Risk Management Fundamentals

No project happens without some level of risk associated with it, so anyone looking to become a better manager needs a solid understanding of risk and how to manage it. Risk management done haphazardly can cause an increase in project costs, so learning a defined approach and implementing it into project management processes creates a more cost-effective project. Ultimately, sound risk management fundamentals will make projects more successful and project managers more reputable.

How You Will Benefit

Students completing this training will learn the key principles, concepts and terms of risk management, as well as understand the essential elements of both qualitative and quantitative risk analysis. Challenges faced by project managers when attempting to manage risk are discussed, as well as the roles and responsibilities team members can have in the process. Insights into the critical factors for the successful implementation of risk management processes are also provided.

What You Will Learn

In this course you will learn foundational risk management concepts including:

• Key terminology and types of responses to risk
• Significant human side considerations when managing known and unknown risks
• Qualitative and quantitative risk analysis fundamentals
• Strategies for responding to threats and opportunities
• Insights for making risk management a success

Who Should Attend

This course is intended for managers looking for a better understanding of risk management and the overall benefits it provides.

Format

Video-on-demand; includes 6-months digital access to all training materials.

Duration / PDU Value

This course has been approved by PMI for 2 PDUs.

Outline

Introduction

• Objectives and Agenda
• Course Overview and Benefits

Foundation

• Key Principles, Terms and Concepts
  • Individual and Overall Project Risk
  • Types of Risk
• Key Elements
  • Risk Management Plan and Risk Breakdown Structure
  • Tailoring Considerations
  • Risk Register and Risk Report
• Criteria for Success and the Human Side of Risk Management
• Challenges, Roles and Responsibilities
• Risk Management Processes
  • Plan Risk Management
  • Identify Risks
  • Perform Risk Analysis
  • Plan Risk Responses
  • Implement Risk Responses
  • Monitor and Control Risks