Course Overview
TOPIn this three-day course, participants will learn the Project Manager s role in managing and controlling project risk and how to utilize risk tools. You will learn how to apply risk management definitions, identify and manage risk, develop a risk plan, evaluate the probability of risk happening, attach money and time value to risk, and handle stakeholders road blocks to risk strategy implementation.
PDUs: 18
CEUs: 1,8; CLPs:18
Scheduled Classes
TOPWhat You'll Learn
TOPIn this course you will learn how to:
- Apply risk management definitions
- Identify and manage risk
- Develop a risk plan
- Evaluate the probability of risk happening
- Attach money and time value to risk
- Handle stakeholders road blocks to risk strategy implementation
Outline
TOP
Viewing outline for:
- Introduction
- Introductions and overview of course material
- Project Risk Management Terminology
- Learn risk management definitions
- Learn the components of risk management
- PM Risk Life Cycle
- Look at the life cycle of risk in the concept, plan, execute, and close out phases
- Risk Management Overview
- Define risk; discover the difference between uncertainty, opportunity, and risk management
- Differentiate between reactive and proactive
- Risk Types
- Identify the different types of risk:
- Business risk
- Insurable risk
- Knowns
- Known unknowns
- Unknown unknowns
- Determine how to identify risk
- External unpredictable
- External predictable
- Internal non-technical
- Technical and legal
- Risk Identification
- Ascertain how to identify risk
- Learn how to use brainstorming and the WBS
- Study the risk analysis techniques of brainstorming, decision tree analysis, utility theory, sensitivity analysis, Delphi method, and Monte Carlo
- Group exercise on identifying project risk
- Risk Quantification
- Determine the degree of potential damage
- Risk Tools
- Learn the risk management plan decision-making
- Learn the language of probability
- Learn about decision trees
- Learn about Monte Carlo
- Learn about sensitivity analysis and utility theory
- Learn about the risk management plan
- Develop Risk Response
- Learn how to develop a risk response strategy
- Learn risk acceptance, risk avoidance, risk mitigation
- Implement Risk Responses
- Learn how to communicate risk to stakeholders
- Learn the decision-making processes in implementing a risk response plan
- Monitor and Control Risk
- Examine how to use the risk plan to monitor and control project risk
- Evaluate Risk
- Evaluate how to use the risk plan and the data from monitoring and controlling to evaluate and improve risk handling on future projects
- Group exercise on evaluating project risk and how it can be used to improve future projects
Prerequisites
TOPPrior to attending this course, you should have a good understanding of standard project management and risk management.
Who Should Attend
TOPProject Managers
