Project Management

Project Risk Management

Why Attend

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’s triple constraints which are: scope, schedule and resources. They will learn to qualify and quantify project risks and develop appropriate risk responses, and will design and calculate key performance indicators for monitoring and controlling project 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. 

Course Objectives

By the end of the course, participants will be able to:
  • Develop project risk management plans
  • Identify project risks related to scope, schedule and resources
  • Perform quantitative and qualitative risk assessments
  • Plan strategies for negative and positive risks
  • Devise metrics to monitor and control project risks

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. This course is worth 30 PDUs.

Target Competencies

  • planning risks
  • identifying risks
  • assessing risks
  • evaluating responses
  • monitoring risks
  • reviewing risks

Note

  • This course includes hands-on training on Monte Carlo simulation using Excel. Laptops will be made available by technovalley.
  • Project risk-related templates will be distributed during the course.
Project Risk Management

Course Outline

  • Planning risk management
    • Definitions of risk and risk management 
    • Components of risk
    • Project selection and risk
    • Project risk planning processes
    • Risk propensities
    • Risk management plan elements 
    • Risk preferences
  • Identifying project risks
    • Sources of scope risks
    • Sources of schedule risks
    • Sources of resources risks
    • Cause-risk-effect statements
    • Project priority matrix
    • Risk register entries
    • Managing project risks
  • Assessing and analyzing project risks
    • Qualitative risk analysis
      • Risk probability scales
      • Risk impact scales
      • Risk assessment matrix
      • Assumptions testing
      • Risk and cognitive biases
    • Quantitative risk assessment
      • Common risk distributions
      • Quantifying risks using PERT analysis
      • Expected Monetary Value (EMV)
      • Decision trees
      • Monte Carlo simulation
  • Developing risk response strategies
    • Categories of risk
    • Risk response planning
    • Risk management timeline
    • Strategies for negative risks (threats)
    • Strategies for positive risks (opportunities)
    • Contingency planning
    • Creating risk reserves
  • Monitoring and controlling project risks
    • Implementing response plans
    • Diagnostic metrics
    • Hard data issues
    • Soft data issues
    • Metrics and trend analysis
    • Most common project metrics
    • Project reviews and risk reassessment
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