Risk Management for Projects, Programs and Operations

Project Risk Management Course Outline

• Overview of Risk Management

  • Recognising risks in initiatives
  • Using risk management best practises, 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 initiative risk

  • Common sources of initiative risk
  • Utilising checklists
  • Creating Ishikawa diagrams to analyse cause and effect
  • 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 Initiative Performance through Qualitative Analysis

  Analysing risks through qualitative measures

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

  Prioritising analysis results

  • Ranking project and operations risks
  • Differentiating between acceptable and unacceptable risks

• Analysing Risks Using Quantitative Methods

  Quantifying effects of risk events on projects and operations

  • Determining probability of 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 seven-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
  • Dealing with unknown risks using workarounds

• Monitoring and Controlling Risk

  Identifying emerging risks

  • Matching identified initiative risk with controls including Risk Audit, Variance Reports and 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 and Operations Experience

  • Compiling lessons learned in a risk database
  • Ensuring continual process improvement