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Risk Management

Course Duration: 3 Days (8:30am-5:00pm)

Professional Development Units (PDU): 22.5

Continuous Professional Development Points (CPD): 15

You'll Learn How To:

•  Use a practical eight step process to manage project risk
• Identify threats and opportunities and weigh their relative value in your project
• Control multiple risks using limited strategies
• Overcome psychological barriers to risk in stakeholders and team members
• Make risk and opportunity integral components of your next project plan

PMBOK® Knowledge Areas:

Project Time Management Project Cost Management Project Risk Management Project Procurement Management

Program Objectives:

Project management is opportunity management. It is the ability to seize opportunities, minimise threats and achieve optimum results. Too often, risk management is seen as reactive, or worse, unresponsive. Nothing could be further from the truth. In this Risk Management course, you'll work through the proactive approach to threat and opportunity - based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.

Risk Management examines threat and opportunity from both a top-down and bottom-up perspective using ESI's proven eight-step risk management process. Using effective tools, including ESI's highly regarded risk assessment model, you'll learn how to evaluate and respond to risk at the project and task levels.

Included in the course is a multi-part case study that takes you from a risk overview at the beginning of a project through the challenges of ongoing assessment and reassessment of threats and opportunities throughout the project.

You'll end the course with new practices to apply in your environment and new insights on the implications and advantages of applying risk management well.

Reminder: Participants taking this course should not take Software Risk Management.

Course Outline:

1. The Basic Foundations of Risk Management: Definition and characteristics of risk Elements and factors of risk - Event (unwanted change) - Probability (uncertainty) - Impact (amount at stake) Types of risk Components of risk management- Identification - Quantification - Response development- Response control
2. Risk Management Planning and Identifying Risk: Risk management planning Risk identification Idea generation tools and techniques
3. Quantification Fundamentals: Probability and impact Presenting Risk- Narrative- Qualitative- Quantitative Probability analysis
4. Analysing and Prioritising Risk: Determining risk tolerances Analysing risks Establishing and evaluating profitability Risk-based financial tools and techniques Expected-value analysis Decision trees Prioritising risks.
5.  Planning for Risk: Risk response strategies for opportunities and threats Risk acceptance Risk avoidance Risk mitigation- Probability minimisation- Impact minimisation Transference Establishing reserves
6. Risk Responses: Risk response control Execute risk strategies Contingency plans and workarounds Risk evaluation Reassessing risk Risk documentation

Course Schedule and Fees

Prices below are indicative of Public Courses Only. Discounts apply for groups and on site training. Please call ESI to discuss.