Project Risk Management The skills to identify, measure, and analyze risks in projects of all sizes and scopes

Course details

Module 1: Overview of Risk Management

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

Module 2: 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 initiative risk
  • Common sources of initiative risk
  • Utilizing checklists
  • Creating Ishikawa diagrams to analyze cause and effect
  • Assessing high-level risks to the organization

Module 3: 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

Module 4: Improving Initiative Performance through Qualitative Analysis

• Analyzing risks through qualitative measures
  • Performing probability and impact analyses
  • Applying the probability and impact matrix
  • Advanced applications of qualitative analysis

• Prioritizing analysis results
  • Ranking project and operations risks
  • Differentiating between acceptable and unacceptable risks

Module 5: Analyzing 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

Module 5: 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 seven-step process to risk response planning

Module 6: 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 by payoff tables
  • Dealing with unknown risks using workarounds

Module 7: 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