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 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

Risk Management Overview

  • Nature of Risk
  • Types of Risks
  • Internal versus External Risks
  • Risk and Risk Management Defined
  • Risk Tolerance (stakeholders, corporate, individual)
  • Risk Management Processes

Risk Identification Techniques

  • Cause and Impact Diagram
  • Flowcharts
  • Causes-Risk Events-Impacts
  • Risk Triggers
  • Project Risk Analysis Model (PRAM)

Qualitative Risk Analysis Techniques

  • Risk Factor
  • Probability and Impact Scales and Matrices

Quantitative Risk Analysis Techniques

  • Expected Monetary Value
  • Decision Trees
  • Monte Carlo Analysis
  • Cost and Schedule Contingency

Risk Response Planning Techniques

  • Response Plans for Threats
  • Response Plans for Opportunities
  • Acceptance and Contingency Plans

Risk Monitoring and Control

  • Scanning the Horizon for New Risks
  • Maintaining the Risk Plan
  • Dealing with Unexpected Risks
  • Sample Risk Reports
  • Applying Risk Management to Projects
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 identified by PMI® in A Guide to the Project Management Body of Knowledge (PMBOK® Guide) --Fifth Edition.