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.

This course is part of the PMI Talent Triangle Fast Pass bundle and fulfills the Technical segment (8 PDUs) of the PMI Talent Triangle for PMP credential holders.

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

Live: To help assimilate the tools and techniques learned, there is a mixture of individual and team exercises throughout the course. Students can expect a high-level of participation.

Virtual Classroom: 1 day of web-based eLearning with a live instructor.

Video-On-Demand: 8 hours of training. Includes 6-months digital access to all training materials.

In-House: If you have 10 or more employees seeking training, we will deliver the course at your facility or in a private virtual session.

Duration / PDU Value

This course has been approved by PMI for 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"