This course on advanced risk management is specifically designed for Project Managers looking to learn advanced risk management skills.
This course will start with a brief review of the risk management process. Quantitative risk identification and analysis tools and techniques will then be presented including Fishbone Diagrams, Expected Monetary Value and Monte Carlo probability simulation. Application of risk management to project budgets and schedules will be described using specific examples. This course will be highly interactive, with exercises and sample problems to allow attendees to practice the tools and techniques presented.
This course is intended for people who are leading or actively participating on project teams where advanced risk management techniques are needed to ensure project success. Attendees should have some basic knowledge and experience in applying basic risk management techniques to projects.
Upon completion of this course, the participant will be able to:
- Construct a Cause-Effect (Fishbone) Diagram for identifying project risks
- Conduct an Expected Monetary Value Analysis
- Understand how to conduct a Monte Carlo analysis on a project
- Explain how to use risk analysis techniques to determine project contingencies
Review Risk Management Process
- Risk Identification
- Risk Analysis
- Risk Response Planning
- Risk Monitoring and Control
Advanced Risk Identification Techniques
- Cause-Effect (Fishbone) Diagram format description
- Usage of Cause-Effect (Fishbone) Diagram format and examples
- Advanced Risk Identification Techniques class and team exercises
Expected Monetary Value
- Expected Monetary Value format description
- Usage of Expected Monetary Value format and examples
- Decision Trees
- Team Exercise: Expected Monetary Value preparation
Monte Carlo Analysis Simulation
- Monte Carlo analysis description
- Monte Carlo analysis examples and exercises
This course addresses the Risk Management knowledge area of the Project Management Institute (PMI)® A Guide to the Project Management Body of Knowledge (PMBOK® Guide) --Fifth Edition.