Achieving the objectives in the presence of uncertainty is a requirement of most projects. Project risk management involves the processes of identification and analysis of risk events, and the development of response and control plans to deal with these events. In this course, emphasis is placed on the active management of risk throughout the project, through regular monitoring and re-evaluation of risks, and the implementation of risk responses.
This workshop also incorporates principles aligning to the FMEA (Failure Mode and Effects Analysis) method. The analysis incorporates failure causes for potential or actual errors or defects in a process, design or item affecting the customer and the consequences of those failures.
Target Audience:
This course is intended for Project Managers, Project Leaders, Project Engineers, and Business Analysts.
Key Participant Benefits:
This workshop will allow participants to develop their skills in one of the most demanded competencies in organisations today. The benefits to the participant include improved project results, increased capabilities to deliver successful outcomes, and demonstrated use of professional risk management principles.
Key Business Benefits
This course will teach participants about the difference effective risk management can make when it comes to delivering challenging and complex projects, and achieving business objectives. The level of risk in projects today is increasing and this course will discuss how success crucially depends on developing an effective mindset, process and practice in relation to early risk assessment and creative risk strategies.
At Course Completion:
After completing this course, students will be able to:
Plan Risk Management: Creating the Detailed Risk Management Plan
Identify Risks using Risk Categories and other methods
Develop reusable Risk Breakdown Structures
Facilitate effective risk identification processes and workshops
Develop techniques for categorising risks
Conduct risk related root cause analysis for enhanced response plans
Analyse risks using Qualitative Risk Analysis and a P-I matrix
Plan Risk Responses and update the risk register
Understand the core concepts of the FMEA analysis
Analyse risk events quantitatively and qualitatively
Use tips and techniques for creating risk strategies
Establish effective risk response strategies
Monitor risks and maintain an effective risk register
Module 1: Introduction to the Risk Management Standard
The PMI Risk Management Standard
Classifying Risk (Threats and Opportunities, Pure and Business)
Current trends in project risk management
Module 2: Risk Management Planning
Risk Management Plan Contents
Generate the Risk Management Plan
Best practices in policies and procedures including; timing and responsibilities for risk, common definitions for P-I Matrix, use of contingency funds, budgeting for risk activities
Module 3: Risk Identification and Analysis
Identifying Risk: Common tools and techniques including; brainstorming, mind mapping, and interviewing, the practical use of Delphi, assumptions analysis, and root cause analysis
Perform Qualitative and Quantitative Risk Analysis including; using the P-I matrix, developing a risk profile, conducting sensitivity analysis using a tornado diagram, expected monetary value and contingency reserves
Module 4: Planning Risk Responses and Monitoring Risks
Building a Risk Response Plan
Strategies for responding to various types of risk
