Training Services → Beyond the Basics®
Advanced Risk Management
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This course explains how to effectively manage risk in any project. It moves beyond the standard project management curriculum by diving deeply into the effective management of both threats and opportunities based on a detailed assessment of project risk exposure. Participants use a professional risk management tool to carry out a series of exercises each of which contributes to establishment of an effective Risk Management Practice. As participants build proactive and contingency responses, they simultaneously measure the reduction of overall project risk exposure in their project. Topics include:
- The origins of risk
- Risk's dual nature: threat and opportunity
- Risk at three levels: project, business, project value
- Developing a Risk Management Plan
- How to use a comprehensive Risk Register
- Detailed assessment of project threats and opportunities
- Managing threats
- Threat identification
- Qualitative and Quantitative Analysis
- Proactive and contingency response plans
- Assessing residual and secondary risk
- Managing opportunity
- Two kinds of project opportunities
- Identifying and qualifying opportunities
- Proactive and contingency response plans
- Leveraging project opportunities
- Measuring net project risk exposure
- How to calculate a contingency reserve
- Convincing management to fund the risk strategy
Who should attend
This course is of value to anyone who wants to control the cost of risk in major projects, including Project Managers, Managers of Project Mangers, Functional Managers and Executives with project responsibility, Project Management Office staff, Risk Managers, and Risk Management Office staff.
Prerequisites
This course assumes familiarity with basic project management concepts as well as some experience in the planning and execution of projects.
Course Outline
Section 1: Introduction
- Personal Risk Profile
- Origin of project risk
- Project success factors
- The risk management value proposition
Section 2: Basic Concepts
- Threat and opportunity
- Relationship between issues and risks
- Risk at three levels: project, business, and project value
- Project planning helps to manage risk
- The work of Risk Management
- Budgeting for Risk Management
Section 3: Planning for Risk Management
- Identifying risk stakeholders
- Risk tolerance; Risk appetite
- Engaging stakeholders in risk management
- Proactive vs. reactive risk planning
- Developing a Risk Management Plan
Section 4: Risk Identification
- Sources of risk
- Tools for risk identification
- Composing a risk statement
- Introduction to the Comprehensive Risk Register
- Full characterization of project threats and opportunities
Section 5: Risk Analysis
- Characterizing risk: impact, probability, and detectability
- Risk analysis data
- Establishing risk scores: the Risk Matrix
- Risk ranking and Heat Maps
- Risk triggers
- Determining root cause
Section 6: Identifying and Analyzing Threats
- Threat identification
- Screening threats with qualitative analysis
- Methods for estimating impact
- Threat prioritization
- Extended analysis: risk categorization, timing, urgency
- Quantitative methods: Estimating impact on cost, time and labor hours
- Unavoidable costs
- Measuring risk exposure
Section 7: Threat Response Planning
- Proactive and reactive responses to Threats
- Decision analysis: Choosing the best strategy
- Cost effectiveness of response plans
- Assessing and managing secondary and residual risk
- Creating contingency plans
- Building a Contingency Reserve
- Cost of threat management: Pay now or pay more later
- Threat Management Strategy
Section 8: Understanding Opportunity
- Value of opportunity
- Two kinds of opportunity
- Why opportunities are missed
- Enhanced model of risk
Section 9: Identifying and Analyzing Opportunity
- Tools for finding opportunity
- Screening opportunities with qualitative analysis
- Opportunity prioritization
- Quantitative methods: Impact on cost, time and labor hours
- Including opportunity in measurement of risk exposure
Section 10: Opportunity Response Planning
- Proactive and reactive responses to Opportunities
- Cost effectiveness of response plans
- Assessing and managing secondary and residual risk
- Contingency plans and the contingency reserve
- The budget for managing opportunities
- Opportunity Management Strategy
Section 11: Risk Monitoring and Control
- Watching for change to the risk landscape
- Responding to risk events
- Reporting risk status
- Tracking reserves
- Managing risk to Business Value
- Risk audits
Wrap-Up Discussion
Why should I take this course?
- Advanced Risk Management presents a comprehensive approach for the management of risk in any project. When done effectively, risk management can eliminate up to 90% of the cost of project risk.
- You have the option of using your own current project as the basis for risk management exercises. As a result, you can accomplish project work while you learn about the topic.
- Participants are shown how to build a business case for funding key risk management activities.
- The course includes a practical approach to uncovering and leveraging opportunities, a topic virtually untouched in standard project management training. Take home a whole new set of tools and techniques.
- Course content is fully consistent with the PMI® Practice Standard for Risk Management.
Learning Approach
- A highly experienced instructor will use interactive lecture format, numerous hands-on exercises, team activities, group discussions and other techniques to drive home the essential points of this material.
- If you have modest risk management knowledge, you will find that the clarity of the material and direct presentation style of the instructor will make the subject matter easy to understand.
- Participants learn how to use a suite of professional risk management tools.
- You will receive a Participant Guide which will help you follow the material, take notes and retain what you learned so that you can apply it on your job.
Licensing
Use this courseware to teach your students! This course is available under license to qualified Training Providers. Courseware materials include:
- Instructor slides
- Instructor manual with timing guide
- Printed participant guide
- Train the Trainer instruction
- Written for classroom or virtual delivery
For more information, see
Courseware-On-Demand or Contact Us
Every course and workshop in our Project Training program is fully customizable. We offer virtual delivery of the training program you need. Call us: +1.919.495.7371.
All of our courses are fully compliant with the latest release of each relevant standards document such as the PMBOK® Guide, Standard for Portfolio Management, BABOK® Guide, and others.
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