Introduction
This course aims to enable participants to plan, manage and control project risks. By attending, participants will acquire the knowledge to develop project risk management plans, identify project risks, analyze the identified risks and plan responses for them. They will also learn to analyze the risks qualitatively and quantitively using different practical techniques.
Goals
Participants will learn:
- Planning risks.
- Identifying risks.
- Assessing risks.
- Evaluating responses.
- Monitoring and reporting risks.
TRAINING OBJECTIVES
- Define the basic terms related to risk and establish a solid risk management framework.
- Set up plans for risk management and manage the risk register.
- Identify project risks using different techniques.
- Perform a qualitative risk analysis to determine the overall project risk score.
- Complete a quantitative risk analysis by utilizing techniques such as Monte Carlo simulation and decision tree analysis.
- Develop effective response strategies for positive and negative risks according to their priorities.
- Review and control project risks through reassessments and audits.
Training Methodology
The course uses interactive techniques, such as brief presentations by consultant and participants. The course also features several group exercises and simulation.
Target Groups
This course has been designed for project risk managers, risk owners, project managers, members of the project office, project sponsors, functional managers, senior management and individuals interested in project risk management.
Program Content
Introduction to Project Risk Management
- Definitions of risk .
- Pure and business risks.
- Benefits of project risk management.
- Project risk management processes.
Risk Management Planning
- Stakeholder risk appetite.
- Elements of the risk management plan.
- Risk breakdown structure.
- Defining risk probability and impact scales.
Identifying Project Risks
- Brainstorming and Delphi techniques.
- SWOT analysis.
- Work Breakdown Structure (WBS).
- Risk register.
Qualitative Risk Analysis
- Risk probability and impact assessment.
- Risk ranking within the project.
- Risk urgency assessment.
- Project risk score.
Quantitative Risk Analysis
- Probability distributions.
- Monte Carlo simulation.
- Sensitivity analysis.
- Expected Monetary Value (EMV).
- Decision tree analysis.
Risk Response Strategies
- Negative risk response strategies (threats).
- Positive risk response strategies (opportunities).
- Contingency planning strategy.
- Secondary and residual risks.
Implementing Responses and Monitoring Risks
- Risk audit.
- Risk reviews.
- Workarounds.
