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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 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"
Strategic Risk Management
Video On Demand
Video on Demand
8 PDU hours
$395 USD
$295 USD
$395 USD    $295 USD
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$495 USD
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Club PDU - 1 Year Subscription
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