Critical Success Factors fro Risk Management Processes- Important Topic for PMI-RMP Exam

Critical Success Factors (CSF's) is an Important Topic you will face in PMI-RMP Exam, at least 6-7 Questions will ask you directly/Indirectly about them.

The most useful way to get all of these questions on this topic is to understand deeply these factors and their effect on the risk management in general and their effect on the six processes of the risk management.

These factors are mentioned in PMI Standard Practice of Risk Management Book and they were discussed in deep details thru the book.

Below are these factors for each process and for risk management in General;

1. CSF for Project Risk Management• Recognizing Risk Management Value — Awareness of the value for the risk.
• Individual Commitment/Responsibility — All Stakeholders in the project should be responsible about the risk
• Open and Honest Communication — All stakeholders should be involved in the Project Risk Management
process. 
• Organizational Commitment — Organizational commitment can only be established if risk management is aligned with the organization’s goals and values. Project Risk Management may require a higher level of managerial support than other project management disciplines becausehandling some of the risks will require approval of or responses from others at levels above theproject manager.• Risk Effort Scaled to Project — Project Risk Management activities should be consistent with the value
of the project to the organization and with its level of project risk, its scale, and other organizationalconstraints. In particular, the cost of Project Risk Management should be appropriate to its potentialvalue to the project and the organization.• Integration with Project Management — Project Risk Management does not exist in a vacuum,
isolated from other project management processes. Successful Project Risk Management requiresthe correct execution of the other project management processes.

2. CSF for the Plan Risk Management Process•  Identify and Address Barriers to Successful Project Risk Management•  Involve Project Stakeholders in Project Risk Management•  Complying with the Objectives of the Organization, Rules, Policies, and Practices   

3. CSF for the Identify Risks Process•  Early, Iterative, Comprehensive and Emergent    Identification.•  Explicit Identification of Opportunities•  Multiple Perspectives•  Risks that Linked to Project Objectives•  Complete Risk Statement•  Ownership and Level of Detail•  Objectivity 

4.  CSF for the Perform Qualitative Risk Analysis Process

•  Use Agreed Upon Definitions and Approach for the risk terms and Methodology.
•  Collecting High-Quality Information about Risks•  Iterative Qualitative Risk Analysis 

 5. CSF for the Perform Quantitative Risk Analysis Process

•  Unbiased Data and collecting High-Quality data related to    Risk.

•  Prior Risk Identification and Qualitative Risk Analysis

• Appropriate Project Model

•  Overall Project Risk Derived from Individual Risks

•  Interrelationships Between Risks in Quantitative Risk Analysis

 6. CSF for the Plan Risk Responses Process

• People  

• Planning 

• analysis
  
7. CSF for the Monitor and Control Risks Process •  Integration between Risk Monitoring and Control with Project Monitoring and Control•  Continuously Monitor Risk Trigger Conditions•  Maintain Risk Awareness 

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