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Project Management

Project Risk Management & Compliance




Introduction

This seminar will emphasize awareness of project risk management to minimize project cost/schedule overruns & improve project execution.

Project management is all about the management of risks; the ability to seize opportunities, minimize threats, and to optimize results. However, risk management is too often treated as a reactive process, or worse, not done at all. In this Project Risk Management course, you’ll work through the proactive approach to both sides of risk: threats and opportunities. The approach is based on a clear understanding of both qualitative and quantitative approaches to risk management.

Targeted Groups:

This course has been designed for project risk managers, risk owners, project managers, members of the project office, project sponsors, functional managers, senior management and individuals interested in project risk management

Course Objectives:

At the end of this course the participants will be able to:

  • Get an overview of the Risk Management Process
  • Learn to identify risks that affect project quality, time & schedule, cost and scope
  • Learn how to rank risks based on the amount of exposure to the company
  • Apply useful techniques to identify, analyze, mitigate and monitor risks in the project life cycle
  • Develop the skill necessary to quantify risks
  • Learn how to create an effective risk monitoring plan and risk management strategies.
  • Use a practical, six-step process to manage project risk
  • Develop a risk budget based on expected monetary value (EMV)
  • Examine both the threats and opportunities facing their projects from both a top-down and bottom-up perspective using a proven six-step risk management process.

Targeted Competencies:

  • Planning risks
  • Identifying risks
  • Assessing risks
  • Evaluating responses
  • Monitoring risks
  • Reviewing risks
  • Compliance 

Course Content:

Unit 1: Risk Management Framework and Planning:

  • Key definitions
  • Project Management Body Of Knowledge (PMBOK) - 6 risk management processes
  • Project risk management goal
  • Purpose of risk management
  • Benefits of risk management
  • Responsibilities in risk management
  • Integrating risk management into the project management process
  • Components of risk
  • Types of risk
  • Six steps of risk management
    • Plan the approach to risk management
    • Risk Identification
    • Risk Assessment & Quantification
    • Risk Response Plan Development
    • Risk management plan execution
    • Evaluating risk response results

Unit 2: Risk Identification Processes:

  • Identification inputs & tools
  • Identification guidelines
  • Risk identification techniques
  • Risk categories
  • Risk identification outputs

Unit 3: Cost & Schedule Estimating Concerning Risk:

  • Cost estimating classes & types
  • Cost estimating methods
  • Accuracy, allowances, contingency & management reserve
  • Work Breakdown Structures (WBS)
  • Schedule diagramming - critical path method (CPM)
  • Resource management
  • Earned value method (EVM)
  • Baselining

Unit 4: Risk Assessment and Quantification Processes

  • Risk analysis inputs
  • Risk analysis guidelines
  • Probability analysis
  • Impact analysis
  • Risk analysis approaches - qualitative & quantitative
  • Risk analysis tools & techniques
  • Statistical sums in risk analysis
  • Program Evaluation & Revue Technique (PERT)
  • Decision trees
  • Project risk rating & prioritizing
  • Risk analysis outputs

Unit 5: Risk Response Plan Development:

  • Risk response development inputs, tools & techniques
  • Risk response strategy guidelines
  • Response strategies for threats
  • Response planning & network diagramming
  • Response analysis
  • Alternative responses
  • Reserves - contingency & management
  • Response planning outputs

Unit 6: Risk Response Control:

  • Risk management plan execution
  • Risk response control tools
  • Risk response control guidelines
  • Risk strategy execution
  • Evaluating risk response results
  • Risk documentation