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Effective Risk Management Skills
About course

This course will cover the key concepts for managing risk on projects, which can be either threats or opportunities. How often are your projects impacted by an unanticipated event? Do you find yourself constantly ‘putting out fires’ on your projects? Take this course and improve your ability to identify and manage the opportunities and threats on your projects. Become proactive rather than reactive by learning an effective risk management process including best practices for risk identification, risk analysis and risk response planning. This course will cover the elements of a successful risk management plan. Effective methods for identifying risks will be discussed. Qualitative risk analysis tools and techniques will be presented. Successful planning methods for responding to potential risk events will be reviewed. Application of risk management to project budgets, schedules and contracting strategies will be described using specific examples. This course includes exercises and sample problems to practice the tools and techniques presented during the course.

Who should attend

This course will benefit project managers, project team members, functional managers, and individuals involved with the planning, implementation and control of projects who are looking to become more proficient in managing risks.

Course features

As a result of taking this course, attendees will be able to:

  • Explain the elements of a good risk management plan 
  • Utilize the cause-risk-effect method for identifying risks
  • Use a probability-impact risk rating matrix
  • Use risk response tools
  • Explain how to use risk analysis techniques to determine project contingencies
Course outline

Topic 1: Risk Management Overview 

  • Definition & Nature of Risk
  • Risk Characteristics
  • Risk Management Processes
  • Risk Management Plan

Topic 2: Identifying Project Risks

  • Brainstorming and Checklists
  • Using Causes-Risk Event- Impacts Method
  • Diagramming Techniques
  • Exercise 1: Identify Project Risks

Topic 3: Qualitative Risk Analysis

  • Risk Rating Method
  • Exercise 2: Conduct Project Level Risk Analysis
  • Project Risk Analysis Model (PRAM)
  • Scales for Probability and Impact
  • Probability-Impact Matrices
  • Exercise 3: Determine Risk Ratings

Topic 4: Quantitative Risk Analysis

  • Sensitivity Analysis
  • Expected Monetary Value
  • Decision Trees
  • Monte Carlo Analysis
  • Exercise 4: Prepare Decision Tree

Topic 5: Risk Response Planning & Implementation

  • Risk Responses Techniques
  • Contingency & Reserves
  • Contractual Agreements
  • Exercise 5: Prepare Risk Response Plan

Topic 6: Risk Monitoring

  • Reporting Risk Status
  • Risk Review at Team Meetings
  • Exercise 6: Respond to Unexpected Risk
Course information
Duration: 7 hours
Earn: 7 PDUs
Delivery Method: Traditional Classroom
Knowledge areas addressed

This course addresses the following knowledge areas of the Project Management Institute’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition:

  • Risk Management