Project Risk Management

Course Description

Course Overview:

This seminar focuses on the uncertainty that surrounds any project. Project Risk Management is designed to have the participant learn core project risk management concepts and best practices, and learn tools that are used to proactively manage project risk. During the course, “best practices” will be introduced, and put into context through various exercises and scenarios and case studies.

Target Audience:

Students enrolling in this course should be planning to lead a project (primary audience) or serve on a project team (secondary audience)

Pre-requisites:

To ensure your success, we recommend you have some working knowledge or experience in working in a project environment, or have completed a foundations course in project management.

Course Duration:

14 hours (2 Days)

Course Content:

Introduction to Project Risk Management

Course Objectives
Session Overview
Class Materials
Student Introductions

Project Risk Management Project

Risk Definition
Risk Impacts
Risk Events and
Risk Conditions
Risk Management vs. Issues Management
Why Manage Risks?
What Happens if you don’t Manage Risks?
Exercise – Identify typical project risks
Practical Risk Management Guidelines
Underlying PM Concept
Project Constraints
Project Objectives
Managing Uncertainty
Project Manager’s Role in Risk Management
Team Member Roles
Risk Management – A Structured Approach
Tailoring Risk Management
PMBOK® Guide Project Risks Management Processes
Sample Project – Case Study

Plan Risk Management

Risk Management – A Structured Approach – Step 1
Project Subsidiary Management Plans
Components of a Risk Management Plan
Risk Tolerance
Risk Management Planning Meeting
Risk Categories
The Risk Breakdown Structure
Exercise- Develop a Risk Breakdown Structure
Meeting Guidelines
Exercise- Risk Management Planning Meeting

Identify Risks

Risk Management –
A Structured Approach – Step 2
Identify Risks
Process Approach to Risk Management
Identify Risks tools and techniques
Brainstorming
Crawford Slip Adaptation
Risk Characteristics
Project

Risk Assessment

Why Assess and Rank Risks?
Risk Management – A Structured Approach – Step 3
Risk Assessment
Frequency or Risk Assessments
Perform Qualitative
Risk Analysis
Risk Probability of Occurrence
Risk Impacts to Project Objectives
Which Type of Assessment
Using the Risk Characteristics in Assessment
Perform Qualitative
Risk Analysis Tools and Techniques Scales of Probability Scale of Impact Using a Probability Impact Grid (PIG) Assessing Risk using a PIG
Exercise – Assess Project
Risks using a PIG
Risk Assessment Changes over Time Perform Quantitative
Risk Analysis Using Statistics to Forecast Perform Quantitative
Risk Analysis Tools and Techniques Sensitivity Analysis Expected Monetary Value (EMV) Analysis Decision-Tree Analysis
Decision-making Steps Decision Tree Example Evaluating a
Decision Tree Exercise – Perform a
Decision-Tree Analysis Monte Carlo Simulation Demo –
Monte Carlo Simulation

Plan Risk Responses

Risk Management – A Structured Approach – Step 4
Risk Response goals Using the Risk Characteristics in
Risk Response Planning Plan
Risk Responses Tools and Techniques Responses for Threats Avoid the
Risk Transfer the risk Mitigate the
Risk Mitigation Guidelines Acceptance as a response Responses for Opportunities Exploit the risk Share the
Risk Enhance the risk
Risk Triggers Residual
Risks Secondary Risks Contingency Reserves Contingency Reserves vs. Management Reserves Developing the
Risk Response Plan Exercise –
Develop a Risk Response Plan

Control Risks

Control Risks
Risk Management – A Structured Approach – Steps 5 & 6
Monitoring
Risks Using the
Risk Characteristics in Control
Risks Controlling Risks Control
Risks Tools and Techniques
Risk Audits Variance and Trend Analysis Reserve Analysis Status Meetings Tracking and Reporting on project risk Outputs of Control
Risks Exercise – Perform a Risk Re-Assessment

Continuous Improvement

Lessons Learned
Risk Management – A Structured Approach – Step7 Improving the
Risk Management Plan Project Issues Issues Management Issues Management Plan Process Flow for Issues Management Issues Management Best Practices Capstone Exercise – Perform
Risk Management Activities on a short case study Course Summary Course Revie