The aim of this course is to enable participants to plan, manage and control project risks. By taking this course, participants will learn to develop project risk management plans and identify project risks related to a project. They will learn to qualify and quantify project risks and develop appropriate risk responses. By the end of the course, participants will be able to:
Develop risk management plan, identify project risks using different techniques and manage risk register.
Perform qualitative and quantitative risk analysis to determine the overall project risk score and utilize techniques such as Monte Carlo simulation and decision tree analysis
Plan strategies for negative and positive risks
Review and control project risks through reassessments and audits
Content
Introduction to project risk management
Definitions of risk and risk management
Level of risks in projects
Pure and business risks
Benefits of project risk management
Planning and identifying project risks
Risk Utility
Risk management plan elements
Defining risk probability and impact matrix
Identifying project risks
Creativity techniques for data gathering
Brainstorming
Delphi technique
SWOT analysis
Risk register
Risk report
Performing risk analysis
Quantitative risk analysis
Risk probability and impact assessment
Hierarchical charts
Risk categorization
Risk urgency assessment
Project risk score
Performing Quantitative Risk Analysis
Interviewing and three-point estimate
Monte Carlo simulation
Expected Monetary Value (EMV)
Decision trees
Developing risk response strategies
Negative risk response strategies (threats)
Positive risk response strategies (opportunities)
Fallback plan
Secondary and residual risks
Implementing responses and monitoring risks
Status meetings and work arounds
Variance analysis
Risk Assessment and audit
Course Target
Target Audience:
This course has been designed for project risk managers, risk owners, project managers, members of the project office, project sponsors, functional managers, senior management and individuals interested in project risk management.
Target Competences:
Planning risks
Identifying risks
Assessing risks
Evaluating responses
Monitoring risks
Reviewing risks
Course Methodology:
The course uses a mix of interactive techniques, such as brief presentations by the consultant and the participants and group exercises. The course also includes calculations and analysis of real case studies related to project risk management.
