You Will Learn How To
- Manage project risk effectively to deliver successful projects that meet stakeholder needs
- Apply customisable, 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
- Utilise a tested 7-step technique to design your risk response strategies
- Monitor risk triggers to control uncertainties and maximise project payoff
Course Benefits
All projects involve risk. To quantify and manage risks, you need to thoroughly analyse 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.
In this course, you are immersed in a PC- and video-enhanced case study to simulate a project risk experience from planning to project close. You perform risk management tasks including:
- Creating your RMP from a proven model
- Developing and updating a Risk Register through a systematic incremental process
- Applying a 7-step qualitative risk analysis process to determine probability, impact and exposure
- Quantifying risks according to EMV, Utility and impact on estimates
- Designing a risk response strategy
- Detecting and responding to risk events using EVA
- Justifying budget and time contingencies
- Updating your risk database and determining process improvements
Course Content
Overview of Project Risk Management
- Recognising 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)
- Analysing 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 analyse cause and effect relationships
- Utilising checklists
- Assessing high-level risks to the organisation
Developing a Risk Register
- Analysing 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
Analysing risks through qualitative measures
- Performing probability and impact analyses of identified risk
- Applying the probability and impact matrix
- Advanced applications of qualitative analysis
Prioritising analysis results
- Ranking project risks
- Differentiating between acceptable and unacceptable risks
Analysing 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
- Finalising 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
- Recognising bias with Utility Theory
Tools to enhance objectivity
- Maximising 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
- Recognising the value of mistakes
- Ensuring continual process improvement
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