Risk Is A Four Letter Word!

3 Days

Now that your company has become more proficient at managing your projects the significance of Risk Management as a tool to stay competitive becomes more and more valuable. Now that your company’s Project Management Maturity has made it possible to plan and complete the work of the project, it is time to better recognize the things that might need to be done. Risk Management in Project Management is the management of the things that may or may not have to be done in order to complete the project.

This three-day course will develop your expertise in risk management in the context of the project life cycle and helps you clearly identify the issues in assessing, limiting, and mitigating risk. The methodology used in this course is fully consistent with the Project Management Institute’s (PMI’s) Guide to the Project Management Body of Knowledge (PMBOK^®).

This course will make you competent both qualitative and quantitative techniques for assessing risk. The course helps you gain real-world experience, through exercises and case studies, applying risk management strategies and techniques to actual projects. Numerous exercises and case study activities will allow you to use your knowledge.

Remove the uncertainty out of managing projects using the tools and techniques you will learn in this course.

This course will earn participants 21 Professional Development units and 2.1 Continuing Education Units.

Who Should Attend

This course was designed for Project Managers who are looking to improve their understanding of Risk Management and thereby improve their Risk Management skills.

Course Objectives

You will learn how to:

	Manage risk in a step by step process
	Manage the part of your project that may or may not have to be done
	Categorize risks inherent in any project
	Evaluate risk and determine priorities correctly
	Budget money and time for risk successfully
	Identify acceptable levels of risk and assess the potential impact of risk factors
	Determine risks that can be avoided and eliminated
	Control risk using proven tools and techniques
	Overcome psychological barriers to risk in stakeholders and team members
	Determine schedule risk
	Apply contingency and management reserves to schedules
	Use critical chain theory to minimize schedule risk

Class Outline

Definition and characteristics of “risk”

Elements and factors of risk

PMI terminology and the rest of the world

Event (future occurrence)

Probability (uncertainty)

Impact (amount at stake)

Types of risk

Components of risk management

Identification

Quantification

Response development

Response control

Establishing a Risk Management Process

Identifying Risks

Assessing Risks

Planning Responses

Implementing the Risk management Plan

Evaluating

Documenting

Identifying Risks

Risk identification

Risk responsibility

Idea generation tools and techniques

Business vs. pure risks

Financial risks

Schedule risks

Technical risks

Legal risks

Performing Risk Assessment

Determining risk tolerances

Analyzing risks

Risk Impact

Risk Probability

Risk severity

Risk-based financial tools and techniques

Expected-value analysis

PERT

Cost and Schedule Estimating

Decision trees

Probability analysis

Prioritizing risks

Developing Risk Reponses

Risk response strategies

Risk acceptance

Risk avoidance

Risk mitigation

Implementing Risk Responses

Communicating risk issues

Documenting risk management practices

Reassessing risk

Decision-making processes

Risk Evaluation and Documentation

Early warning systems

Communication

Recording impacts

Schedule Risk

Monte Carlo Analysis

Contingency planning and scheduling

Critical Chain Theory and Risk