Project Risk Management PM07.00

Risk refers to future conditions or circumstances that exist outside of the control of the project team that will have an adverse impact on the project if they occur. In other words, whereas an issue is a current problem that must be dealt with, a risk is a potential future problem that has not yet occurred.

A reactive Project Manager tries to resolve issues when they occur. A proactive Project Manager tries to resolve potential problems before they occur. Many problems can be seen ahead of time. Risk management is a proactive process that is invoked to attempt to eliminate these potential problems before they occur, and therefore increase the likelihood of success on the project.

 Prerequisites

  • A basic understanding of project management

Learning Objectives

At the end of this class, participants will be able to:

  • Understand general concept of risk in everyday life

  • Describe the relationship between risks, assumptions and issues

  • Identify risks to your project though a number of data gathering techniques

  • Analyze the potential risks to your project and determine which ones to focus on

  • Plan appropriate risk responses using a number of different alternatives and options

  • Monitor and control known risks, and continually assess the project to identify new risks

Who Should Attend

  • Project managers and team members that must identify and resolve project risks

  • Managers that monitor projects

  • Clients, customers and all stakeholders that participate on projects and are in a position to identify and help respond to risks

Course Outline

  • Overview and definition of risk

  • Terms - risks, assumptions, issues

  • The risk management process

  • Risk identification

  • Risk analysis

    • Qualitative

    • Quantitative

  • Risk response

  • Risk control

There are numerous exercises to reinforce the concepts taught in the class.

Class Length

  • One Day (8 PDUs)