Duration: 3 days – 21 hrs
Overview
This course is designed to equip project managers, team leaders, and professionals involved in project execution with the essential skills and knowledge to enhance project success through robust risk management processes. Participants will learn how to proactively identify, assess, and mitigate potential risks that could negatively impact project outcomes. By the end of the course, participants will be able to develop and implement effective risk management strategies to minimize uncertainties and ensure project delivery within scope, budget, and time constraints.
Objectives
• Understanding the fundamentals of risk management in project settings.
• Learning systematic approaches to identifying project risks.
• Analyzing and evaluating risks for probability and impact.
• Developing effective risk mitigation and response strategies.
• Implementing risk management frameworks to support project success.
• Monitoring and controlling risks throughout the project lifecycle.
Audience
• Risk Management Professionals
• Team Leaders
• Project Stakeholders
• Business Analysts
• Anyone responsible for managing or overseeing projects
Prerequisites
• Basic knowledge of project management principles.
• Familiarity with project management tools and methodologies (e.g., PMI or PRINCE2 frameworks).
Course Content
Understanding Risk in Project Management
o Definitions and types of risks (technical, financial, operational, etc.)
o Importance of risk management in project success
o Role of a project manager in risk management
Frameworks for Risk Management
o Project Management Institute (PMI) Risk Management framework
o ISO 31000 Risk Management Standard
o Integrating risk management in project life cycles
Identifying Risks in Projects
o Risk identification techniques (brainstorming, expert judgment, SWOT analysis)
o Tools and templates for risk identification (Risk Register, Risk Breakdown Structure)
Case Studies
o Real-world examples of project failures due to poor risk management
o Success stories with effective risk management
Day 2: Risk Assessment and Analysis
Risk Assessment Techniques
o Qualitative vs. Quantitative risk analysis
o Probability and impact assessment
o Risk prioritization (using tools like Risk Matrix and Monte Carlo simulations)
Conducting a Risk Assessment Workshop
o Facilitating a risk assessment meeting
o Group exercise: building a risk matrix
Developing Risk Mitigation Strategies
o Avoidance, transference, mitigation, and acceptance strategies
o Contingency planning and reserve analysis
o Practical exercises: developing mitigation strategies for case study risks
Tools for Risk Assessment
o Risk Assessment Software (RiskWatch, RiskyProject, etc.)
o Automation in risk tracking and monitoring
Day 3: Risk Monitoring, Reporting, and Communication
Risk Monitoring and Control
o Tracking risks throughout the project
o Implementing change control processes for risk mitigation
o Continuous risk review and adjusting plans
Risk Communication Strategies
o Ensuring effective risk communication to stakeholders
o Using risk dashboards for real-time monitoring
o Reporting on risk status and mitigation efforts
Closing Risk Management Processes
o Lessons learned and post-project risk reviews
o Transitioning risks from project phase to operations
Final Workshop and Group Exercise
o Developing a risk management plan for a hypothetical project
o Presenting the plan to the class for feedback
