Here is a comprehensive list of Risk Management Tools & Techniques as per PMI
(PMBOK Guide) in a structured tabular format:
PMI Risk Management Tools & Techniques
Tool/Technique
Definition
Example
Evaluates Strengths, A power plant project
identifies Weakness:
Weaknesses,
SWOT Analysis
Opportunities, and
reliance on a single
Threats to identify
supplier for transformers,
project risks.
which is a risk.
Examines assumptions Assuming "No regulatory
Assumption &
and constraints to
changes will occur" could
Constraint
determine their impact be a risk if new safety laws
Analysis
on risks.
emerge.
Using a checklist of past
Uses historical data
GIS installations, a team
and pre-defined
identifies recurring cable
Checklist Analysis
checklists to identify
termination failures as a
risks.
risk.
Gathers insights from Consulting a GIS
manufacturer to evaluate
Expert Judgment industry experts to
assess risks.
risks of bushing failure.
Identifies underlying
causes of risks using
A switchgear breakdown
Root Cause
methods like 5 Whys traced to poor insulation
Analysis (RCA)
or Ishikawa
material through RCA.
Diagrams.
Experts individually rank
Uses anonymous
the probability of
expert
consensus
to
transformer failures; results
Delphi Technique
assess risks.
are aggregated for
consensus.
In a GIS installation
Uses probability
project, Monte Carlo
distributions to
simulation predicts 80%
Monte Carlo
simulate multiple
Simulation
probability of project
project outcomes.
completion within 6
months.
Graphically represents
A diagram shows how
relationships between
Influence Diagram
supplier delays impact
risks, decisions, and
project cost overruns.
outcomes.
Applicable
Process Stages
Identify Risks
Identify Risks,
Perform Risk
Analysis
Identify Risks
All Risk
Management
Processes
Identify Risks,
Monitor Risks
Identify Risks,
Perform Risk
Analysis
Perform
Quantitative
Risk Analysis
Perform Risk
Analysis
Tool/Technique
Definition
Applicable
Process Stages
A project team evaluates
Perform Risk
"Build vs. Buy" decisions
Analysis, Plan
for GIS components with
Risk Responses
respective risks and costs.
Identifying "causes of
Ishikawa
equipment failure" in a
(Fishbone)
Identify Risks
GIS substation.
Diagram
A supply chain delay (high
impact, medium
Prioritizes risks based
Perform
probability) gets higher
Risk Probability
on their likelihood and
Qualitative Risk
priority than minor
& Impact Matrix
potential impact.
Analysis
component defects (low
impact, high probability).
Measures the impact of Analyzing how exchange
Perform
Sensitivity
different risk variables rate fluctuations affect the Quantitative
Analysis
on project objectives. project budget.
Risk Analysis
Deductive method to
Identifying primary cause Perform Risk
Fault Tree
identify root causes of
of a GIS arc flash event.
Analysis (FTA)
Analysis
system failures.
Evaluates failure
Analyzing HV bushings for Perform Risk
Failure Modes
modes, their severity, possible failure modes in a Analysis, Plan
and Effects
Analysis (FMEA) and corrective actions. 132kV GIS.
Risk Responses
Determines how much
A project adds a 15% cost
buffer (time/cost) is
Contingency
Plan Risk
reserve for potential
Reserve Analysis needed to manage
Responses
transformer price hikes.
risks.
If primary vendor fails, a
Establishes alternative
secondary vendor
Plan Risk
Fallback Planning action plans if risk
agreement is preResponses
response fails.
negotiated.
Reviews risk
A project review reveals
management
risk response delays,
Risk Audits
Monitor Risks
effectiveness and
prompting corrective
identifies process gaps. actions.
Periodically reA power project reviews
risk register quarterly to Monitor Risks
Risk Reassessment evaluates identified
risks and new risks.
capture evolving risks.
Assesses if
Checking if the allocated
Monitor Risks,
contingency reserves $200K risk buffer is
Reserve Analysis
Plan Risk
are sufficient for risk adequate for unexpected
Responses
response.
GIS component failures.
Documents identified
All Risk
A new risk entry for
Risk Register
risks, their responses,
Management
Updates
"delayed approval of
and status.
Processes
Decision Tree
Analysis
Models different risk
scenarios and their
expected outcomes
using a tree diagram.
Identifies multiple
causes of risks in a
structured way.
Example
Tool/Technique
Definition
Example
Applicable
Process Stages
permits" is added to the
risk register.
Key Takeaways:




Qualitative Analysis Tools: SWOT Analysis, Checklist Analysis, Delphi Technique,
Risk Matrix.
Quantitative Analysis Tools: Monte Carlo Simulation, Sensitivity Analysis,
Decision Tree, Influence Diagram.
Failure & Root Cause Analysis: FTA, Ishikawa Diagram, RCA, FMEA.
Monitoring & Response Planning: Contingency Planning, Reserve Analysis, Risk
Audits.
Would you like further details or real-world examples on any of these? 😊
Here's a comparison of risk management tools & techniques based on PMI (Project
Management Institute) standards from the PMBOK Guide:
Tool/Technique
Definition
Example
Applicable
Process Stages
A project budget was set at
Compares actual
$1M, but actual costs are
Monitor Risks
project performance
Variance
$1.2M, showing a cost
(Control Risk
against the baseline to
Analysis
variance of +200K (Cost
Process)
identify deviations.
Performance Index = 0.83).
A construction project
Examines project
experiences increasing delay
performance over
Monitor Risks,
trends (e.g., 2-day delay in
Trend Analysis time to predict future
Plan Risk
Month 1, 4-day delay in
outcomes based on
Responses
Month 2), indicating a risk of
historical data.
missed deadlines.
A top-down
A power system failure
deductive technique
Identify Risks,
occurs → The root cause is
that identifies root
Perform
traced through FTA, revealing
Fault Tree
causes of potential
Qualitative &
that a circuit breaker
Analysis (FTA)
system failures using
Quantitative
malfunctioned due to
a logical tree
Risk Analysis
insulation failure.
structure.
Assesses the impact In a power plant project,
Perform
of individual risk
sensitivity analysis reveals
Quantitative
Sensitivity
factors on project
that a 5% increase in fuel
Risk Analysis,
Analysis
objectives by varying cost results in a 10% increase Plan Risk
one variable at a time. in operational expenses,
Responses
Tool/Technique
Definition
Example
Applicable
Process Stages
making fuel cost a critical risk
factor.
Key Insights:



Variance & Trend Analysis focus on project performance monitoring.
Fault Tree Analysis is a qualitative risk assessment technique used for root cause
identification.
Sensitivity Analysis is a quantitative risk assessment technique used to prioritize
risks by measuring their impact.
Would you like me to expand on any of these techniques with more detailed methodologies?