Date: May 24, 2018

Project Risk Management

Maximizing Your Organizational Investment



You Will Learn How To

  • Manage project risk effectively to deliver successful projects that meet stakeholder needs
  • Apply customizable, industry-robust templates to create a Risk Management Plan and Risk Register
  • Leverage a proven 7-step qualitative risk analysis process to identify risk exposure
  • Translate risk into actual time and cost impact using proven quantitative risk analysis tools
  • Utilize a tested 7-step technique to design your risk response strategies
  • Monitor risk triggers to control uncertainties and maximize project payoff

 

Course Benefits

All projects involve risk. To quantify and manage risks, you need to thoroughly analyze risk before and during a project. Aligned with the PMI Risk Management Professional (PMI-RMP)® certification, this course provides the skills to identify and measure risks in project development and implementation. You learn to quantify risks and create risk response strategies to deliver projects that meet stakeholder expectations.

 

Who Should Attend

Project managers, directors, sponsors and anyone who has a stake in seeing a project through to its successful completion. Experience at the level of Course 296, "Project Management: Skills for Success," or Course 340, "Project Management for Software Development," is strongly recommended.

Overview of Project Risk Management

  • Recognizing risk in all projects
  • Using risk management best practices, tools and techniques to achieve project success

Designing Critical Platforms for Success

Creating a Risk Management Plan (RMP)

  • Analyzing contents of a model RMP
  • Applying a standard template to create your RMP

Identifying project risk

  • Common sources of project risk
  • Creating Ishikawa diagrams to analyze cause and effect relationships
  • Utilizing checklists
  • Assessing high-level risks to the organization

Developing a Risk Register

  • Analyzing contents of a model Risk Register
  • Applying a proven template to create your Risk Register
  • Communicating risks to stakeholders
  • Documenting risks for future assessment

Improving Project Performance through Qualitative Analysis

Analyzing risks through qualitative measures

  • Performing probability and impact analyses of identified risk
  • Applying the probability and impact matrix
  • Advanced applications of qualitative analysis

Prioritizing analysis results

  • Ranking project risks
  • Differentiating between acceptable and unacceptable risks

Analyzing Risks Using Quantitative Methods

Quantifying effects of risk events on the project

  • Determining probability of achieving cost and time objectives
  • Calculating contingency reserves
  • Identifying trends in quantitative analysis
  • Ranking risks by actuarial cost

Tools for analysis

  • Expected Monetary Value (EMV)
  • Three-point estimates
  • Probability distributions
  • Delphi Technique
  • Simulation

Risk Response Planning

Implementing risk response strategies

  • Accept
  • Avoid
  • Transfer
  • Mitigate
  • Exploit
  • Share
  • Enhance
  • Quantifying residual risks and secondary responses

Creating contingency plans

  • Determining the worst-case scenario
  • Recalculating confidence levels
  • Finalizing risk budget
  • Applying a 7-step process to risk response planning

Making Decisions under Uncertainty

Psychological factors in decision making

  • Practical applications of Prospect Theory
  • Recognizing bias with Utility Theory

Tools to enhance objectivity

  • Maximizing returns through the use of payoff tables
  • Applying decision trees with Precision Tree software
  • Dealing with unknown risks using workarounds

Monitoring and Controlling Risk

Identifying emerging project risks

  • Matching identified project risk with controls including Risk Audit, Variance Reports, Reserve Analysis
  • Anticipating risk events through risk triggers
  • Measuring risk using earned value analysis (EVA)

Ensuring effective change control

  • Developing a reliable change request process
  • Recommending corrective action

Leveraging Project Experience

  • Creating an end-of-project risk report
  • Compiling lessons learned in a risk database
  • Recognizing the value of mistakes
  • Ensuring continual process improvement
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