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Project Risk Management

This course takes participants through the risk management processes of planning for, identifying, analyzing, responding to, and monitoring risks throughout the life of the project

Duration: Classroom - 2 Days
Why Take This Course:

From the moment a project idea is conceived to the final steps of project closure, risk is an inherent characteristic of any project.  The goal is not to eliminate it, but to manage it.  However, effective risk management often requires new perspectives on the definition of risks, understanding stakeholders in ways not previously considered, and engaging those stakeholders in conversations they would rather avoid.  As appealing as it might be to ignore this critical aspect of project management, to do so is to invite failure.  Any well-planned project necessarily addresses those events that may cause us to deviate from plan.

This course takes participants through the risk management processes of planning for, identifying, analyzing, responding to, and monitoring risks throughout the life of the project.  A case study and numerous workshops provide opportunities to practice the concepts presented. In addition, participants will apply the tools to a real project of their own.  This course is consistent with the risk management processes and techniques in PMI®’s Project Management Body of Knowledge (PMBOK®) Guide. Practitioners new to risk management, as well as those who have some experience, will find the course to be of value in promoting a more thorough approach to the successful management of their next project.

Learn How To:

The course will help you practically learn on the following areas:

  • Define risk and recognize why the definition is a critical starting point in managing it
  • Develop an approach risk management appropriate for any project
  • Use structured approach to identifying and analyzing project risks
  • Create a Risk Register
  • Develop strategies for responding to identified risks
  • Assess and monitoring risks throughout the project

Risk Basics

  • The Definition of a Risk
  • Risks versus Uncertainties, Facts, and Concerns
  • Exercise: Identifying Risks
  • Risks and the Project Life Cycle
  • Risk Management Goal
  • Risk Management Processes

Plan Risk Management

  • Understanding Risk Tolerance
  • Exercise: Stakeholder Risk Tolerance
  • Roles and Responsibilities
  • Known and Unknowns
  • Identifying Reserves
  • Inside the Risk Management Plan
  • Workshop: Preliminary Risk Management Plan
  • Workshop: Known and Unknowns

Identify Risks

  • Involving Stakeholders
  • Challenges
  • Approaches to Categorizing Risk
  • Developing Questions
  • The Risk Register
  • Workshop: Risk Categories and Risk Identification Questions
  • Workshop: Creating the Initial Risk Register

Analyzing Risks  

  • Probability and Impact
  • Types of Scales
  • Risk Score
  • Probability and Impact Matrix
  • Expected Monetary Value (EVM)
  • Recommending Contingency
  • Workshop: Calculating Risk Scores and Ranking Risks
  • Additional Risk Details
  • Triggers
  • Priority of Project Constraints
  • Root Cause
  • Owners
  • Workshop: Detailed Risk Analysis

Plan Risk Responses

  • Responding to Threats
    • Avoid
    • Transfer
    • Mitigate
  • Responding to Opportunities
    • Exploit
    • Share
    • Enhance
  • Accepting Risks
  • Contingent Response Strategies
  • Risk Management and Project Baselines
  • Expected Monetary Value and Decision Trees  
  • Workshop: Calculating EMV and Constructing a Decision Tree
  • Workshop: Risk Response Strategies

Monitor and Control Risks

  • Revisiting the Risk Register
  • Secondary Risks
  • Exercise: Identify Secondary Risks
  • Residual Risks
  • Exercise: Identify Residual Risks
  • Risks and Issues
  • Workshop: Monitoring and Controlling Project Risk

Final Workshop (in pairs or teams): Apply concepts learned in class to current project.

Format: To assimilate the tools and techniques learned, there is a mixture of individual and team exercises throughout the course.  A robust case study helps reinforce concepts learned.  Be prepared for a high level of participation. Each participant will receive a comprehensive student guide complete with examples and workshop solutions.
Who Should Attend: The course is primarily targeted at those who already possess a basic knowledge of project management.  In addition to Project Managers, the course will also be of benefit to Business Analysts, Program Managers, and Business Managers who wish to increase their understanding of this key business skill, as well as Project Team Members who often play a key role in project risk management activities. 
Prerequisites: Thpse enrolling in this course must have a good basic understanding of and experience in the project environment.
Knowledge Area:




Project Risk Management
Project Stakeholder Management

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