Course Length:

3 Days

Course Description:

This course will guide the student through the Risk Management process as defined by the Project Management Institute (PMI). Through a series of hands-on exercises the student will learn the proper methodology for managing risks.

Who Should Attend:

This class is intended for Project Managers and employees responsible for managing and tracking projects.

Benefits of Attendance:

Upon completion of this course, students will be able to:

• Define a project, program, and project management and its processes.
• Determine effective ways of integrating project management and general business management in an organization.
• Determine ways to effectively integrate a project across an entire enterprise to reduce the impact of change.
• Determine how ethics, integrity, and objectivity affect project management.
• Define Risk.
• Define the Risk Management process.
• Plan for risks.
• Effectively identify risks.
• Perform qualitative and quantitative risk analysis.
• Perform Risk Response Planning.
• Perform Risk Monitoring and Control.
• Apply network activity techniques.

Prerequisites:

Students should have taken the Project Management Overview, Project Scope and Requirements Management, and Project Time and Cost Management courses.

Course Outline:

• Chapter 1: Overview Of Risk Management
• Chapter 2: Risk Management Planning
  1. Determining How to Approach, Plan, and Execute Project Risk Management Activities
  2. Inputs to Risk Management Planning
  3. Determine Enterprise Environmental Factors, Organizational Process Assets, the Project Scope Statement, and the Project Management Plan
  4. Tools and Techniques for Risk Management Planning
  5. Planning Meetings and Analysis
  6. Outputs of Risk Management Planning
• Chapter 3: Risk Identification
  1. Inputs to Risk Identification
  2. Determine Enterprise Environmental Factors, Organizational Process Assets, the Project Scope Statement, the Project Management Plan, and the Risk Management Plan.
  3. Tools and Techniques for Risk Management Planning
  4. Documentation Reviews
  5. Information Gathering
  6. Checklist Analysis
  7. Assumptions Analysis
  8. Diagramming Techniques
  9. Outputs of Risk Identification
• Chapter 4: Qualitative Risk Analysis
  1. Inputs to Qualitative Risk Analysis
  2. Organizational Process Assets, Project Scope Statement, the Risk Management Plan, and the Risk Register
  3. Tools and Techniques for Qualitative Risk Analysis
  4. Risk Probability and Impact Assessment
  5. Probability and Impact Matrix
  6. Risk Data Quality Assessment
  7. Risk Categorization
  8. Risk Urgency Assessment
  9. Outputs of Risk Management Planning
  10. Risk Register Updates that include:
  11. Relative Ranking or Priority List of Project Risks
  12. Risks Grouped by Categories
  13. List of Risks Requiring Response in the Near-Term
  14. List of Risks Requiring Additional Analysis and Response
  15. Watch Lists of Low Priority Risks
  16. Trends in Qualitative Risk Analysis Results
• Chapter 5: Quantitative Risk Analysis
  1. Inputs to Quantitative Risk Analysis
  2. Organizational Process Assets, Project Scope Statement, the Risk Management Plan, and the Risk Register
  3. Tools and Techniques for Qualitative Risk Analysis
  4. Data Gathering and Representation Techniques including: Interviewing, Probability Distributions, and Expert Judgement.
  5. Quantitative Risk Analysis and Modeling Techniques
  6. Outputs of Risk Management Planning
  7. Risk Register Updates
• Chapter 6: Risk Response Planning
  1. Inputs to Risk Response Planning
  2. The Risk Management Plan and the Risk Register
  3. Tools and Techniques for Risk Response Planning
  4. Strategies for Negative Risks or Threats including: Avoidance, Transference, and Mitigation
  5. Strategies for Positive Risks or Opportunities including: Exploiting, Sharing, and Enhancing
  6. Strategies for Both Threats and Opportunities including Acceptance
  7. Contingent Response Strategy
  8. Outputs of Risk Response Planning
  9. Risk Register Updates
  10. Risk owners and assigned responsibilities
  11. Outputs from Qualitative and Quantitative Risk Analysis
  12. Agreed-upon response strategies
  13. Specific actions to implement the chosen response strategy
  14. Symptoms or warning signs that a risk is about to occur
  15. Budget and schedule activities you must undertake if a risk occurs
  16. Contingency reserves of time and money
  17. Contingency plans and risk triggers
  18. Fallback plans
  19. Residual risks
  20. Secondary risks
• Chapter 7: Risk Monitoring And Control
  1. Inputs to Risk Monitoring and Control
  2. Tools and Techniques for Risk Monitoring and Control
  3. Risk Reassessment
  4. Risk Audits
  5. Variance and Trend Analysis
  6. Technical Performance Measurement
  7. Reserve Analysis
  8. Status Meetings
  9. Outputs of Risk Monitoring and Control