Effective Project Risk Management
Course End Date:
To enable the participant to identify, analyze, and quantify risks, allowing him to respond to them with a risk strategy, and eventually being able to control them. This is an intensive from a-z course about risk management including practice exercises and case studies.
The course also includes an overview of the basic principles of project management mainly associated with time, cost and quality.
Who Should Attend:
Project managers, all members of the project team, even any stakeholders involved in a project.
Course Contents :
• Project Management Basic Principles: Time/Cost/Quality
• Definition of risks, risk events, uncertainties
• Inputs to risk management
• Why do we have two separate reserves to take care of the risks?
• What are the basic steps in risk management?
• What is risk identification?
• Tools & Techniques for Risk Identification:
o Brainstorming Technique
o Delphi Technique
o Nominal Group Technique
o Expert Interviews
o Ishikawa or Fishbone Diagrams
o Cause and Effect diagrams
• What is risk quantification?
• Inputs to risk quantification:
o Stakeholder Risk Tolerance
o Sources of Risk
o Potential Risk Events
o Cost Estimates
o Activity Duration Estimates
• Qualitative Risk analysis
o Determining the Qualitative Value of Severity
o Risk Qualitative Evaluation Table
• Numerical Techniques for Decision Analysis
o Monte Carlo analysis, PERT, computer simulations, decision tree analysis,
critical chain scheduling, statistical estimating techniques, expected value analysis,
financial ratios and sensitivity analysis.
• Outputs from Risk Quantification
o Opportunities to pursue; threats to respond
o Opportunities to ignore; threats to accept
What is risk tolerance?
• What are risk response strategies?
• What is risk response control?
• Tools & Techniques for Risk Response Control
o Additional Risk Response Development
• Risk Analysis Matrix
• Templates of Risk Management Plan
• How do risk management approaches correlate with the other parts of project