Advanced Project Risk Management
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Advanced Project Risk Management Course
Introduction:
This program focuses on advanced project risk management, aiming to reduce project cost and schedule overruns while enhancing overall project execution. Advanced project management revolves around effectively managing risks, capitalizing on opportunities, mitigating threats, and optimizing outcomes. Unfortunately, risk management is often approached reactively or neglected altogether.
In the Project Risk Management course, we prioritize a proactive approach to addressing both threats and opportunities. The course emphasizes a comprehensive understanding of qualitative and quantitative risk management methodologies. By following a proven six-step risk management process, participants will learn how to examine risks from both a top-down and bottom-up perspective. This includes evaluating and responding to risks at both the project and task levels.
As risk can never be entirely eliminated from a project, project managers must anticipate potential causes of cost and schedule overruns, as well as poor quality of work. By identifying early warning signs and taking timely corrective action, the impact of these risks can be minimized or mitigated. Clear definition of the project scope is essential for budget approval, requiring the identification, assessment, and quantification of risks to determine cost and schedule contingencies. These contingencies are then controlled using effective risk management techniques.
The program's content aligns with the Project Body of Knowledge (PMBOK® Guide) published by the Project Management Institute (PMI). By participating in this course, attendees will gain valuable knowledge and skills to enhance their risk management capabilities, ultimately contributing to successful project execution and improved project outcomes.
Course Objectives:
The program is designed to provide practicing project managers, program managers, technical leaders and owner/sponsors with the skills and knowledge to successfully manage risk throughout the project cycle.
Who Should Attend?
This program is intended for individuals who want to develop and refine their project risk management skills. No matter what your industry background is (i.e. engineering, information technology or business), this course will cover both the fundamental principles and modern techniques of project risk management.
Course Outlines:
Introduction
- Key definitions
- Advanced Project Management Body Of Knowledge (PMBOK® Guide )
risk management processes - Project risk management goal
- Purpose of Advanced risk management
- Benefits of risk management
- Responsibilities in risk management
- Integrating risk management into the project management process
- Components of risk
- Types of risk
- Six steps of risk management
- Plan the approach to risk management
- Risk Identification
- Risk Assessment & Quantification
- Risk Response Plan Development
- Risk management plan execution
- Evaluating risk response results
Risk Planning (Step 1)
- Plan the approach to risk management
- Planning inputs, tools & outputs
Risk Identification (Step 2)
- Identification inputs & tools
- Identification guidelines
- Risk identification techniques
- Risk categories
- Risk identification outputs
Review of Cost & Schedule Estimating in Relation to Risk
- Cost estimating classes & types
- Cost estimating methods
- Adjustment of cost estimates
- Accuracy, allowances, contingency & management reserve
- Work Breakdown Structures (WBS)
- Schedule diagramming - critical path method (CPM)
- Resource management
- Earned value method (EVM)
- Baselining
Risk Assessment & Quantification (Step 3)
- Risk analysis inputs
- Risk analysis guidelines
- Probability analysis
- Impact analysis
- Risk analysis approaches - qualitative & quantitative
- Risk analysis tools & techniques
- Statistical sums in risk analysis
- Program Evaluation & Revue Technique (PERT)
- Monte Carlo simulation
- Decision trees
- Project risk rating & prioritizing
- Risk analysis outputs
Risk Response Plan Development (Step 4)
- Risk response development inputs, tools & techniques
- Risk response strategy guidelines
- Response strategies for threats
- Response planning & network diagramming
- Response analysis
- Alternative responses
- Reserves - contingency & management
- Response planning outputs
Risk Response Control
- Risk management plan execution (Step 5)
- Risk response control tools
- Risk response control guidelines
- Risk strategy execution
- Evaluating risk response results (Step 6)
- Risk documentation
- Project Environment & Contract Risks
- Stakeholder influence
- Managing project environment risks
- Contracting strategies
- Contract risk sharing
- Types of contracts and risks