A Practical Approach to Assessing and Managing Project Risk

  • 2 day(s)Duration
  • 1.4 CEU/14 PDU/Credits/Units
  • MDI1051aCourse Code
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Course description

Projects are initiated with partial user needs and requirements defined. Project managers are faced with the challenge to provide schedules, resources, and cost estimates based on incomplete project requirements or unclear criteria.

Following the principles and techniques outlined in the Project Management Institute's Project Management Body of Knowledge (PMBOK®) and other best practices, participants will be introduced to a structured approach. To achieve higher levels of predictability of the project outcome, this approach would be utilized to identify and mitigate different types of risks and opportunities associated with a project such as Technical, Security, Schedule, Financial, Quality and others.

Who should attend

Individuals who will benefit from this course include project managers, project core team leaders, and business and resource managers.

What you will achieve

  • Establish and implement a structured approach to forecasting, monitoring, and mitigating the project risk factors throughout the project life cycle.
  • Understand how non-mitigated project and operational risks can adversely impact project schedule, cost, and quality commitments to customer solution adoption levels.
  • Effectively communicate and share responsibility of managing the project risk with your core team members, customers, and senior management.

What you will learn

Course Outline
Module 1: Symptoms of Projects in Trouble
Module 2: Root Causes for Troubled Projects
Module 3: Best Practices in Risk Management
  • Project Risk Management Overview
  • Risk Management Planning
  • Identification of Project Risks
  • Assessment of Project Risks
    • Risk Qualification
    • Risk Quantification
  • Developing Risk Responses
  • Implementing Risk Responses
  • Risk Monitoring
Module 4: Developing Risk Responses Strategies
  • Risk Response Process?
  • Strategies for Developing Risk Responses
  • Developing a Project Risk Contingency
  • Risk Response Activity Planning
  • Factors in Evaluating the Response Strategies
  • Risk Mitigation Deliverables
  • Practical Considerations
Module 5: Developing Risk Control
  • Risk Control Process
  • Tracking
  • Communicating and Presenting Risk
  • Modifying
  • Closure
  • Lessons Learned
Module 6: Risk and Financial Control
  • NPV and ROI
  • Risk Exposure
  • Value Engineering
  • Project Financial Tracking — Dashboard Concepts
  • Forecasting Potential Cost and Schedule Overruns with EVM