Private - Key Concepts for Project Risk Management (1 Day)
About course

This course will cover the key concepts for managing risk on projects, which can be either threats or opportunities. The Risk Management processes from the Project Management Institute (PMI)® A Guide to the Project Management Body of Knowledge (PMBOK® Guide) will be presented including inputs, key tools and techniques, and outputs. The definition of risk will be reviewed, along with the types and characteristics of risks. The essential elements of a risk management plan will be explained. 

A focus of this course will be identifying the three components of a risk, which are the cause, risk event, and impact. Effective techniques for identifying project risks will be reviewed, along with proven methods for doing qualitative and quantitative risk analysis. Risk response techniques will be presented along with the use of contingency planning. The key elements of the risk register will be described, along with best practices for managing risks over the life of the project. This class includes multiple exercises on identifying, analyzing and responding to project risks.

Who should attend

This course will help Portfolio, Program and Project Managers, Business Analysts, functional managers, and other project team members responsible for managing project risks.

Course features

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

  • Describe the characteristics and types of risks
  • Identify project risks using cause-risk event-impact
  • Analyze and prioritize project risks
  • Prepare risk response plans including contingency plans
  • Explain how to manage risks over the life of the project
Course outline

Module 1: Risk Management Overview  

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

Module 2: Identifying Project Risks

  • Cause-Risk Event- Impact Method
  • Information Gathering Techniques
  • Diagramming Techniques 

Module 3: Analyzing Project Risks

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

Module 4: Planning Responses for Project Risks

  • Plan Risk Responses
  • Contingency and Reserves
  • Contractual Agreements

Module 5: Managing Risks over the Project Life Cycle

  • Reporting Risk Status 
  • Techniques for Controlling Risks
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 PMI® A Guide to the Project Management Body of Knowledge (PMBOK® Guide) --Fifth Edition.