Project Management - Identifying, Analyzing, and Managing Project Risk

Risk cannot be avoided. So, the best way to manage an unavoidable situation is to plan for and identify the potential obstacles and possible solutions. This class revolves around the advanced practices for identifying, communicating, managing, and controlling project risks. This class is very interactive and includes discussions, hands-on exercises, scenarios, and case studies.

WHAT YOU WILL ACHIEVE

• The ability to identify critical success factors for Project Risk Management
• An understanding of the formal risk management process
• The ability to apply best practices to the planning, identifying, managing, and controlling of risks
• A full understanding of the project manager’s role in risk management
• The ability to identify barriers that plague effective risk management and some tips for dealing with these barriers 
• An understanding of how to communicate risks to stakeholders 
• The ability to identify and use the appropriate risk-related templates to assist in identifying, managing, and controlling risks

What You Will Learn

Risk Management Overview

• Project risk management definition
• Role of risk management in project management
• Critical success factors to effective risk management

Plan Risk Management

• Barriers to successful project risk management
• Stakeholders and risk management
• Planning sessions and documentation

Identify Risks

• Early identification
• Comprehensive identification
• Multiple perspectives
• Risk register

Qualitative Risk Analysis

• How to develop an agreed-upon approach
• How to collect risk information
• How to prioritize risks
• How to categorize risks

Quantitative Risk Analysis

• Importance of unbiased data
• Risk impact calculation
• Methods for analyzing uncertainty
• Data gathering tools
• Effective presentation of quantitative analysis results

 Plan Risk Responses

• Address the interactions of risk and their responses
• Importance of risk response timing
• Provide resources, budget, and schedule for responses (contingency)
• Address both threats and opportunities
• Identify response strategies
• Risk ownership and responsibility assignment

Monitor and Control Risks

• Integrate risk monitoring and control with project monitoring and control
• Monitor risk triggers
• Maintain risk awareness
• Manage contingency reserves
• Track risks

Who Should Attend

The class is intended for students who have experience working on projects and an understanding of formal project management principles and techniques.

Tuition Fees

With funding support from the United States Department of the Interior, Office of Insular Affairs, courses are available free of charge for government accountability professionals within the insular areas. The course fee is waived and there is no cost to register and attend, Professionals who do not meet the above criteria, please contact [email protected].