Course Details:
Project Risk Management

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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.

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Course Description:

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

At course completion
After completing this course, students will be able to:

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.

Course Outline

1. Introduction to Project Risk Management

Course Objectives
Session Overview
Class Materials
Student Introductions
Class Norms
Exercise – The Domino Project

2. 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

3. 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

4. Identify Risks

Process Approach to Risk Management
Identify Risks tools and techniques
Brainstorming
Crawford Slip Adaptation
Risk Characteristics
The Risk Register
Sample Risk Register
Exercise – Identify Project Risks

5. 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

6. 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

7. 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

8. Continuous Improvement

Lessons Learned
Risk Management – A Structured Approach – Step 7
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 Review

Course Title

Project Risk Management

Course Number

PM18

Course Outline

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Duration

2 days

Price

$1095.00

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Course Details:
Project Risk Management

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Course Details:Project Risk Management

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Course Details:
Project Risk Management