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Risk Management

Avoid project catastrophe by developing expertise in risk management.

GK# 2811

Course Overview

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This course is designed for project managers who want to proactively reduce the probability of project failure. In this course, you will learn to use proven approaches and techniques specific to risk management. You will learn to plan and analyze projects so as to minimize risk in a formal environment. You will identify, analyze, and address uncertainty throughout the project lifecycle and incorporate lessons learned and industry best practices related to risk management. You will apply PMI risk management processes in a practical way to eliminate, mitigate, and minimize threats while maximizing and optimizing opportunities.

Students pursuing a university-recognized and/or accredited certificate in Canada or continuing education units in the US must attend at least 90% of class time, participate in class exercises and section-knowledge checks, and score at least 70% on an end-of-class, multiple-choice assessment.

What You'll Learn

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  • Assess overall project riskiness
  • Manage uncertainty in terms of both opportunities and threats
  • Role of a risk management plan
  • Risk within an execution strategy
  • Conduct qualitative risk assessments in order to rank risks
  • Conduct quantitative risk assessments in order to adequately budget for uncertainty
  • Develop risk response plans for significant risks
  • Monitor and control uncertainty during execution
  • Ensure success by understanding the role of a risk management plan and lessons learned

Outline

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Viewing outline for:

Classroom Live Outline

1. Risk Management Foundations

  • Definition of a plan
  • Definition of risk and risk management
  • Risk management and project success
  • Project management life cycle

2. Strategic Risk Reduction

  • Project success factors
  • Stakeholder analysis
  • Balancing constraints within a plan
  • Assessing project riskiness
  • Importance of formal planning

3. Execution Risk Reduction

  • Risk management plan
  • Risk identification techniques
  • Qualitative risk analysis
  • Quantitative risk analysis
  • Risk response planning

4. Monitoring and Controlling Risk

  • Protecting the plan
  • Change controls
  • Responding to risks

5. Value of Lessons Learned

  • Capturing and employing lessons learned
  • Current methods of managing uncertainty based on lessons learned

Hands-On Activities:

  • Determine sources of project risk by category
  • Assess overall project risk
  • Identify and categorize risk
  • Perform qualitative risk analysis
  • Perform quantitative risk analysis
  • Plan risk responses
  • Involve stakeholders

Prerequisites

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Do not take this course if you have taken IT Risk Management.

Who Should Attend

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Associate project managers, project managers, IT project managers, project coordinators, project analysts, project leaders, senior project managers, team leaders, product managers, and program managers.

PDUs

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This course qualifies you for the following PMIĀ® Professional Development Units (PDUs):

  • Strategic and Business Management = 6
  • Technical Project Management = 15

Total = 21

Follow-On Courses

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Course Delivery

This course is available in the following formats:

Classroom Live

Receive face-to-face instruction at one of our training center locations.

Duration: 3 day

Virtual Classroom Live

Experience expert-led online training from the convenience of your home, office or anywhere with an internet connection.

Duration: 3 day

Request this course in a different delivery format.
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