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Risk Management

 

COURSE OVERVIEW

This course is designed for project managers who want to proactively reduce the probability of project failure. In this course, you will learn to use proven approaches and techniques specific to risk management. You will learn to plan and analyze projects so as to minimize risk in a formal environment. You will identify, analyze, and address uncertainty throughout the project lifecycle and incorporate lessons learned and industry best practices related to risk management. You will apply PMI risk management processes in a practical way to eliminate, mitigate, and minimize threats while maximizing and optimizing opportunities.

 

Students pursuing a university-recognized and/or accredited certificate in Canada or continuing education units in the US must attend at least 90% of class time, participate in class exercises and section-knowledge checks, and score at least 70% on an end-of-class, multiple-choice assessment.

 

PMI is a registered mark of the Project Management Institute, Inc.


WHAT YOU’LL LEARN

  • Assess overall project riskiness
  • Manage uncertainty in terms of both opportunities and threats
  • Role of a risk management plan
  • Risk within an execution strategy
  • Conduct qualitative risk assessments in order to rank risks
  • Conduct quantitative risk assessments in order to adequately budget for uncertainty
  • Develop risk response plans for significant risks
  • Monitor and control uncertainty during execution
  • Ensure success by understanding the role of a risk management plan and lessons learned

 

Outline

 

Risk Management Foundations

  • Definition of a plan

  • Definition of risk and risk management

  • Risk management and project success

  • Project management life cycle

 

Strategic Risk Reduction

  • Project success factors

  • Stakeholder analysis

  • Balancing constraints within a plan

  • Assessing project riskiness

  • Importance of formal planning

 

Execution Risk Reduction

  • Risk management plan

  • Risk identification techniques

  • Qualitative risk analysis

  • Quantitative risk analysis

  • Risk response planning

 

Monitoring and Controlling Risk

  • Protecting the plan

  • Change controls

  • Responding to risks

 

Value of Lessons Learned

  • Capturing and employing lessons learned

  • Current methods of managing uncertainty based on lessons learned

 

Hands-On Activities:

  • Determine sources of project risk by category

  • Assess overall project risk

  • Identify and categorize risk

  • Perform qualitative risk analysis

  • Perform quantitative risk analysis

  • Plan risk responses

  • Involve stakeholders

 

PREREQUISITES

  • Project Management Fundamentals (course 2868)
  • IT Project Management (course 2819)
  • Applied Project Management (course 2807)

Do not take this course if you have taken IT Risk Management (course 2839)

 

WHO SHOULD ATTEND

Associate project managers, project managers, IT project managers, project coordinators, project analysts, project leaders, senior project managers, team leaders, product managers, and program managers. 

 

Follow-On Courses

  • Quality for Project Managers (course 2808)
  • Project Management, Leadership, and Communication (course 2658)