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Private - Best Practices for Managing Project Risks (1 Day)
About course

How often are your projects impacted by unanticipated events? Are you constantly ‘putting out fires’ on your projects? Become proactive rather than reactive by learning best practices for risk identification, risk analysis and risk response planning. This 7-hour course will cover the elements of a successful risk management plan.  Effective methods for identifying risks will be discussed. 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 is interactive, with exercises and sample problems to allow attendees to practice the tools and techniques presented during the course. Attend this course and become a skilled manager of the opportunities and threats on your projects. 

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 and looking to become more proficient in managing risks.

Course features

This practical course emphasizes the fundamentals of effective risk management. Upon completion of this course, you will be able to:

  • Describe risk management terminology and processes
  • Explain the elements of a good risk management plan 
  • Utilize the cause-risk-impact method for identifying risks
  • Prioritize risks based on probability and impact ratings
  • Describe quantitative techniques for analyzing risks
  • Develop risk response plans
  • Use risk analysis techniques to determine project contingencies
Course outline

Module 1: Risk Management Overview

  • The Nature of Risk
  • Risk Characteristics
  • Risk Management Processes
  • Plan Risk Management Process

Module 2: Identify Risks

  • Identify Risks Process
  • Causes-Risk Event-Impacts Method
  • Data Gathering Techniques
  • Data Analysis Techniques

Exercise

  • Identify Project Risks

Module 3: Project Risk Analysis

  • Project Risk Analysis Model (PRAM)
  • Perform Qualitative Risk Analysis Process
  • Perform Quantitative Risk Analysis Process

Exercises:

  • Conduct PRAM Analysis
  • Analyze Project Risks

Module 4: Plan and Implement Risk Responses, Monitor Risks

  • Plan Risk Responses Process
  • Implement Risk Responses Process
  • Monitor Risks Process

Exercises

  • Prepare Risk Response Plan
  • Unexpected Risk Event
Course information
Duration: 7 hours
Earn: 7 PDUs
Delivery Method: Virtual or Traditional Classroom
Knowledge areas addressed

This course addresses the Risk Management knowledge area of the Project Management Institute’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide.