Project Risk Management Training

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, scenarios, and case studies.

• Discuss the processes of Project Risk Management and a project manager’s role in this activity.
• Discuss why projects are unsuccessful due to inadequate risk management, and how project teams can address this shortcoming.
• List and discuss the impact risks have on project success criteria and common categories for project risk.
• Discuss the process for developing a Risk Management Plan.
• Discuss techniques for identifying a project’s risks.
• Discuss techniques assessing and analyzing risks, both qualitatively and quantitatively.
• Compare different risk response strategies for proactively dealing with both threats, but also opportunities.
• Identify techniques for proactively monitoring and dealing with risk throughout the project life cycle.
• Use Lessons Learned regarding risk management to continuously improve the Risk Management Plan.

Introduction to Project Risk Management

• Session Overview
• Introductions
• Course Objectives
• Exercise — The Domino Project

Project Risk Management

• What is a Project Risk?
• Risk Management vs. Issues Management
• What Happens if you don’t Manage Risks?
• Exercise — Identify typical project risks
• Practical Risk Management Guidelines
• Process Model for Project Risk Management
• PMBOK® Guide Project Risks Management Processes
• Sample Project – Case Study

Risk Management Planning

• Project Subsidiary Management Plans
• Components of a Risk Management Plan
• Risk Utility
• Risk Management Planning Meeting
• Typical Project Risk Categories
• The Risk Breakdown Structure
• Exercise– Develop a Risk Breakdown Structure
• Meeting Guidelines
• Exercise– Risk Management Planning Meeting

Risk Identification

• Process Approach to Risk Management
• Risk Identification tools and techniques
• Brainstorming
• Crawford Slip Adaptation
• Risk Syntax
• The Risk Register
• Exercise — Identify Project Risks

Project Risk Assessment

• Why Assess and Rank Risks?
• Risk Assessment
• Frequency or Risk Assessments
• Qualitative Risk Analysis
• Risk Probability of Occurrence
• Risk Impacts to Project Objectives
• Using a Probability Impact Grid (PIG)
• Exercise — Assess Project Risks using a PIG
• Quantitative Risk Analysis
• Tools and Techniques for Quantitative Risk Analysis
• Sensitivity Analysis
• Expected Monetary Value (EMV) Analysis
• Decision–Tree Analysis
• Exercise — Perform a Decision–Tree Analysis
• Monte Carlo Simulation
• Demo — Monte Carlo Simulation

Risk Response Planning

• Risk Response goals
• Risk Response Tools and Techniques
• Responses for Threats
• Responses for Opportunities
• Acceptance as a Response
• Risk Response Strategies
• Risk Triggers
• Residual Risks
• Secondary Risks
• Contingency Reserves
• Developing the Risk Response Plan
• Exercise — Develop a Risk Response Plan

Risk Monitoring and Control

• Risk Monitoring
• Risk Control
• Risk Monitoring and Control Tools and Techniques
• Risk Audits
• Variance and Trend Analysis
• Reserve Analysis
• Status Meetings
• Tracking and Reporting on project risk
• Exercise — Perform a Risk Re–Assessment

Continuous Improvement

• Lessons Learned
• Improving the Risk Management Plan
• Project Issues
• Issues Management
• Process Flow for Issues Management
• Capstone Exercise — Perform Risk Management Activities on a short case study
• Course Summary
• Course Review

Upcoming Dates & Locations