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Project Risk Management
(2 Days)

Course Description:
This two day course covers the principles of project risk management. “Risk” is a set of unknowns that may include both threats and opportunities. The successful project manager should know how to anticipate the likelihood and potential impact of different risk scenarios, and should have the tools to plan for, and develop effective responses to both positive and negative risks.

After establishing some common “Project Management” ground, this course will take participants through the six step risk management process. The analysis and management of project risk will be examined at a micro (activity) and macro (project) level. The course employs the Project Management Institute’s (PMI®) terminology and covers processes & knowledge areas that are consistent with A Guide to the Project Management Body of Knowledge (PMBOK Guide®). Course instruction will be supplemented with real-world examples, team exercises and case studies to demonstrate risk evaluation techniques, contingency plan development, and risk response strategies.

Intended Audience:
Project managers, program managers, executive sponsors, functional managers, operations managers, project leaders, project team members and other key stakeholders who wish to learn proven techniques for anticipating and managing uncertainty throughout the project life cycle. These principles can be applied to projects in any industry or functional area.

Participant should have completed the Project Management Overview or a similar introductory course.

Course Content:
  • The Project Risk Management process
  • Micro and macro risk management
  • Benefits and uses of risk data
Risk Management Planning
  • Planning for project risk
  • PERIL database
  • Scope risk
  • Schedule risk
  • Project resource risks
Documenting Risks
  • Managing project constraints
  • Modifying scope, schedule, resources
  • Identifying missing risks
Qualitative and Quantitative Risk Analysis
  • Assessing risk probability and impact
  • Statistical concepts for quantitative analysis
Managing Risks
  • Micro (activity) level
  • Macro (project) level
  • Using project metrics
Monitoring and Controlling Project Risk
  • Monitoring risky projects
  • Trend analysis
  • Taking over troubled projects
Closing Projects
  • Post project surveys
Program and Portfolio Risk Management
  • Identifying and assessing program risks
  • Interface management
  • Portfolio risk management
  • Enterprise risk management
PMBOK Guide:
Knowledge Areas
  • Project Integration, Scope, Communications, Risk
Process Groups
  • Planning, Executing, Monitoring & Controlling, Closing
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