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Project Risk Management
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Project Risk Management – Best Practices for Success Introduction
Welcome to our comprehensive seminar on Project Risk Management, designed to arm you with the necessary tools and insights to navigate the complexities and uncertainties inherent in various projects.
In this course, you will embark on an in-depth exploration of the fundamental principles of risk management, gaining a thorough understanding of how to identify, evaluate, and respond to potential risks in a project environment.
Engage in a dynamic learning experience as we dive into the world of Project Risk Management. Utilizing a blend of interactive exercises, real-life examples, and detailed case studies, this course will provide you with practical skills and knowledge.
Learn how to effectively plan and implement risk management strategies, monitor and control risks as they evolve, and efficiently document and conclude risk management processes.
By the end of this seminar, you will be equipped with the best practices and strategies to make informed decisions and ensure the success of your projects, even in the face of uncertainty.
Course Objectives
- The processes of Project Risk Management and the crucial role of a project manager.
- Preventing project failures due to inadequate risk management.
- The impact of risks on project success criteria and common risk categories.
- Developing a comprehensive Risk Management Plan.
- Techniques for identifying project risks.
- Qualitative and quantitative risk assessment and analysis.
- Strategies for responding to threats and opportunities proactively.
- Ongoing risk monitoring throughout the project’s lifecycle.
- Utilizing Lessons Learned for continuous Risk Management Plan improvement.
Prerequisites
- To ensure your success in this course, we recommend having a working knowledge of project environments or completing a foundations course in project management.
Audience
- This course caters to two primary audiences: individuals planning to lead a project and those seeking to contribute to a project team.
- Whether you’re a project manager or a team member, this course provides essential insights into project risk management.
Project Risk Management Course Outline
Introduction to Project Risk Management
- Course Objectives
- Session Overview
- Class Materials
- Student Introductions
- Class Norms
- Exercise – The Domino Project
Project Risk Management
- Project Risk Definition
- Risk Impacts
- Risk Events and Risk Conditions
- Risk Management vs. Issues Management
- The Importance of Risk Management
- Consequences of Neglected Risk Management
- Exercise – Identifying Typical Project Risks
- Practical Risk Management Guidelines
- The Project Manager’s Role in Risk Management
- Team Member Roles
- A Structured Approach to Risk Management
- Tailoring Risk Management
- PMBOK® Guide Project Risks Management Processes
- Sample Project – Case Study
Plan Risk Management
- A Structured Approach – Step 1
- Project Subsidiary Management Plans
- Components of a Risk Management Plan
- Risk Tolerance
- Risk Management Planning Meeting
- Risk Categories
- The Risk Breakdown Structure
- Exercise – Developing a Risk Breakdown Structure
- Meeting Guidelines
- Exercise – Risk Management Planning Meeting
Identify Risks
- A Structured Approach – Step 2
- Identifying Risks
- Process Approach to Risk Management
- Tools and Techniques for Identifying Risks
- Brainstorming
- Crawford Slip Adaptation
- Risk Characteristics
- The Risk Register
- Sample Risk Register
- Exercise – Identifying Project Risks
Project Risk Assessment
- Why Assess and Rank Risks?
- A Structured Approach – Step 3
- Risk Assessment
- Frequency of Risk Assessments
- Perform Qualitative Risk Analysis
- Risk Probability of Occurrence
- Risk Impacts on Project Objectives
- Types of Assessments
- Using Risk Characteristics in Assessment
- Tools and Techniques for Perform Qualitative Risk Analysis
- Scales of Probability
- Scale of Impact
- Using a Probability Impact Grid (PIG)
- Assessing Risk using a PIG
- Exercise – Assessing Project Risks using a PIG
- Changes in Risk Assessment over Time
- Perform Quantitative Risk Analysis
- Using Statistics for Forecasting
- Tools and Techniques for Perform Quantitative Risk Analysis
- Sensitivity Analysis
- Expected Monetary Value (EMV) Analysis
- Decision-Tree Analysis
- Steps in Decision Making
- Decision Tree Example
- Evaluating a Decision Tree
- Exercise – Performing a Decision-Tree Analysis
- Monte Carlo Simulation
- Demo – Monte Carlo Simulation
Plan Risk Responses
- A Structured Approach – Step 4
- Risk Response Goals
- Using Risk Characteristics in Risk Response Planning
- Tools and Techniques for Plan Risk Responses
- Responses for Threats
- Avoiding the risk
- Transferring the risk
- Mitigating the risk
- Mitigation Guidelines
- Acceptance as a response
- Responses for Opportunities
- Exploiting the risk
- Sharing the risk
- Enhancing the risk
- Risk Triggers
- Residual Risks
- Secondary Risks
- Contingency Reserves
- Contingency Reserves vs. Management Reserves
- Developing the Risk Response Plan
- Exercise – Developing a Risk Response Plan
Control Risks
- Controlling Risks
- A Structured Approach – Steps 5 & 6
- Monitoring Risks
- Using Risk Characteristics in Controlling Risks
- Control Risks
- Tools and Techniques for Control Risks
- Risk Audits
- Variance and Trend Analysis
- Reserve Analysis
- Status Meetings
- Tracking and Reporting on project risk
- Outputs of Control Risks
- Exercise – Performing a Risk Re-Assessment
Continuous Improvement
- Lessons Learned
- A Structured Approach – Step 7
- Improving the Risk Management Plan
- Project Issues
- Issues Management
- Issues Management Plan
- Process Flow for Issues Management
- Issues Management Best Practices
- Capstone Exercise – Perform Risk Management Activities on a short case study
- Course Summary
- Course Review
$1195.00
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3 Days Course |