Training description
Project Risk Management LT0286E 
Target audience
- Project managers, directors, sponsors and anyone who has a stake in seeing a project through to its successful
- completion.
Course objective
- All projects involve risk. To quantify and manage risks, you need to thoroughly analyse risk before and
- during a project. Aligned with the PMI Risk Management Professional (PMI-RMP ) certification, this
- course provides the skills to identify and measure risks in project development and implementation. You
- learn to quantify risks and create risk response strategies to deliver projects that meet stakeholder
- expectations.
- You Will Learn How To
- Manage project risk effectively to deliver successful projects that meet stakeholder needs
- Apply customisable, 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
- Utilise a tested 7-step technique to design your risk response strategies
- Monitor risk triggers to control uncertainties and maximise project payoff
Requirements
- Experience at the level of Course 296, "Project
- Management: Skills for Success", or Course
- 340, "Project Management for Software Development", is strongly recommended.
Course content
- Overview of Project Risk Management
- Recognising 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)
- Analysing 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 analyse cause and effect relationships
- Utilising checklists
- Assessing high-level risks to the organisation
- Developing a Risk Register
- Analysing contents of a model Risk Register
- Applying a proven template to create your Risk Register
- Communicating risks to stakeholders
- Documenting risks for future assessment
- Improving Project Performance through Qualitative Analysis
- Analysing risks through qualitative measures
- Performing probability and impact analyses of identified risk
- Applying the probability and impact matrix
- Advanced applications of qualitative analysis
- Prioritising analysis results
- Ranking project risks
- Differentiating between acceptable and unacceptable risks
- Analysing Risks Using Quantitative Methods
- Quantifying effects of risk events on the project
- Determining probability of achieving 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
- 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
- Finalising risk budget
- Applying a 7-step process to risk response planning
- Making Decisions under Uncertainty
- Psychological factors in decision making
- Practical applications of Prospect Theory
- Recognising bias with Utility Theory
- Tools to enhance objectivity
- Maximising returns through the use of payoff tables
- Applying decision trees with Precision Tree software
- Dealing with unknown risks using workarounds
- Monitoring and Controlling Risk
- Identifying emerging project risks
- Matching identified project risk with controls including Risk Audit, Variance Reports, 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 Experience
- Creating an end-of-project risk report
- Compiling lessons learned in a risk database
- Recognising the value of mistakes
- Ensuring continual process improvement
Notes
- RealityPlus
- In this course, you are immersed in a PC- and video-enhanced case study to simulate a project risk
- experience from planning to project close. You perform risk management tasks including:
- Creating your RMP from a proven model
- Developing and updating a Risk Register through a systematic incremental process
- Applying a 7-step qualitative risk analysis process to determine probability, impact and exposure
- Quantifying risks according to EMV, Utility and impact on estimates
- Designing a risk response strategy
- Detecting and responding to risk events using EVA
- Justifying budget and time contingencies
- Updating your risk database and determining process improvements
Duration
4 Days
