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Risk Management for Projects, Programmes and Operations



Course Number



4 Days

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Understanding risk management in project management is a key skill required of all project managers. In this project risk management training course, you learn how to identify, measure, and analyse risks in projects of all sizes and scopes, and how to ensure the success of your projects from beginning to end by quantifying and creating a project risk management plan.

You Will Learn How To

  • Manage risk to deliver initiatives that meet stakeholder needs
  • Apply scalable templates for your initiative with Risk Management Plans, Risk Registers, and Risk Assessment Matrixes
  • Leverage a proven qualitative risk-analysis process to guide your risk management decisions

Important Course Information

Recommended experience:

  • Project management experience at the level of:
    • Course 296, Project Management: Skills for Success, or
    • Course 340, Project Management for Software Development

Course Outline

  • Overview of Risk Management
  • Recognising risks in initiatives
  • 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 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
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Convenient Ways to Attend This Instructor-Led Course

Hassle-Free Enrolment: No advance payment required to reserve your seat.
Tuition Fee due 30 days after you attend your course.

In the Classroom

Live, Online

Private Team Training

In the Classroom — OR — Live, Online

Tuition Fee — Standard: £2095  

AFTERNOON START: Attend these live courses online via Anyware

15 - 18 Jan ( 4 Days)
2:00 PM - 9:30 PM GMT
Alexandria, VA / Online (AnyWare) Alexandria, VA / Online (AnyWare) Reserve Your Seat

26 - 29 Mar ( 4 Days)
1:00 PM - 8:30 PM GMT
Rockville, MD / Online (AnyWare) Rockville, MD / Online (AnyWare) Reserve Your Seat

14 - 17 May ( 4 Days)
2:00 PM - 9:30 PM BST
Herndon, VA / Online (AnyWare) Herndon, VA / Online (AnyWare) Reserve Your Seat

16 - 19 Jul ( 4 Days)
2:00 PM - 9:30 PM BST
Alexandria, VA / Online (AnyWare) Alexandria, VA / Online (AnyWare) Reserve Your Seat

Guaranteed to Run

When you see the "Guaranteed to Run" icon next to a course event, you can rest assured that your course event — date, time, location — will run. Guaranteed.

Private Team Training

Enroling at least 3 people in this course? Consider bringing this (or any course that can be custom designed) to your preferred location as a private team training.

For details, call 0800 282 353 or Click here »

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Tuition Fee


In Classroom or



Private Team Training

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Course Tuition Fee Includes:

After-Course Instructor Coaching
When you return to work, you are entitled to schedule a free coaching session with your instructor for help and guidance as you apply your new skills.

After-Course Computing Sandbox
You'll be given remote access to a preconfigured virtual machine for you to redo your hands-on exercises, develop/test new code, and experiment with the same software used in your course.

Free Course Exam
You can take your Learning Tree course exam on the last day of your course or online any time after class.


Training Hours

Standard class hours:
9:00 a.m. - 4:30 p.m.

Last day class hours:
9:00 a.m. - 3:30 p.m.

Free Course Exam – Last Day:
3:30 p.m. - 4:30 p.m.

Each class day:
Informal discussion with instructor about your projects or areas of special interest:
4:30 p.m. - 5:30 p.m.

AFTERNOON START class hours:
2:00 p.m. - 9:30 p.m.

Last day class hours:
2:00 p.m. - 8:30 p.m.

Free Course Exam – Last Day:
8:30 p.m. - 9:30 p.m.

Each class day:
Informal discussion with instructor about your projects or areas of special interest
9:30 p.m. - 10:30 p.m.

Enhance Your Credentials with Professional Certification

Learning Tree's comprehensive training and exam preparation guarantees that you will gain the knowledge and confidence to achieve professional certification and advance your career.

Earn 23 PDUs

PMI, the Registered Education Provider logo, PMP, CAPM, PMI-ACP,
and PMBOK are marks of the Project Management Institute, Inc.

This course is approved by PMI® for 23 professional development units (PDUs). For more on the Project Management Institute and a full list of courses approved for PDUs.

Technical : 13 PDUs
Business & Strategic : 10 PDUs

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“I've taken many courses--including risk management—at Learning Tree, and I'm always impressed by them”.

- M. Karlsson, Project Technician

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