Project Risk Management

Course details

Project management is opportunity management and it is the ability to seize opportunities but minimise surprises that can achieve optimum results. Risk management is a proactive tool to do this and get the best results for any project by having the ability to capitalise on managing uncertainty. In this Project Risk Management course, you will work through: -

the proactive approach to managing uncertainty - based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.

the proactive approach to distinguish between risks and issues – based on a clear understanding of project performance reporting

the reactive approach to handling issues and project surprises – based on a clear understanding of defining and managing crisis situations

Project Risk Management gives you the foundation, experience, techniques and tools to manage the various aspects of project risk, project issues and project crisis. This is a course that is based on application with hands-on exercises and a broad array of practical experiences that can immediately be applied to your job.

Learning Outcomes

On successful completion of this training course, delegates should be able to:

• Identify best practice project risk and issue management tools and techniques
• Identify the difference between risk, issue and crisis management
• Understand how to effectively analyse risk in a systematic manner
• Look at the best ways of identifying risk even when risk may not be apparent in a project
• Report risk and issues to stakeholders with effective documentation
• Identify the best way to respond to project opportunities and threats
• Differentiate between proactive reactive methods of dealing with ‘no-warning’ project surprises, managing project crisis
• Continually monitor the project environment for what could happen to impact on project success

Course Programme

The course is broken into the following areas: -

Module 1: Introduction to Risk

• Defines the characteristics of "risk", “issue” and “crisis”.
• Tolerances towards risk
• Definition of probability (uncertainty) and impact (amount at stake)
• Risk and Issue methodology

Module 2: Risk Management Planning and Identifying Risk

• Risk management planning
• Risk identification
• Idea generation tools and techniques
• Presenting risk and issue logs

Module 3: Risk Analysis Fundamentals

• Risk management planning
• Probability and impact analysis
• Presenting risk versus presenting issues
• Contingency analysis
• Decision trees

Module 4: Risk Response Planning

• Risk response strategies for opportunities and threats
• Workaround and fallback planning
• Monitoring and controlling risk
• Reassessing risk
• Completing the risk register and issue register

Module 5: Reactive Risk Management (Project Surprises)

• Managing the reaction towards project surprises
• Measuring project surprises
• How to deal effectively with surprises