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Risk Management
The Fundamentals of the Project Risk Management
Course Description
Projects are temporary and unique. Customers demand benefits but realize the inherit risks and opportunities in achieving them. Customers expect project managers to be able to minimize threats and take advantage of opportunities to maximize project benefits. With the pace of change accelerating in organizations, project risk management is a core competency required to successfully lead projects to benefit realization.
This course provides project managers with a comprehensive review of the project management risk process that is defined by the PMI® PMBOK®, as well as a wealth of tools and techniques. The PMBOK® Risk Management process includes:
- Risk Management Planning
- Risk Management Identification
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Risk Response Planning
- Risk Monitoring and Control
Using case studies as well as practical experience from seasoned project managers, students will be able to proactively plan, identify, forecast and mitigate risks as well as maximize opportunities in their projects. This course also introduces students to the importance of leadership in the risk management process. Students will leave with new practices to apply in their environment and new insights on the implications and advantages of applying risk management well.
Student Prerequisites:
This is an advanced risk management course for students who have mastered the basics of the PMBOK®. Students should have completed the Project Management Essentials course or the equivalent.
The course includes:
- Presentations
- Discussions
- Case Studies
- Team exercises
- Skills Practice
- Networking
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Objectives
- Understand the PMBOK® risk management process
- Use practical tools and techniques to identify risks
- Identify response plans to threats and opportunities
- Quantify risk values and weights associated with your project
- Master mitigation, acceptance and avoidance strategies
- Proactively identify project opportunities
- Understand and measure stakeholder risk attitudes and preferences
- Create risk registers that add value to your project
- Identify warning signals that risk events are occurring
- Master leadership strategies for discussing risk at all levels in your organization
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Outline
The Basic Foundations of Risk Management
- Definition and characteristics of “risk”
- Elements and factors of risk
- Types of risk
- Risk Life Cycle
- Risk characteristics
- Responsibilities for risk management
- Overview of risk management process
- Risk Management Planning
- Risk Management Identification
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Risk Response Planning
- Risk Monitoring and Control
Risk Management Planning and Identifying Risks
- Risk management planning inputs
- Risk management plan components
- Risk break-down structure
- Risk identification inputs
- Methods for identifying risks
- Creating a risk register
- Risk perceptions and attitudes
- Managing risk attitudes
Quantifying Risk
- Qualitative analysis
- Inputs to qualitative analysis
- Probability and impact
- Quantitative analysis
- Inputs to quantitative analysis
- Probability distribution
- Expected Monetary Value analysis
- Decision tree analysis
- Sensitivity analysis
- Monte Carlo Simulation
- Prioritizing risks
- Cost risk simulation results
- Establishing reserves
Responding to Risk
- Inputs to risk response plan
- Risk response techniques
- Opportunity response techniques
- Risks associated with contracts
Controlling and Monitoring Risk
- Inputs to risk control and monitoring
- Monitoring change requests
- Assessing risk plans
- Conducting risk audits
- Trend and variance analysis
- Contingency plans
Importance of Leadership Project Risk Management
- Why project managers struggle with risk discussions
- Importance of leadership qualities
- Credibility in the risk management process
- The MyProjectAdvisor Leadership Competency Pyramid
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Contact Hours
Students will receive:
15 PDUs
1.5 CEUs
Certificate of completion
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Who Should Attend
- Certified Project Managers
- Project managers seeking certification
- PMO Managers
- Business analysts
- Project team members
- Organizational Change Agents
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Evaluation Comments
- “Instructor provided usable risk management tools and an explanation of what a Project Manager’s responsibility in that position is. I walked away with a clear understanding that communication with stakeholders is the important factor in successfully managing risk.” – Class participant
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“PMI is a registered trademark of the Project Management Institute, Inc.”
“PMP is a registered trademark of the Project Management Institute, Inc.”
“PMBOK is a registered trademark of the Project Management Institute, Inc.”
“CAPM is a registered trademark of the Project Management Institute, Inc.”
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