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Project Risk Management

  /    /  Project Risk Management

All projects are inherently risky, and zero risk is not an option. The successful project manager will therefore be the one who manages risk effectively. Threats must be minimised and opportunities maximised, while maintaining a clear focus on achievement of objectives.

At the end of the course delegates will be able to:

  • How to recognise risk within your projects, distinguishing risks from their causes and their effects, and exposing both threats and opportunities
  • The requirements for a proactive approach to identifying and assessing risk exposure, addressing both threats and opportunities
  • How to apply proven techniques for prioritising risks, allowing you to determine the areas requiring particular attention
  • How to develop appropriate response strategies to identified risks
  • How to ensure effective management of uncertainty and maximise the likelihood of achieving your project objectives
  • Your preferred risk psychology, revealing sources of bias and enabling these to be recognised and countered

Definitions of risk

  • Why use risk management
  • The risk process

Risk Management Planning

  • Focusing the risk process
  • The Risk Management Plan

Risk Identification

  • How to use key techniques
  • Risks, causes & effects

Qualitative Risk Analysis

  • Probability and impact
  • Risk categorisation
  • Recording and reporting risk

Quantitative Risk Analysis

  • The role of quantitative analysis
  • Monte Carlo simulation
  • Developing a risk model
  • Understanding outputs

Risk Response Planning

  • Risk Owners
  • Risk response strategies

Risk Monitoring & Control

  • Risk reviews
  • Staying in control

Behavioural aspects

  • Sources of bias
  • Risk attitudes (with exercises)

Benefits & Implementation

  • Benefits of risk management
  • Downside of risk management
  • Implementation issues
Course Overview

All projects are inherently risky, and zero risk is not an option. The successful project manager will therefore be the one who manages risk effectively. Threats must be minimised and opportunities maximised, while maintaining a clear focus on achievement of objectives.

Course Objectives

At the end of the course delegates will be able to:

  • How to recognise risk within your projects, distinguishing risks from their causes and their effects, and exposing both threats and opportunities
  • The requirements for a proactive approach to identifying and assessing risk exposure, addressing both threats and opportunities
  • How to apply proven techniques for prioritising risks, allowing you to determine the areas requiring particular attention
  • How to develop appropriate response strategies to identified risks
  • How to ensure effective management of uncertainty and maximise the likelihood of achieving your project objectives
  • Your preferred risk psychology, revealing sources of bias and enabling these to be recognised and countered
Course Outline

Definitions of risk

  • Why use risk management
  • The risk process

Risk Management Planning

  • Focusing the risk process
  • The Risk Management Plan

Risk Identification

  • How to use key techniques
  • Risks, causes & effects

Qualitative Risk Analysis

  • Probability and impact
  • Risk categorisation
  • Recording and reporting risk

Quantitative Risk Analysis

  • The role of quantitative analysis
  • Monte Carlo simulation
  • Developing a risk model
  • Understanding outputs

Risk Response Planning

  • Risk Owners
  • Risk response strategies

Risk Monitoring & Control

  • Risk reviews
  • Staying in control

Behavioural aspects

  • Sources of bias
  • Risk attitudes (with exercises)

Benefits & Implementation

  • Benefits of risk management
  • Downside of risk management
  • Implementation issues

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