Course Description

Project management is all about the management of risks; the ability to seize opportunities, minimise threats and to optimise results. This training workshop will deliver skills on project risk management to minimise negative project impacts and improve project execution. However, risk management is too often treated as a reactive process, or worse, not done at all. By better understanding the risks that may affect your projects, and how to effectively manage them, you will be better positioned to successfully deliver your projects on schedule, within budget and with a clear health, safety and environment record. During this training course, participants will work through the proactive approach to both sides of risk: threats and opportunities. The approach is based on a clear understanding of both qualitative and quantitative approaches to risk management.

Learning outcomes

By the end of this course the participants will be able to:

• Understand the Risk Management Process
• Identify risks that affect project quality, time & schedule, cost and scope
• Apply useful techniques to identify, analyze, mitigate and monitor risks in the project life cycle
• Create an effective risk monitoring plan and risk management strategies
• Competently use the six-step process to manage project risk
• Develop a risk budget based on Expected Monetary Value (EMV)

Who should enroll?

This course is ideal for Project Management Professionals who want to develop and refine their project risk management skills. Professionals, no matter their industry background who can benefit from both the fundamental principles and modern techniques of project risk management are also encouraged to apply.

Why train with us

Vital Extra Learning guarantees our clients:

• State-of-the-art facilities and training infrastructure
• Extended tradition of hand-holding during post engagement
• Service delivery through highly seasoned industry experts.
• Value for money

Module 1:

Introduction of project management

• Key components of Project Management
• Functions of a Project Management
• The Art and Science of Project Management
• Triple Constraints in Project Management

Project Management

• Developing Project Management Plan
• Project Plan vs Project Proposal
• Principles of Project Planning
• Project Scope Management
• Project Time Management
• Project Resources Management
• Project Risk Management

Overview of Risk Management

• Definition of project risk
• Individual and Corporate attitudes to risk?
• Why is risk different?
• Risk -v- estimating uncertainty - why they must be treated separately
• Principles of effective risk management.
• Risk management best practices, tools, and techniques to achieve project success

Module 2:

Risk process

• Overview of the process
• Elements that are most challenging; most valuable
• Developing an effective framework
• Integrating risk data with budgeting; schedules and EVM
• Using risk data at project Gates
• Integrating risk outputs into plans and forecasts (including resource)
• Effective measures (KPIs) for managing the overall process

Risk Identification

• The life-cycle of risk and projects - key events which always drive risk
• Types of project risk - broadening the perspective
• Methods of identification, structured and informal
• Methods of improving data capture, common issues with the data
• Communicating risk effectively

Assessment of risks

• Benefits of assessment before analysis
• Assessment methods - basic and advanced

Module 3:

Risk Planning       

• Options when managing risk
• Risk mitigation - what it is and how to apply
• Contingency planning - what it is and how to apply
• Integrating risk planning with: project estimating, budgeting and planning
• Risk management plan (RMP)
• Ishikawa diagrams for risk analysis
• Risk registers
• Documenting and communicating risks to stakeholders

Analyzing Risks Using Qualitative Analysis

• Probability and impact analysis
• Probability and impact matrix
• Prioritizing analysis results - ranking project and operations risks
• Acceptable and unacceptable risks

Module 4:

Analyzing Risks Using Quantitative Methods

• Key tools: Expected Monetary Value (EMV), three-point estimates, the Delphi technique, etc
• Quantifying effects of risk events on projects and operations
• The concept of probability of cost and time objectives
• Contingency reserves calculations
• Trends in quantitative analysis
• Monte Carlo simulations

Module 5:

Making Decisions Under Uncertainty

• Psychological factors that affect decision-making using the prospect theory 
• Recognizing bias using utility theory 
• Dealing with risks and uncertainties

Monitoring and Controlling Risk

• Identification of emerging risks
• Measuring risk using earned value analysis (EVA)