MANAGING PROJECT RISKS

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COURSE OVERVIEW

Risk management is an essential aspect of all organizational activities. Risks present challenges and unmanaged risks can result in delays, expense, missed objectives and even project failure. Validate your skills and become the risk specialist your organization needs. This course aims to enable participants to plan, manage and control project risks. Also, the course will help participants to acquire needed knowledge to develop project risk management plans, identify project risks, analyze the identified risks, and plan responses for them. Further, participants will learn to analyze the risks qualitatively and quantitively using different practical techniques.

COURSE OBJECTIVES

By completely attending this course, participants will be able to:

Assess project environment for threats and opportunities.
Examine assumption and constraint analyses.
Confirm risk thresholds based on risk appetites.
Establish risk management strategy.
Document the risk management plan.
Develop risk register.
Lead risk management activities with stakeholders.
Perform qualitative and quantitative analysis.
Monitor residual & secondary risks.

TARGET COMPETENCIES

Risk Strategy and Planning.
Risk Identification.
Risk Analysis.
Risk Response.
Monitor and Close Risks.
Enterprise Risk Management

This course is designed for members of the project office, project coordinators, functional managers, team leaders, product managers, and individuals interested in project risk management.

Course methodology is designed to encourage maximum participation by all delegates. We will use best practices and benchmarks, and design interactive activities via discussion, small group work, exercises, and feedback to display proficient knowledge and skills.

INTRODUCTION TO RISK MANAGEMENT

Definition, Objective, and Purpose
Role of Project Risk Management
Good Risk Management Practice
Critical Success Factors
Risk Management Life Cycle

PRINCIPLES AND CONCEPTS

Individual Risks and Overall Project Risk
Stakeholder Risk Attitudes
Iterative, Communication, and Responsibility
Risk Management Processes

STRATEGY AND PLANNING

Perform a preliminary document analysis.
Assess project environment for threats and opportunities.
Confirm risk thresholds based on risk appetites.
Establish risk management strategy.
Document the risk management plan.
Plan and lead risk management activities with stakeholders.

RISK IDENTIFICATION

Conduct risk identification.
Examine assumption and constraint analyses.
Document risk triggers and thresholds based on context/environment.
Develop risk register.

RISK ANALYSIS

Analyze risk data and process performance information against established metrics.
Analyze a project’s general risks.
Perform a forecast and trend analysis on new and historical information.
Perform sensitivity analysis.
Perform risk weighting and calculate risk priority.

IDENTIFY THREATS AND OPPORTUNITIES

Assess project risk complexity.
Perform an impact analysis on project objectives.
Assess project compliance objectives against organizational strategic objectives.
Empower stakeholders to independently identify threats and opportunities.

PLAN RISK RESPONSE

Determine appropriate risk response strategy.
Decide the risk response actions.
Assess the effectiveness of the risk response actions.
Illustrate and communicate effectiveness of the risk response strategies.
Determine the work around.
Allocate responsibilities.
Outline an appropriate responsibility matrix for a metricized project environment.
Re-evaluate organizational risks.

IMPLEMENT RISK RESPONSE

Execute the risk response plan(s).
Execute the contingency plan(s).
Encourage stakeholders to provide feedback on the risk response.
Evaluate and react to secondary and residual risks from the response implementation.

MONITOR RISKS

Gather and analyze performance data.
Monitor residual & secondary risks.
Provide information required to update relevant project documents.
Monitor project risk levels.