Course Objectives :

Participant 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 Content:

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

Improving Project Performance Through Qualitative Analysis

Analyzing risks through qualitative measures

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

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

Making Decisions Under Uncertainty

Psychological factors in decision making

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

Tools to enhance objectivity

Monitoring and Controlling Risk

Identifying emerging project risks

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