Project Risk Management
Overview
This course teaches students how to identify, analyze, plan, and manage project-related risks. Course participants will learn the difference between real project risks and project areas that require more research. Exercises and case studies are used to reinforce the information covered in class. Team assignments confirm the students' understanding of the principles covered and their ability to apply the techniques demonstrated.
Audience
This course is designed for project leaders and team members who will be responsible for identifying, planning, and addressing project risks.
Course Duration
The course consists of 16 hours of instruction including lecture and hands-on exercises taught over a two-day period. The course includes exercises on the following topics:
- Reasons We Avoid Risk Management
- Compressing the Schedule To Meet Deadline Dates
- Identifying Risk (2 Exercises)
- Updating Risk Registers (4 Exercises)
- Analyzing Risk (4 Exercises)
- Planning to Address Risks (1 Exercise)
- Monitoring Risks (1 Exercise)
Course Content
Each student is provided a six-chapter notebook at the beginning of the course that is used during the two-day program to follow the lecture material, record notes, tips, and other project-specific information, and perform individual and group exercises. The notebook serves as an excellent reference tool for identifying and managing risks on future projects.
Prerequisites
Participants must have successfully completed the following PMAlliance course, Project Management; Duration-Driven® Planning and Control.
Course Outline
Introduction
- Project Risk Definitions
- Risk Management Challenges
- Risk in the Project Life Cycle
- Benefits of Risk Management
Identifying Project Risk
- Methods for Identifying Risk
- Standard (Environmental) vs. Unique Risks
- Sample Risk Checklist
- Risk Register Defined
- Project Knowns vs. Unknowns
Analyzing Project Risks
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Decision Trees
- Calculating the Schedule
- Updating Risk Register - Analysis
Planning for Project Risk
- Definition of Risk Approaches
- Selecting the Proper Approach
- Establishing Triggers
- Updating Risk Register - Plans
Planning for Activity Uncertainty
- Critical Path Method
- PERT
- Simulation/Monte Carlo
Monitoring Risk
- Trigger Tracking
- Trend Analysis
- Retiring Risks
- Replanning for Contingency Activities
Final Class Example Project
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PMAlliance, Inc.
We are a project management consulting, project management training and project office development company. We partner with our clients to provide mission-critical services.