Assessing and Managing Project Risk

Course Description

This course focuses on one of the nine knowledge areas of project management, Risk Management. Risk Management focuses on dealing with the inevitable negative events which could occur on the project and how to decrease the probability of those events or decrease the impact they will have on the project and also, dealing with the potential opportunities which could occur on the project and how to increase the probability of those events or increase the impact they will have on the project. In order for the risks of the project to be properly defined it is necessary to interface with the key stakeholders of the project. As with the other aspects of project planning, the risk plan should by no means be developed ":in a vacuum.":Different techniques from one-on-one interviews to team workshops should be utilized. This course is designed to give you a working knowledge of risk management for projects. You will be able to use these concepts the very next day on your projects thus giving you the edge over your competition. This course follows the best practices for Project Risk Management as outlined in the Guide to the Project Management Body of Knowledge (PMBOK Guide) from the Project Management Institute (PMI®)
2 Days
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Prerequisites

Some experience in project management is recommended but not required.

Why Project Risk Management?

Use of Risk Management
Timing of Risk Management
Can You Eliminate All Risks?
Levels of Uncertainty
Movement of Risk
Project Life Cycle & Project Risk
Proactive Risk Management
Risk Management Scenario
Reactive vs. Proactive
Proactive Risk Management
Communications with Project Stakeholders
Project Stakeholders Definition
Risk Management & Project Stakeholders
Benefits & Uses of Risk Data
The Project Risk Management Process
Risk Management and the Five Process Groups
Knowledge Areas vs. Process Groups
The Risk Management Process
Risk Management Six Elements

Plan Risk Management

The Risk Management Process
Inputs
Tools & Techniques
Steps
Outputs

Identify Risks

The Risk Management Process
Inputs
Tools & Techniques
Risk Naming Convention
Root Risk
Internal vs. External Cause
Effects
Opportunities
100% vs. 0% Probability
When are You Done?
Outputs

Perform Qualitative Risk Analysis

The Risk Management Process
Inputs
Tools & Techniques
Probability and Impact Matrix
Outputs

Perform Quantitative Risk Analysis

The Risk Management Process
Inputs
Tools & Techniques
Expected Monetary Value
Standard Deviation Curve
Outputs

Plan Risk Responses

The Risk Management Process
Tools & Techniques
Transference vs. Contract Types
Risk Level vs. Contract Types
Probability and Impact Matrix
High Likelihood Risk Response
Outputs

Monitor & Control Risks

The Risk Management Process
Inputs
Tools & Techniques
Outputs
PMBOKProject ManagementProject RiskPM