Online Project Risk Management

  •  day(s)Duration
  •  day(s)Duration
  • 2.0 CEU/20 PDU/Credits/Units
  • MDO273aCourse Code
  • send to printer

Course description

Managing risks is a key element of effective project management. To remain competitive, project managers cannot afford to set up contingencies or control measures for every conceivable risk. Rather, project managers must assess each risk and develop a response proportionate to the risk. This course introduces learners to widely accepted risk assessment, management, and control practices using effective tools and techniques. This course is 100% compliant with the Project Management Institute’s (PMI’s®) current Project Management Body of Knowledge (PMBOK® Guide).

Who should attend

This course is primarily designed for project managers or project team members who require a better understanding of risk management in their projects. Individuals taking this course should have at least two years of experience working on project teams.

What you will achieve

  • In-depth understanding of the types of risks that threaten projects at each stage of development
  • Knowledge of strategies used by highly successful project managers to recognize risks, assess probabilities and potential impacts, and take steps to respond to project risks
  • Skills in using proven risk identification and analysis tools to identify, analyze, rank, and quantify risk on various types of projects
  • Insight into the statistical theory and analytical tools which are the foundation for probability estimations used to analyze and plan for managing project risk

What you will learn

  • Plan Risk Management — Who is responsible for risk management, who should perform the risk analysis, when should it be done in the project life cycle, and when should it be reviewed and updated?
  • Identify Risk — What are the most critical risks facing projects, and how can they be determined?
  • Analyzing Potential Risk Probability and Impact — What tools are available to determine risk factors, to determine which risks should be focused on, and to determine what can be done to remove risk or reduce the potential impact on a project?
  • Analyzing Risks Using Monte Carlo Analysis Methods — What are the techniques, software skills, and procedures used to build probability assessments of schedule and cost risks in sample projects? How can these be used to develop the project baseline and estimate schedule and cost contingencies?
  • Building a Risk Response Plan — How should the project manager address each recognized risk, assign it to project team members, build in contingencies, develop a mitigation or avoidance strategy, and accept the risk?
  • Selecting Project Control Tools Using Proportionate Expenditure — What are the appropriate project management and control tools that can help to mitigate and manage identified risks in various situations?
Features of CEG eLearning

Course content is broken down into Modules and Topics. Participants explore the content using a variety of interactive methods, including:

  • roll-overs which uncover more detailed information on particular terms
  • pop-ups which allow participants to explore diagrams, templates, and processes in more depth
  • an avatar, or animated mentor, who offers additional content that expands the topics on selected pages
  • knowledge checks that give participants a chance to review important points
  • practice exercises that present challenges and opportunities using a case study (Participants practice applying the content learned using real-world tools and techniques to solve the case study problems.)
  • graded quizzes identify topics participants have mastered and those they might need to study more
  • a graded final exam validates the knowledge gained and skills mastered for the time committed.

In addition to individual interactivity, CEG also offers a learning community and social learning tools that allow participants to share with each other and gain a broader understanding from a variety of perspectives. Participants can take advantage of lively discussion boards and instructor-led chat sessions.

Course Outline
  1. Module 1: Introduction to Project Risk Management
    1. Topics
      1. Project Risk Management in the Context of Project Management
      2. What is Project Risk Management?
      3. Project Risk Management in a Project Life Cycle
      4. Fundamental Principles of Project Risk Management
      5. Overview of Project Risk Management
    2. Reading Assignment (From the PMBOK® Guide)
    3. Quiz
  2. Module 2: Plan Risk Management
    1. Topics
      1. Overview of Plan Risk Management Process
      2. Inputs to the Plan Risk Management Process
      3. Tools and Techniques for the Plan Risk Management Process
      4. Outputs from the Plan Risk Management Process
    2. Reading Assignment (From the PMBOK® Guide)
    3. Practice Exercises
    4. Quiz
  3. Module 3: Identify Risks
    1. Topics
      1. Overview of the Identify Risks Process
      2. Inputs to the Identify Risks Process
      3. Tools and Techniques for the Identify Risks Process
      4. Outputs from the Identify Risks Process
    2. Reading Assignment (From the PMBOK® Guide)
    3. Practice Exercises
    4. Quiz
  4. Module 4: Perform Qualitative Risk Analysis
    1. Topics
      1. Overview of the Perform Qualitative Risk Analysis Process
      2. Inputs to the Perform Qualitative Risk Analysis Process
      3. Tools and Techniques for the Perform Qualitative Risk Analysis Process
      4. Outputs from the Perform Qualitative Risk Analysis Process
    2. Reading Assignment (From the PMBOK® Guide)
    3. Practice Exercises
    4. Quiz
  5. Module 5: Perform Quantitative Risk Analysis
    1. Topics
      1. Overview of the Perform Quantitative Risk Analysis Process
      2. Inputs to the Perform Quantitative Risk Analysis Process
      3. Tools and Techniques for the Perform Quantitative Risk Analysis Process
      4. Outputs from the Perform Quantitative Risk Analysis Process
    2. Reading Assignment (From the PMBOK® Guide)
    3. Practice Exercises
    4. Quiz
  6. Module 6: Plan Risk Responses
    1. Topics
      1. Overview of the Plan Risk Responses Process
      2. Inputs to the Plan Risk Responses Process
      3. Tools and Techniques for the Plan Risk Responses Process
      4. Outputs from the Plan Risk Responses Process
    2. Reading Assignment (From the PMBOK® Guide)
    3. Practice Exercises
    4. Quiz
  7. Module 7: Monitor and Control Risks
    1. Topics
      1. Overview of the Monitor and Control Risks Process
      2. Inputs to the Monitor and Control Risks Process
      3. Tools and Techniques for the Monitor and Control Risks Process
      4. Outputs from the Monitor and Control Risks Processs
    2. Reading Assignment (From the PMBOK® Guide)
    3. Practice Exercises
    4. Quiz
  8. Final Exam

For an updated schedule for this course, please call us at 1.800.288.7246 (US) or +1.978.649.8200.