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Managing Project Risk

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Abstract: 

This 2-day course explores quantitative and qualitative techniques to identify and analyze project risk factors (risk event, event probability, and event impact). A variety of risk response choices are discussed, and risk identification and risk response are practiced in workshop groups. Quantitative techniques are applied to problems, but don’t worry, advanced mathematics is not used!

LEARNING OBJECTIVES

Participants will gain practical skills to:

  • Apply a common framework of project risk management of the Project Management Institute.
  • Value the importance of including risk management in project planning and execution.
  • Facilitate team discussions to identify project risks and opportunities, and formulate risk responses.
  • Use expected monetary value.
  • Describe other techniques such as decision trees, Delphi method, and Monte Carlo simulation, and when they are applicable.
  • Analyze risks and select response strategies appropriate to priorities and organization risk tolerances.

 

WHO SHOULD ATTEND

The Managing Project Risk course is appropriate for individuals who are:

  • Project Managers and team members who already work in a well established project management environment but wish to improve their project risk management processes.
  • Members of a project team looking to “jump-start” their risk management on a new and risky project.

 

PREREQUISITE

 

MATERIALS

You will receive a course binder containing copies of presentation slides, case studies, templates. exercises, and suggested solutions.

WHAT YOU WILL LEARN

Introduction

  • Risk factors
  • Workshop - lessons learned

 

Risk Management Process

  • Risk identification
  • Workshop - stakeholders
  • Risk classification systems
  • Workshop - risk identification
  • Risk quantification
  • Risk tolerance
  • Workshop - risk tolerance
  • Risk response development
  • Avoidance, mitigation
  • Transfer, acceptance
  • Contingency in budget
  • Contingency in schedule
  • Contingent response
  • Workshop - risk responses
  • Risk management plan

 

Risk Tools

  • Facilitative tools
  • Video & discussion - groupthink
  • Workshop - affinity diagram
  • Probability & statistics
  • Monte Carlo simulation
  • Software demonstration (Risk +)
  • Expected monetary value
  • Exercise - payoff tables
  • Decision trees
  • Exercise - decision tree
  • Critical path network
  • Workshop - candidate responses

 

Wrap-Up

  • Exercise - project environments
  • Wrap-up

 

course info

Course ID: 1100
Course Level: Intermediate
Duration: 1 or 2 days

upcoming sessions

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PMI PDUs

PMI Talent TriangleThe following table provides the breakdown of the professional development units (PDUs) for the 2-day version of this course aligned with the PMI Talent TriangleTM.

  Tech. Ldrshp. Strat. & Bus.
PMP 12 0 2
PgMP 12 0 2
PfMP 12 0 2
PMI-ACP 12 0 2
PMI-SP 4 0 2
PMI-RMP 12 0 2
PMI-PBA 12 0 2

 
The three columns in the table are Technical Project Management, Leadership, and Strategic & Business Management.

Other Credits

Other professional (re)certification credits are available, including:

  • Certified Business Analyst Professionals (CBAPs) earn 14 CDUs (Category 2B)
  • Certified Software Quality Engineers (CSQEs) earn 2 RUs
  • CIPS Information Systems Professionals (ISPs) earn 14 Learning Credits
  • CIPS Information Technology Certified Professional (ITCPs) earn 14 Learning Credits

"Provided material at an appropriate level.  I have very little PM training, and there were people with a lot of PM training, but I think the course was interesting to all of us!"

Vicki Lee: Policy Lead, Cancer Care Ontario

"Covered PMI content well and at a great pace. Was also very engaging."

Gillian Nation: Senior Analyst, Cancer Care Ontario