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Project Risk Management

Maximizing Your Organizational Investment

 
Course: 286     Type: RealityPlus     Duration: 4 Days

Quick Enroll    

You 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 Benefits
All projects involve risk. To quantify and manage risks, you need to thoroughly analyze risk before and during a project. In this course, you develop strategies to identify and measure the risks in project development and implementation. You learn to quantify risks and create effective risk response strategies to deliver projects that meet stakeholder expectations. You also take away tools and templates for use back at your office.

Who Should Attend
Project managers, directors, sponsors and anyone who has a stake in seeing a project through to its successful completion. Experience at the level of Course 296, "Project Management: Skills for Success," or Course 340, "Project Management for Software Development," is strongly recommended.

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

Course 286 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
  • Analyzing 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
Analyzing risks through qualitative measures
  • Performing probability and impact analyses of identified risk
  • Applying the probability and impact matrix
  • Advanced applications of qualitative analysis
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
  • 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
  • Finalizing 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
  • Recognizing bias with Utility Theory
Tools to enhance objectivity
  • Maximizing 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
  • Recognizing the value of mistakes
  • Ensuring continual process improvement

Related Courses
The PMI R.E.P. logo is a registered mark of the Project Management Institute, Inc. RealityPlus is a trademark of Learning Tree International.
  
 
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Project Risk Management
Upcoming Dates
Oct 28 - 31, 2008
 Washington, DC (Rockville, MD)
Dec 2 - 5, 2008
 Toronto
Dec 2 - 5, 2008
 Washington, DC (Reston, VA)
Mar 3 - 6, 2009
 New York
Mar 24 - 27, 2009
 Ottawa
Apr 6 - 9, 2009
 Toronto
Apr 28 - May 1, 2009
 Washington, DC (Rockville, MD)
May 26 - 29, 2009
 Washington, DC (Reston, VA)

Project Risk Management
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Course Tuition
$ 2,790 Standard Tuition
Tuition with a Savings Plan
$ 1,800 10-Day Pass
$ 1,670 Training Passport
$ 1,700 Premium-Pass
$ 2,200 Voucher 10-Pack
$ 2,515 Alumni Gold Discount
$ 2,484 Government Discount
 

 

Project Risk Management
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