Course 147:
Managing Project Risks

(2-3 days)

 

Course Description

Every project endeavor involves risk, and since most business decisions also involve Information Technology, risk is a large part of the decision making in any project. It is impossible to eliminate all risk and anticipate and prepare for everything that might happen so risk management is the process of balancing risk and cost, and managing the responses to the things that happen. This course deals with the understanding of risk in the management of projects and how to effectively contain and respond to risk to limit the impact on the project using A Guide to the Project Management Body of Knowledge (PMBOK® Guide) approach.

Learning Objectives

At the end of this course, the participant will know how to:

  • Deal with the influence of risk in project management
  • Incorporate a process for identifying and managing project risk
  • Identify the impact of risk on project success
  • Recognize, quantify, and provide appropriate response to risks that affect projects
  • Integrate risk awareness into project management and planning

Who Should Attend

Participants attending this course include senior management, project managers, program managers, quality assurance professionals, team leads, and anyone involved or responsible for the success of projects.

Prerequisites

Knowledge of project management and/or general management skills of planning and monitoring projects and business.

Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® Guide). PMBOK is a registered mark of the Project Management Institute, Inc.

Course Outline

Unit 1: Introduction

  • What Is Risk?
    • What Is Risk? *
    • Where Does Risk Occur? *
      • Schedule and Cost
      • Procurement
      • Integration
      • Technology
    • The Cause and Effect of Risk *
    • Common Risks and Where to Find Them
  • Risk Management Process
    • Identify Risks
    • Assess the Risks
      • Probability of Occurrence
      • Impact
    • Define Controls
      • Analyze and Prioritize
      • Evaluation of Controls
      • Decide on Controls and Assign the Risk
    • Communicate and Monitor the Plan *
    • Styles of Risk Management

Unit 2: Risk Management Planning

  • The Charter *
  • Organizational Risk Management Policies *
  • Project Plans *
  • Risk Assessment Teams *
  • Planning Meetings
  • Matching Risk Strategies to Projects and Initiatives
  • Risk Identification
    • Methods of Risk Identification *
    • Overcoming Optimism
    • Risk Categories *
    • Using the Project Plans
    • Risk Documentation *

Unit 3: Risk Analysis

  • Risk Assessment
  • Qualitative Risk Analysis *
    • Risk Probability
    • Risk Impact
    • Project Assumption Testing
    • Ranking Risk
  • Quantitative Risk Analysis *
    • Statistical Analysis
    • Terms and Concepts
    • Assessing Probability vs. Impact
    • Determining Exposure *
  • Methods
    • Delphi Technique *
    • Sensitivity Analysis
    • Decision Tree Analysis
    • Simulation
  • Timing of Risks
    • The Risk Window *
    • Risk Triggers *

Unit 4: Risk Response

  • Risk Response Planning *
  • Categorizing Risk *
  • Scope Change
  • Response Options
    • Avoidance
    • Mitigation
    • Acceptance
  • Mitigation Strategies *
    • Workarounds
    • Contractual Adjustments
    • Contingency Reserve
    • Residual Risk and Secondary Responses
  • Specific Risk Responses
    • Requirements Issues *
    • Project Management issues *
    • Impacts to Quality *

Unit 5: Risk Monitoring and Control

  • Assigning the Risk *
  • Risk Reviews
  • Maintaining the Risk Checklist *
  • Project Risk Audits
  • Technical Performance Measurement *
  • Risk Management Tools
    • Earned Value Analysis
    • Sensitivity Analysis
  • Responding to Management
    • Presenting Risk *
    • Presenting Options *
    • Reporting Risk *
    • Risk-Based Decision Making *

Unit 6: The Bottom Line

  • Ideas to Use
  • Where to Go for More Information

*A hands-on or interactive exercise is conducted as part of this topic.

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