Course Length:           2 days                                                  14 PDUs

Course Description
This seminar focuses on the uncertainty that surrounds any project.  Project Risk Management is designed to have the participant learn core project risk management concepts and best practices, and learn tools that are used to proactively manage project risk.  During the course, “best practices” will be introduced, and put into context through various exercises and scenarios and case studies.

Target Student:
Students enrolling in this course should be planning to lead a project (primary audience) or serve on a project team (secondary audience).

Prerequisites:
To ensure your success, we recommend you have some working knowledge or experience in working in a project environment, or have completed a foundations course in project management.
Delivery Method:  
Instructor-led, group-paced, classroom-delivery learning model with structured minds-on and hands-on activities.

Benefits:
Students will learn how to use project risk management techniques to proactively plan, assess, monitor, control, document, and close out their risk management activities on a project successfully.

Performance-Based Objectives
Discuss the processes of Project Risk Management and a project manager’s role in this activity.
Discuss why projects are unsuccessful due to inadequate risk management, and how project teams can address this shortcoming.
List and discuss the impact risks have on project success criteria and common categories for project risk.
Discuss the process for developing a Risk Management Plan.
Discuss techniques for identifying a project’s risks.
Discuss techniques assessing and analyzing risks, both qualitatively and quantitatively.
Compare different risk response strategies for proactively dealing with both threats, but also opportunities.
Identify techniques for proactively monitoring and dealing with risk throughout the project life cycle.
Use Lessons Learned regarding risk management to continuously improve the Risk Management Plan.

Course Content

Day 1

1. Introduction to Project Risk Management
   Session Overview
   Introductions
   Course Objectives
   Exercise – The Domino Project 

2. Project Risk Management
   What is a Project Risk?
   Risk Management vs. Issues Management
   What Happens if you don’t Manage Risks?
   Exercise – Identify typical project risks
   Practical Risk Management Guidelines
   Process Model for Project Risk Management
   PMBOK® Guide Project Risk Management Processes
   Sample Project  – Case Study

3. Plan Risk Management
   Project Subsidiary Management Plans
   Components of a Risk Management Plan
   Risk Utility
   Risk Management Planning Meeting
   Project Risk Categories
   The Risk Breakdown Structure
   Exercise- Develop a Risk Breakdown Structure
   Meeting Guidelines
   Exercise- Risk Management Planning Meeting

4. Identify Risks
   Process Approach to Risk Management
   Identify Risks tools and techniques
   Brainstorming
   Crawford Slip Adaptation
   Risk Syntax
   The Risk Register
   Exercise – Identify Project Risks

Day 2

5. Project Risk Assessment
   Why Assess and Rank Risks?
   Risk Assessment
   Frequency or Risk Assessments
   Perform Qualitative Risk Analysis
   Risk Probability of Occurrence
   Risk Impacts to Project Objectives
   Using a Probability Impact Grid (PIG)
   Exercise – Assess Project Risks using a PIG
   Perform Quantitative Risk Analysis
   Tools and Techniques for Perform Quantitative Risk Analysis
   Sensitivity Analysis
   Expected Monetary Value (EMV) Analysis
   Decision-Tree Analysis
   Exercise – Perform a Decision-Tree Analysis
   Monte Carlo Simulation
   Sample – Monte Carlo Simulation

6.  Plan Risk Responses
Risk Response goals
Plan Risk Responses Tools and Techniques
Responses for Threats
Responses for Opportunities
Acceptance as a Response
Risk Response Strategies
Risk Triggers
Residual Risks
Secondary Risks
Contingency Reserves
Developing the Risk Response Plan
Exercise – Develop a Risk Response Plan

7.  Monitor and Control Risks
Risk Monitoring
Risk Control
Monitor and Control Risks Tools and Techniques
Risk Audits
Variance and Trend Analysis
Reserve Analysis
Status Meetings
Tracking and Reporting on project risk
Exercise – Perform a Risk Re-Assessment

8.  Continuous Improvement
Lessons Learned
Improving the Risk Management Plan
Project Issues
Issues Management
Process Flow for Issues Management
Capstone Exercise – Perform Risk Management Activities on a short case                                                study
Course Summary
Course Review

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Risk Management