Project Risk Management

Course details

Risk is inevitable in a business organization when undertaking projects. However, the project manager needs to ensure that risks are kept to a minimal. The benefits of risk management in projects are huge. You can gain a lot of money if you deal with uncertain project events in a proactive manner. The result will be that you minimize the impact of project threats and seize the opportunities that occur. This allows you to deliver your project on time, on budget and with the quality results your project sponsor demands. Also your team members will be much happier if they do not enter a "fire fighting" mode needed to repair the failures that could have been prevented.

Project risk management is an important aspect of project management. According to the Project Management Institute's PMBOK Risk management is one of the ten knowledge areas in which a project manager must be competent. Project risk is defined by PMI as 'an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives'. Good Project Risk Management depends on supporting organisational factors, clear roles and responsibilities, and technical analysis skills.

Project risk management in its entirety, includes the following five process groups. We have covered all the following process groups in our course:

 Planning risk management

 Risk identification

 Performing qualitative risk analysis

 Performing quantitative risk analysis

 Planning risk responses

 Monitoring and controlling risks.