Prerequisites

This course assumes familiarity with project management concepts and experience in project management methods and disciplines or PMP Certification.  At a minimum, participants in this course should attend Project Management Fundamentals and Best Practices or have equivalent knowledge.

Introduction

How succeeding at risk management is not just dependent on good risk management methods and disciplines, but full integration with the other project management processes, with particular emphasis on project / risk communications and the participation of all the stakeholders.

Who Should Attend

Managers of project managers, Project managers, Project team members and Risk team members who want to master the essential elements of effective risk management.  Project teams who are about to begin risk management planning on a small to medium sized project and want to get a fast start on Risk planning and management

Learning objectives include:

• Understanding the critical success factors for effective risk management

• Recognizing the value of risk management for project success

• Learn to emphasize positive, as well as negative risks

• Learn to use real world effective workplace tools and techniques to identify and analyze risks.

• Learn Quantitative Risk Analysis Tools and Techniques including Decision Trees and Monte Carlo analyses.

• Developing SMART Risk Response Actions

• Learn practical methods for tracking and trending your project risks.

Course Outline

Risk Planning Success

·     Cost / benefit of doing risk management, doing just the amount of risk management needed for the project

·     Acceptance and active participation by all the stakeholders

·     The relationship of constraints to risk management planning

·     Finding the level of risk management that  reflects the needs of the project

Communication (Risk and Project) Success

·     Having a risk committed project team

·     Direct / open hones communication  (all stakeholders)

·     Giving all your stakeholders the communications they need

·     Getting all the needed risk input from all of the stakeholders

Successful Risk Identification

·     Identifying your risks early (from Charter)

·     Identify all of your stakeholders early

·     Get risk input from a multitude of resources

·     Align project risks and project objectives

·     Iterate risk management throughout the project life cycle 

Successful Qualitative Analysis

·     Define and document a common approach, e.g.

·     Definitions of probability and impact

·     A probability and impact matrix

·     Common definitions for risk rankings (High / Medium/Low)

·     Common risk strategies

Successful Quantitative analysis

·     Perform on risks prioritized in qualitative analysis

·     Use of quality data

·     Use of probability distributions

·     Risk ranges (rational documented)

·     Expected monetary value analysis

·     Modeling and simulation (Monte Carlo)

Successful Risk Response

·     Developing appropriate risk responses

·     Integrate responses into the budget, schedule and resource planning

·     Threats and opportunities responses

·     Risk roles and responsibilities

Successful Risk Monitoring and Control

·     Regular monitoring for presence of risk triggers

·     Regular reviews with the team to enhance awareness of risk

·     Integrate risk monitoring and control with project monitoring and control

Real Time Risk Simulator

·     A fun / interactive game that engages the attendees in a simulation of real life risk management, while learning how risk, cost and schedule affect each other.  Plotting earned value as the game proceeds provides the attendees with the information needed to determine if their project is headed for success or failure.