Project Risk Management

Learn the art of managing uncertainties in the projects

About the workshop

Risk taking is an essential skill for a project manager to achieve project objectives. Every project has certain degree of uncertainty. A project manager having good risk management skill is always prepared to deal with uncertain events to avoid loss and get positive result. Risk management is the art and science of planning, assessing (identifying and analyzing), handling, and monitoring future events to ensure favorable outcomes.

A good risk management process is proactive in nature, and is fundamentally different than crisis management which is reactive. Absence of risk management leads to crisis management which is a resource intensive exercise with limited options.

By attending this workshop, participants will learn to identify and assess project risk, take timely measure to avoid/reduce negative impact and control the risks throughout the project life cycle

Take away

After the workshop, participants will be equipped with the knowledge of various aspects of project risk management, complete risk management process, methods of risk identification and assessment and preparation of an action plan. This workshop will make participants more sensitive towards risk management to proactively manage risk in their projects.

Who can attend

  • Project Leads, Project Manager, Program Managers, Project Director
  • PMP® want to earn PDUs and enhance their skills in Risk Management
  • Anyone looking to expertise in Risk Management

Duration:

1 day  (6 hours)

PDUs:

Practicing PMP®s can earn 6 PDUs by attending this course.

Pedagogy

The course is highly interactive. Faculty brings live and practical examples while discussing the project management concept for better understanding. The course is so designed that encourage participants to share their real life experience with project management practices and co-relate the learning with on ground practices.

  • Presentation on concepts & features
  • Spot quizzes
  • Discussion on theory, practice and cases
  • Post training support to resolve queries and project issues

Mode of delivery

  • Live Virtual Classroom (Instructor led interactive using online meeting tool)
  • Classroom

Course Contents

Project Risk Management Framework

Risk Management Process
Project Environment for Risk Management
Understanding contents of Risk Management Plan (RMP)
Create your Risk Management Plan

Identifying project risk

Various methodologies to identify risks in a project
Common sources of project risks
Involving stakeholders
Identifying for risk in your projects

Developing a Risk Register

Analyzing contents of a Risk Register
Create your Risk Register
Communicating risks to stakeholders

Qualitative Analysis

Performing probability and impact analyses of identified risk
Applying the probability and impact matrix
Prioritizing and ranking risks
Identifying risks for quantitative analysis

Quantitative Analysis

Determining cost impact of the risk on the project
Calculating contingency reserves
Ranking risks by actual cost impact
Expected Monetary Value (EMV)

Risk Response Planning

Avoid, Transfer, Mitigate, Accept
Exploit, Share, Enhance, Accept

Identifying residual risks and secondary risks

Making Decisions under Uncertainty
Psychological factors in decision making
Practical applications of Prospect Theory
Recognizing bias with Utility Theory

Monitoring and Controlling Risk

Re-assessing risks in risk register
Identifying new project risks
Identify trends in risks
Reading risk triggers
Compiling lessons learned in a risk register

What to attend next public workshop?
Go to schedule of upcoming workshops

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