Project Risk Management

This course arms project managers with the essential knowledge, skills, and tools to effectively manage and even predict the effects of risks on the project. The project manager must accept the fact that risks exist and learn to deal with them effectively. For every project, the benefits of the project must be weighed against the potential risks to both the customer and to the project manager's own organization. In today's business climate, both senior management and the customer have become increasingly adverse to risk, particularly risks imposed without an offsetting benefit or value.

Class Details

Class Name:
Project Risk Management
Project managers, program managers in charge of several concurrent projects, and new managers who want to learn to effectively manage the element of risk in projects.
2 Day Course

Learning Objectives

  • Identify risk in the planning cycle
  • Categorize and compare different risks
  • Analyze and quantify the risk to the project
  • Define risk criteria for projects
  • Isolate the opportunities that result from effectively managing risk factors
  • Conduct professional risk assessments
  • Apply alternate risk assessment methodologies to projects

Outline At-a-Glance

Overview of Project Risk Management

  • Risk defined
  • Differing perspectives on risk in project management
  • The need for early identification
  • Foundations of Risk Modeling

  • Project manager's view of risk
  • Risk analyses... when to use
  • Inductive modeling
  • Deductive modeling
  • Applications and timing
  • Decisions that Influence Risk

  • Take action or wait
  • Risk versus safety
  • Risk versus emotion
  • Present versus future perspectives
  • Risk Modeling

  • Qualitative to quantitative conversions
  • Inductive risk modeling techniques
  • Criticality assessments
  • Case studies
  • Risk Versus Cost: Safety concerns

  • Tangible cost analysis
  • Intangible cost analyses
  • Risk-cost calculations
  • Case studies
  • Legal Considerations

  • Legal responsibilities defined
  • Failure and defect cost modeling
  • Safety standards in various industries
  • Deductive Modeling Methodologies

  • Fault tree and logic tree analyses
  • Costs and probabilities
  • So How Much Risk Management is Required?

  • Risk management safety zone
  • Job Roles