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General Information

Length and Learning Modes: In-person classes – 2 days / Virtual (Live online) – 4 sessions
Overview:

 

From the moment a project idea is conceived to the final steps of project closure, risk is an inherent characteristic of any project.  The goal is not to eliminate it, but to manage it.  However, effective risk management often requires new perspectives on the definition of risks, understanding stakeholders in ways not previously considered, and engaging those stakeholders in conversations they would rather avoid.  As appealing as it might be to ignore this critical aspect of project management, to do so is to invite failure.  Any well-planned project necessarily addresses those events that may cause us to deviate from plan.

This course takes participants through the risk management processes of planning for, identifying, analyzing, responding to, and monitoring risks throughout the life of the project.  A case study and numerous workshops provide opportunities to practice the concepts presented. In addition, participants will apply the tools to a real project of their own.  This course is consistent with the risk management processes and techniques in PMI®’s Project Management Body of Knowledge (PMBOK®) Guide. Practitioners new to risk management, as well as those who have some experience, will find the course to be of value in promoting a more thorough approach to the successful management of their next project.

Pre-requisites:

 

Students enrolling in this course must have a good basic understanding of and experience in the project environment.

Skill Level: Intermediate
Audience:

 

The course is primarily targeted at those who already possess a basic knowledge of project management.  In addition to Project Managers, the course will also be of benefit to Business Analysts, Program Managers, and Business Managers who wish to increase their understanding of this key business skill, as well as Project Team Members who often play a key role in project risk management activities. 

Development Units:
PDUs: 14
CEUs: 1.4
Certificate Programs:
  • Masters Certificate in Project Management
Format:

 

To assimilate the tools and techniques learned, there is a mixture of individual and team exercises throughout the course.  A robust case study helps reinforce concepts learned.  Students will need to be prepared for a high level of participation. Each participant will receive a comprehensive student guide complete with examples and workshop solutions.

Content:

Risk Basics

  • The Definition of a Risk
  • Risks versus Uncertainties, Facts, and Concerns
  • Exercise: Identifying Risks
  • Risks and the Project Life Cycle
  • Risk Management Goal
  • Risk Management Processes

Plan Risk Management

  • Understanding Risk Tolerance
  • Exercise: Stakeholder Risk Tolerance
  • Roles and Responsibilities
  • Known and Unknowns
  • Identifying Reserves
  • Inside the Risk Management Plan
  • Workshop: Preliminary Risk Management Plan
  • Workshop: Known and Unknowns

Identify Risks

  • Involving Stakeholders
  • Challenges
  • Approaches to Categorizing Risk
  • Developing Questions
  • The Risk Register
  • Workshop: Risk Categories and Risk Identification Questions
  • Workshop: Creating the Initial Risk Register

Analyzing Risks  

  • Probability and Impact
  • Types of Scales
  • Risk Score
  • Probability and Impact Matrix
  • Expected Monetary Value (EVM)
  • Recommending Contingency
  • Workshop: Calculating Risk Scores and Ranking Risks
  • Additional Risk Details
  • Triggers
  • Priority of Project Constraints
  • Root Cause
  • Owners
  • Workshop: Detailed Risk Analysis

Plan Risk Responses

  • Responding to Threats
    • Avoid
    • Transfer
    • Mitigate
  • Responding to Opportunities
    • Exploit
    • Share
    • Enhance
  • Accepting Risks
  • Contingent Response Strategies
  • Risk Management and Project Baselines
  • Expected Monetary Value and Decision Trees  
  • Workshop: Calculating EMV and Constructing a Decision Tree
  • Workshop: Risk Response Strategies

Monitor and Control Risks

  • Revisiting the Risk Register
  • Secondary Risks
  • Exercise: Identify Secondary Risks
  • Residual Risks
  • Exercise: Identify Residual Risks
  • Risks and Issues
  • Workshop: Monitoring and Controlling Project Risk

Final Workshop (in pairs or teams): Apply concepts learned in class to current project.

Note:

Watermark Learning constantly improves its course offerings to ensure the best training possible and to keep you abreast of the latest industry trends. As a result, this outline is subject to change.

Early Bird Pricing applies to registrations that are paid for by the Early Bird Date. Cannot be combined with any other offer or discount unless Early Bird pricing results in a higher discount. In that case Early Bird pricing will override any lower discount offer.

No bulk discounts are applicable to this item.