Risk Management

Course Type: Instructor Led
Estimated Time of Completion: 5 days
Language: English

Description:
Project management is proactive management. You must capitalize on opportunities, minimize threats, and maximize results. Often risk management is overlooked or just "whitewash". In this Risk Management course, you'll learn the proactive approach to threat and opportunity-based on a clear understanding of the dynamic nature of both qualitative and quantitative approaches to risk management. Learn and use effective tools and techniques to prepare for risks that could prevent you from project success.

Course Objectives

By the end of this course the student will understand:

The Foundations of Risk Management

1. You will define and identify characteristics of "risk"
2. Understand the elements and factors of risk
1. Event (future occurrence)
2. Probability (uncertainty)
3. Impact (amount at stake)
3. Know the different types of risk
4. You will understand the components of risk management
1. Risk Management Planning
2. Identification
3. Qualification Analysis
4. Quantification Analysis
5. Response development
6. Monitoring and control

Planning and Identifying Risks

1. You will understand how much risk management you should incorporate
2. You will identify who needs to be involved in Risk Management
3. You will learn different risk identification techniques
1. Brainstorming
2. Brain writing
3. Nominal Group Technique
4. Affinity Diagramming
5. Delphi Technique

Performing Risk Analysis

1. Determine risk tolerances for stakeholders
2. Learn how to perform a qualitative risk analysis
3. Learn how to perform a quantitative risk analysis
4. Learn decision tree analysis
5. Learn expected monetary value
6. Learn program evaluation and review techniques
7. Lear comparative risk ranking

Risk Response Planning

1. Develop alternative strategies
2. Understand procurement in order to reduce risks
3. Develop reserves to mitigate risks
4. Document risk management strategies

Risk Monitoring and Control

1. Ensure that risk monitoring is an ongoing process
2. Identify actions taken should risk occur
3. Verify quality a risk strategies
4. Determine work around for unplanned risk events
5. Know how to document and capture lessons learned from risk management strategies

PMBOK™ knowledge areas:

At the end of this course the student will understand:

• Project Time Management
• Project Cost Management
• Project Risk Management
• Project Procurement Management