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Course Overview All projects involve some degree of risk. A thorough risk analysis at the onset of a project, and throughout the project life cycle, is essential to identify, quantify and manage risks. In this course, you develop strategies to analyse the risks in project development and implementation. You learn to quantify risks and create effective risk response strategies to deliver projects that meet stakeholder expectations. You also take away tools and templates for use back at your office. Audience This course is valuable for anyone who has a stake in seeing a project through to its successful completion. Experience at the level of Course 296, " Project Management: Skills for Success ", or Course 340, " Project Management for Software Development ", is strongly recommended. Skills Gained - Manage project risk effectively to deliver successful projects that meet stakeholder needs
- Apply customisable, industry-robust templates to create a Risk Management Plan and Risk Register
- Leverage a proven 7-step qualitative risk analysis process to identify risk exposure
- Translate risk into actual time and cost impact using proven quantitative risk analysis tools
- Utilise a tested 7-step technique to design your risk response strategies
- Monitor risk triggers to control uncertainties and maximise project payoff
Course Outline Overview of Project Risk Management - Recognising risk in all projects
- Using risk management best practices, tools and techniques to achieve project success
Designing Critical Platforms for Success Creating a Risk Management Plan (RMP) - Analysing contents of a model RMP
- Applying a standard template to create your RMP
Identifying project risk - Common sources of project risk
- Creating Ishikawa diagrams to analyse cause and effect relationships
- Checklists
Developing a Risk Register - Analysing contents of a model Risk Register
- Applying a proven template to create your Risk Register
- Documenting risks for future assessment
Improving Project Performance Through Qualitative Analysis Analysing risks through qualitative measures - Performing probability and impact analyses of identified risk
- Applying the probability and impact matrix
- Advanced applications of qualitative analysis
Prioritising analysis results - Ranking project risks
- Differentiating between acceptable and unacceptable risks
Analysing Risks Using Quantitative Methods Quantifying effects of risk events on the project - Determining probability of achieving cost and time objectives
- Calculating contingency reserves
- Identifying trends in quantitative analysis
- Ranking risks by actuarial cost
Tools for analysis - Expected Monetary Value (EMV)
- Three-point estimates
- Probability distributions
- Delphi Technique
- Simulation
Risk Response Planning Implementing risk response strategies - Accept
- Avoid
- Transfer
- Mitigate
- Exploit
- Share
- Enhance
- Quantifying residual risks and secondary responses
Creating contingency plans - Determining the worst case scenario
- Recalculating confidence levels
- Finalising risk budget
Making Decisions Under Uncertainty Psychological factors in decision making - Practical applications of Prospect Theory
- Recognising bias with Utility Theory
Tools to enhance objectivity - Maximising returns through the use of payoff tables and decision trees
- Dealing with unknown risks using workarounds
Monitoring and Controlling Risk Identifying emerging project risks - Matching identified project risk with controls including Risk Audit, Variance Reports, Reserve Analysis
- Anticipating risk events through risk triggers
- Measuring risk using earned value analysis (EVA)
Ensuring effective change control - Developing a reliable change request process
- Recommending corrective action
Leveraging Project Experience - Creating an end-of-project risk report
- Compiling lessons learned in a risk database
- Recognising the value of mistakes
- Ensuring continual process improvement
How to make a booking for the 286 course
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