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You Will Learn How To
- Manage project risk effectively to deliver successful projects that meet stakeholder needs
- Apply customizable, industry-robust templates to create a Risk Management Plan and Risk Register
- Leverage a proven 7-step qualitative risk analysis process to identify risk exposure
- Translate risk into actual time and cost impact using proven quantitative risk analysis tools
- Utilize a tested 7-step technique to design your risk response strategies
- Monitor risk triggers to control uncertainties and maximize project payoff
Course Benefits All projects involve risk. To quantify and manage risks, you need to thoroughly analyze risk before and during a project. Aligned with the PMI Risk Management Professional (PMI-RMP) ® certification, this course provides the skills to identify and measure risks in project development and implementation. You learn to quantify risks and create risk response strategies to deliver projects that meet stakeholder expectations.
Who Should Attend Project managers, directors, sponsors and anyone who has a stake in seeing a project through to its successful completion. Experience at the level of Course 296, " Project Management: Skills for Success," or Course 340, " Project Management for Software Development," is strongly recommended.
In this course, you are immersed in a PC- and video-enhanced case study to simulate a project risk experience from planning to project close. You perform risk management tasks including:
- Creating your RMP from a proven model
- Developing and updating a Risk Register through a systematic incremental process
- Applying a 7-step qualitative risk analysis process to determine probability, impact and exposure
- Quantifying risks according to EMV, Utility and impact on estimates
- Designing a risk response strategy
- Detecting and responding to risk events using EVA
- Justifying budget and time contingencies
- Updating your risk database and determining process improvements
Course 286 Content Overview of Project Risk Management
- Recognizing risk in all projects
- Using risk management best practices, tools and techniques to achieve project success
Designing Critical Platforms for Success
Creating a Risk Management Plan (RMP)
- Analyzing contents of a model RMP
- Applying a standard template to create your RMP
Identifying project risk
- Common sources of project risk
- Creating Ishikawa diagrams to analyze cause and effect relationships
- Utilizing checklists
- Assessing high-level risks to the organization
Developing a Risk Register
- Analyzing contents of a model Risk Register
- Applying a proven template to create your Risk Register
- Communicating risks to stakeholders
- Documenting risks for future assessment
Improving Project Performance through Qualitative Analysis
Analyzing risks through qualitative measures
- Performing probability and impact analyses of identified risk
- Applying the probability and impact matrix
- Advanced applications of qualitative analysis
Prioritizing analysis results
- Ranking project risks
- Differentiating between acceptable and unacceptable risks
Analyzing Risks Using Quantitative Methods
Quantifying effects of risk events on the project
- Determining probability of achieving cost and time objectives
- Calculating contingency reserves
- Identifying trends in quantitative analysis
- Ranking risks by actuarial cost
Tools for analysis
- Expected Monetary Value (EMV)
- Three-point estimates
- Probability distributions
- Delphi Technique
- Simulation
Risk Response Planning
Implementing risk response strategies
- Accept
- Avoid
- Transfer
- Mitigate
- Exploit
- Share
- Enhance
- Quantifying residual risks and secondary responses
Creating contingency plans
- Determining the worst-case scenario
- Recalculating confidence levels
- Finalizing risk budget
- Applying a 7-step process to risk response planning
Making Decisions under Uncertainty
Psychological factors in decision making
- Practical applications of Prospect Theory
- Recognizing bias with Utility Theory
Tools to enhance objectivity
- Maximizing returns through the use of payoff tables
- Applying decision trees with Precision Tree software
- Dealing with unknown risks using workarounds
Monitoring and Controlling Risk
Identifying emerging project risks
- Matching identified project risk with controls including Risk Audit, Variance Reports, Reserve Analysis
- Anticipating risk events through risk triggers
- Measuring risk using earned value analysis (EVA)
Ensuring effective change control
- Developing a reliable change request process
- Recommending corrective action
Leveraging Project Experience
- Creating an end-of-project risk report
- Compiling lessons learned in a risk database
- Recognizing the value of mistakes
- Ensuring continual process improvement
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The most recent 100 evaluations scored this course:  | | (3.76/4.00) |
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"I've taken several courses at Learning Tree over the years because once I had experienced the level of instruction and the variety of courses they offered, it was an easy decision from then on. What I like is that the instructors offer real-world examples, not just examples from the textbook, and they always point out what aspects they applied in their own work." K. Woodward
Project Manager/Tech Writer
Visiting Nurse Service NY |
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