Project Risk Management

Course details

The course describes the performance outcomes, skills and knowledge required to determine and manage project outcomes. It covers project Risk assessment, developing a Risk management plan, and managing the application of project Risk management tools controls and techniques.

Learning outcomes

By the completion of this course, learner should be able to:

• Understand the principles of Risk Management
• Identify the Tools and Techniques related to Risk Management
• In-depth understanding of the types of risks that threaten projects at each stage of development
• Knowledge of strategies used by highly successful project managers to recognize risks, assess probabilities and potential impacts, and take steps to respond to project risks
• Skills in using proven risk identification and analysis tools to identify, analyze, rank, and quantify risk on various types of projects
• Insight into the statistical theory and analytical tools which are the foundation for probability estimations used to analyze and plan for managing project risk

Expected Qualification/Unit Level

To be equivalent to Level 8

Assessment criteria for each learning outcome

Learners will be assessed throughout the courses based on their competency shown in their work on their assignments.

Who should attend or potential job occupations

This courses is designed to suite each of the following roles:

• General Managers
• Project Manager
• Project Coordinators
• Business Managers
• Project Expeditors
• Supervisors, Site Engineers
• Business Consultants
• Contracting officers

Program Sector

Management

Learners will be assessed in two stages:

Initial Assessment:

Test

Final Assessment:

Test

Topic / Content outlines

The outline of the course will cover the following criteria as to which candidates will be acquired to:

• Definition of risks
• Risk Breakdown structure (RBS)
• Risk Categories
• What do you need before you can effectively start risk management?
• How does risk management fit into the project management process and operations?
• What risk management is and why can it make or break your career
• Project risks and operation risks?
• Negative risks and positive risks (Opportunities)
• Plan Risk Management
• Identify Risks
• Perform Qualitative Risk Analysis
• Perform Quantitative Risk Analysis
• Plan Risk Responses
• Monitor and Control Risks
• Creating a Risk Management Plan (RMP)
• Analyzing contents of a model RMP
• Applying a standard template to create your RMP
• Identifying project risk
• Common sources of project risk
• Creating Ishikawa diagrams to analyze cause and effect relationship
• Checklists
• Developing a Risk Register
• Analyzing contents of a model Risk Register
• Applying a proven template to create your Risk Register
• Documenting risks for future assessments
• Analyzing risks through qualitative measures
• Performing probability and impact analyses of identified
• Applying the probability and impact matrix
• Advanced applications of qualitative analysis
• Prioritizing analysis results
• Ranking project risks
• Differentiating between acceptable and unacceptable risks
• Quantifying effects of risk events on the project
• Determining probability of achieving cost and time objectives
• Calculating contingency reserves
• Identifying trends in quantitative analysis
• Ranking risks by actuarial cost
• Tools for analysis
• Expected Monetary Value (EMW)
• Three-point estimates
• Probability distributions
• Delphi Technique
• Simulation
• Implementing risk response strategies
• Threats: Accept, Avoid, Transfer and Mitigate
• Opportunities: Exploit, Share, Enhance
• Quantifying residual risks and secondary responses
• Creating contingency plans
• Determining the worst case scenario
• Recalculating confidence levels
• Finalizing risk budget
• Identifying emerging project risks
• Matching identified project risk with controls including Risk Audit, Variance Reports, Reserve Analysis
• Anticipating risk events through risk triggers
• Measuring risk using earned value analysis (EVA)
• Ensuring effective change control
• Developing a reliable change request process