Project Risk Management

Explore risk management best practices to ensure that projects adhere to timeframes, budgets, and quality requirements while mitigating risk.

You will learn different approaches to risk management, including how to rank and respond to risk, monitoring and controlling risk, and communicating risks throughout the project lifecycle.

Risk is inevitable—but it doesn’t have to completely derail your project’s success.

Who Takes This Course: This course is intended for intermediate-level program and project managers.

Course Format: Presentation, class discussions, practical activities, and group and individual exercises

Learning Objectives

• Apply scalable planning methods to prepare for project risk management

• Prepare a risk management plan to guide your risk approach

• Identify project risks by using different identification tools

• Integrate risk management techniques and results into a balanced project management approach

• Use multiple techniques to identify and document risks

• Perform qualitative risk analysis to prioritize risks for response and monitoring

• Perform quantitative risk analysis to assess risk to the overall project cost and schedule objectives

• Incorporate expected value, probability, and distribution into your risk analysis

• Estimate and characterize the impact and timing of risks on your project

• Determine and implement appropriate risk response strategies based on risk analysis

• Monitor and control identified and emerging risks based on the risk management plan and project execution results

• Communicate risks effectively to all project stakeholders

Course Topics

Risk Management Overview

• Project Risk

• Risk Management Processes

• Principles of Risk Management

Plan Risk Management

• Risk Management Planning

• Scalable Planning Methods

• Risk Stakeholders

• Stakeholder Risk Appetite and Project Objectives

• Communicating Risk Information to Stakeholders

• Requirements for Open Risk Communication

• Risk Management Plan

• Probability and Impact Scales

• Probability and Impact Matrix

• Exercise: Tailor a P x I Matrix

• Exercise: Review Risk Management Plan

Identify Risks

• Identifying Risks

• Risk Identification Tools and Techniques

• Data Analysis Techniques

• The Risk Register

• Exercise: Identifying Risk on a Project

• Writing Risk Statements

Perform Qualitative Risk Analysis

• Perform Qualitative Risk Analysis

• Probability and Impact

• Risk Probability and Impact Assessment Steps

• Exercise: Ranking Risks against Objectives

Perform Quantitative Risk Analysis

• Perform Quantitative Risk Analysis

• Decision Analysis and Support

• Analyzing Overall Cost and Schedule Risk

• Weighted Average Mean

• Standard Deviation and Variance

• Developing Expected Cost Estimates

• Project Cost and Schedule Risk Analysis

• Monte Carlo Simulation

• Documenting the Output of Quantitative Analysis

Plan and Implement Risk Responses

• Plan Risk Responses

• Risk Response Strategies

• Documenting the Output of Planning Risk Responses

• Implement Risk Responses

• Implement Risk Response Inputs

• Exercise: Implementing Risk Responses

Monitor Risks

• Monitoring Risks

• Risk Monitoring Tools and Techniques

• Risk Reporting

• Exercise: Risk Monitoring

Prerequisites

• Project Management Principles

Graded Activities

This course is part of the following Management Concepts Certificate Programs:

Core Courses

• Project Management Master Track

• Project Management Associate Track

Elective Courses

• Business Analysis and Requirements Management Master Track

• Agile in Government Master Track

• Program Management Certificate Program