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Management Concepts

Project Risk Management

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In project and program management, something can and will go wrong. Even successful projects must identify, assess, and mitigate risk. Solid risk management best practices are critical to delivering projects that adhere to timeframes, budgets, and quality requirements. You will learn different approaches to risk management, including how to rank and respond to risk, monitoring and controlling risk, and communicating risks throughout the project lifecycle. Risk is inevitable—but it doesn’t have to completely derail your project’s success.

Learning Objectives

  • Apply scalable planning methods to prepare for project risk management
  • Prepare a risk management plan to guide your risk approach
  • Identify project risks by using different identification tools
  • Integrate risk management techniques and results into a balanced project management approach
  • Use multiple techniques to identify and document risks
  • Perform qualitative risk analysis to prioritize risks for response and monitoring
  • Perform quantitative risk analysis to assess risk to the overall project cost and schedule objectives
  • Incorporate expected value, probability, and distribution into your risk analysis
  • Estimate and characterize the impact and timing of risks on your project
  • Determine and implement appropriate risk response strategies based on risk analysis
  • Monitor and control identified and emerging risks based on risk plan and project execution results
  • Communicate risks effectively to all project stakeholders

Course Topics

Risk Management Overview

  • Key Risk Terminology
  • Risk Management Processes
  • Risk Stakeholders

Plan Risk Management

  • Risk Management Planning
  • Scalable Planning Methods
  • Stakeholder Risk Appetite
  • Risk Management Plan
  • Probability and Impact Scales
  • P x I Matrix
  • Exercise: Prepare a Risk Management Plan

Identify Risks

  • Identifying Risks
  • Risk Identification Tools & Techniques
  • Data Analysis Techniques
  • The Risk Register
  • Writing Risk Statements

Perform Qualitative Risk Analysis

  • Perform Qualitative Risk Analysis
  • Probability and Impact
  • Risk Probability and Impact Assessment Steps
  • Exercise: Ranking Risks against Objectives

Perform Quantitative Risk Analysis

  • Perform Quantitative Risk Analysis
  • Decision Analysis and Support
  • Analyzing Overall Cost and Schedule Risk
  • Weighted Average Mean
  • Standard Deviation of a Series
  • Developing Expected Cost Estimates
  • Project Cost & Schedule Risk Analysis Using Expected Values
  • Monte Carlo Simulation

Plan Risk Responses

  • Plan Risk Responses
  • Risk Response Strategies
  • Documentation Updates

Implement Risk Responses

  • Actions for Implementing Risk Responses
  • Communicating Risk Information to Stakeholders
  • Project Team Meetings
  • Requirements for Open Risk Communication
  • Exercise: Implementing Risk Responses

Monitor Risks

  • Monitor Risks
  • Risk Monitoring Tools
  • Risk Reporting
  • Exercise: Risk Monitoring

Course Summary

  • Risk Management Process
  • Plan Risk Management
  • Identify Risks
  • Perform Qualitative Risk Analysis
  • Perform Quantitative Risk Analysis
  • Plan Risk Responses
  • Implement Risk Responses
  • Monitor Risks

Who should attend

This course is intended for intermediate level program and project managers.

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