COURSE OVERVIEW

In this Risk Management course, delegates work through the proactive approach to threat and opportunity, based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.

Risk Management examines threat and opportunity from a top-down and bottom-up perspective using Strategy Execution’s proven eight-step risk management process. Using effective tools, including our highly regarded risk assessment model, participants will learn how to evaluate and respond to risk at the project and task levels.

By applying these tools, attendees will end the course with new practices to apply in their own environment and form new insights on the implications and advantages of applying risk management well.

Reminder: Participants taking this course should not take IT Risk Management.

LEARN HOW TO

• Define risk and risk management
• Identify risks using various methods
• Assess the potential impact of risk factors
• Prioritise risks to determine the most important
• Develop effective risk response strategies
• Control risk during project execution using proven tools and techniques
• Use a practical 8-step process to manage project risk
• Write a risk management plan for a project using a proven risk management plan template

PMBOK® KNOWLEDGE AREAS

• Project Time Management
• Project Cost Management
• Project Risk Management
• Project Procurement Management
• Project Communications Management

COURSE TOPICS

• Foundations of Risk
• Project risk
• Dual nature of risk
• Elements of risk
• Levels of risk
• Characteristics of risk events
• Risk management
• Definition, benefits, and responsibilities of risk management
• The project planning process and risk management
• The project life cycle and risk management
• Types of risks
• Uncertainty
• Factors affecting risk perceptions
• Critical success factors for dealing with risk

Identifying Risks

• Risk management and project management
• Risk management model
• Step 1: risk management planning
• Importance of documentation and communication
• Step 2: identify risks
• Guidelines and preparation for identification
• Tools and techniques (expert interviews, Delphi technique, brainstorming, nominal group technique, affinity diagram, analogy, checklists, questionnaires and templates, crawford slip method, SWOT analysis, prototyping)
• Risk event lists and common problems
• Identifying additional risks

Analysis Fundamentals

• Presenting risk
• Probability and impact
• Qualitative risk rating
• Quantitative risk analysis
• Probability assessment: combining approaches
• Probability analysis and rules
• Comparison of approaches

Analysing and Prioritising Risk

• Step 3: analyse risks
• Risk analysis guidelines
• Impact analysis (project cost, schedule, and scope)
• Tools and techniques (expert judgment, financial measurements, expected value, decision tree, statistical sums (PERT), and computer simulation (Monte Carlo))
• Documenting the analysis
• Step 4: prioritise risks
• Guidelines
• Tools and techniques (qualitative risk ranking, expected value, filtering, and comparative risk ranking)

Plan Responses to Risk

• Step 5: risk response planning
• Risk response planning process
• Risk response strategies for threats
• Risk response strategies for opportunities
• Schedule risk response planning
• Risk analysis and response development
• Response analysis matrix
• Risk response escalation
• Definition of reserves
• Factors in determining reserves
• Update risk management plan

Executing, Evaluating, and Documenting Risks

• Overview of risk monitoring and control
• Step 6: execute risk response strategy
• Risk execution Terms
• Early Warning systems
• Monitor project status
• Maintain project management plan and other project documentation
• Step 7: evaluate results
• Evaluation guidelines
• Evaluate results of corrective actions
• Risk reassessment
• Step 8: document risk management results