Strategic Risk Management

Every project has risk - some can kill your project and some can even ruin your career. As a project manager you must be proficient at identifying and managing risks on your project. Mastering risk management techniques is essential to becoming a successful project manager. This course is designed to teach you hands-on approaches to identifying and managing risks.

How You Will Benefit

• Improve your understanding of risk management
• Develop practical ways of identifying, analyzing and tracking risk
• Optimize time spent on risk assessments
• Reduce project risk by employing better risk management strategies
• Reduce project costs with more effective schedule optimization

What You Will Learn

In this course you will learn the fundamental tools and techniques of strategic risk management including:

• Describe risks using a three part statement
• Understand how risk attitudes affect your project
• Create useful tools to track risk
• Communicate risk information to stakeholders
• Develop a risk management plan
• Create a meaningful risk matrix
• Use operational definitions to reduce bias
• Track risk occurrence and variances
• Calculate project contingencies

Who Should Attend

This course is designed for project managers seeking a deeper understanding of proven risk management techniques.

Format

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

Duration / PDU Value

This course is worth 8 PDUs.

Outline

Introduction

• Risk management concepts
• Benefits of strategic risk management
• Integrating risk management within the project management life cycle
• Taking a leadership role in risk management
• Definitions of stakeholder risk tolerances and attitudes
• Developing a risk management plan
• Defining risk categories
• Defining probability and impact
• Developing a risk matrix
• Communicating risk information
• Critical success factors

Risk Identification

• Identifying types of project risks
• Critical success factors
• Who should be involved in risk identification?
• Tools & techniques for identifying risks
• Writing an accurate risk statement
• Developing a useful risk register
• CASE STUDY EXERCISE

Risk Analysis

• Qualitative risk analysis defined
• Critical success factors
• Risk probability and impact assessment
• Risk urgency assessment
• Using the risk matrix
• Quantitative risk analysis defined
• Knowing when to quantify
• Risk impact calculation
• Expected monetary value - determining the risk reserves
• Decision trees
• Monte Carlo simulation & probability distributions
• CASE STUDY EXERCISE

Risk Response Planning

• Response Planning
• Critical success factors
• Risk response strategies
• Developing the risk response plan
• Tools & techniques for risk responses
• Planning for Residual and Secondary Risks
• Response planning documentation
• CASE STUDY EXERCISE

Controlling Risk

• Purpose and objective of risk monitoring and control
• Life cycle of a Risk
• Critical success factors
• Using contracts as a risk management tool
• Tracking risks using the risk register
• Implementing risk response plans
• CASE STUDY EXERCISE

Risk Closure and Communication

• Purpose and objective of risk closure and communication
• Critical success factors
• Communicating risk status
• Creating a central repository of risk information - the "Corporate Knowledge Base"