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Project Risk Management (Level 2)

Overview
Project management is opportunity management. It is the ability to seize opportunities, minimize threats and achieve optimum results. Too often, risk management is practiced as reactive, or worse, unresponsive. Nothing could be further from the truth. In this Project Risk Management course, you’ll work through the proactive approach to threat and opportunity—based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.

Project Risk Management examines threat and opportunity from both a top-down and bottom-up perspective using proven risk management processes. Using effective tools you’ll learn how to evaluate and respond to risk at the project and task levels.

You will exit the course with new practices to apply in your environment and new insights on the implications and advantages of applying risk management.

Programme Objectives

  • Use practical processes to manage project risk
  • Identify threats and opportunities and weigh their relative value in your project
  • Control multiple risks using appropriate strategies
  • Overcome psychological barriers to risk in stakeholders and team members
  • Make risk and opportunity integral components of your next project plan

Programme Outline
Day 1

  • Introduction to Risk
    •  
    • Definition and characteristics of "risk"
    • Elements and factors of risk
      • Event (future occurrence)
      • Probability (uncertainty)
      • Impact (amount at stake)
    • Types of risk
    • Components of risk management
      • Identification
      • Quantification
      • Response development
      • Response control

Day 2

  • Risk Management Planning and Identifying Risks
    •  
    • Risk management planning
    • Risk identification
    • Idea generation tools and techniques
  • Analysis Fundamentals
    •  
    • Probability and impact
    • Presenting risk
      • Descriptive
      • Qualitative
      • Quantitative
    • Probability analysis

Day 3

  • Analyzing and Prioritizing Risk
    •  
    • Determining risk tolerances
    • Analyzing risks
    • Impact analysis
    • Risk-based financial tools and techniques
    • Expected-value analysis
    • Decision trees
    • Prioritizing risks

Day 4

  • Risk Response Planning
    •  
    • Risk response strategies for opportunities and threats
    • Risk acceptance
    • Risk avoidance
    • Risk mitigation
      • Probability minimization
      • Impact minimization
    • Transference
    • Establishing reserves
  • Execution, Evaluation and Update
    •  
    • Risk Response monitoring and control
    • Execute risk strategies
    • Contingency plans and workarounds
    • Risk evaluation
    • Reassessing risk
    • Risk documentation

 


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