

2.1 Basic concepts 6

2.2 Comparing advantages of each model 6

Framework 7

Advantages 7

Limitation 7

Kendrick 8

3. Background of Risk Management Models 9

3.1 (PMBOK) Risk management process 9

3.2 (RAMP) Risk management process 10

3.3 Kendrick Risk Management Process 12

4. Risk Identification Process of Models 12

4.1 PMBOK 12

4.2 RAMP 13

4.3 Kendrick 15

Scope Risk 15

Schedule Risk 17

Resource Risk 18

5. Quantitative and Qualitative Risk Analysis of Models 19

5.1 PMBOK 19

5.2 RAMP 20

5.3 Kendrick 21

6. Risk Response Planning of Models 21

6.1 PMBOK 21

6.2 RAMP 22

Risk Management Phase – Investment 22

Risk Management Phase – Mitigation 23

Risk Management Phase – Go – No Go Decision 23

6.3 Kendrick 24

7. Risk Monitoring and Control of Models 26

7.1 PMBOK 26

7.2 Kendrick 26

Summary 27

8. Conclusion 27

References 29

Abstract

In identifying and managing risk, there are several different management models used; among which are but not limited to PMBOK, Kendrick and RAMP. Our goal is to offer a critical interpretation of the model and compare it to others while examining room for improvement. The steps are to first define the project. All project management methodologies place emphasis on the use of project definition. Whether it’s called project initiation or any other jargon, it is the key to successful project completion. Project definition must be documented and be accurate. Objectives must be stated clearly. The Project Definition will specify the key deliverables of the project. In other words it will spell out what will be produced, the schedule of the...