Course Description

The purpose of Risk Management is to identify potential problems before they occur so that risk-handling activities can be planned and invoked as needed across the life of the project to mitigate adverse impacts on achieving objectives. This learning course will teach the participants how to identify, analyze and respond to risks before they happen. It also teaches participants to control and manage risks when they occur. This learning course also serves to help participants prepare for the Project Management Institute's Risk Management Professional (PMI-RMP®) Exam with the most understanding of project risk management according to the Fourth Edition of the Guide to the Project Management Body of Knowledge (PMBOK® Guide).

Duration:

31.5 hours / 27 PDUs

Course Objectives

Upon completion of this course, participants will be able to:

• Describe and understand all risk management defined processes, as outline in the PMI® PMBOK® Guide Fourth Edition.
• Use internationally-recognized best practices for managing projects and operations risks
• Apply risk management techniques to detemine the true cost and schedule for projects and operations
• Demonstrate the impact of successful risk management to the organization
• Avoid common risk management pitfalls
• Describe risk management principles and techniques and how they apply to day-to-day management of projects and operations
• Have a practical set of self-study techniques and a bibliography of reference material
• Use common risk managment terminology
• Be more focused and proactive about preventing problem, rather than just dealing with them as they occur.
• Gain the necessary information to prepare for the PMI Project Risk Management Professional (PMI-RMP®) Certification Exam.

Who Should Attend

This course is for individuals who are engaged in the risk management profession, with a minimum of one year of experience as a risk management practitioner. Risk managers, project managers, and line managers will also benefit from this course. This course also serves in preparing the participants for the Project Management Institute Risk Mangement Professional (PMI-RMP®) Exam.

Course Content

Risk Management Overview

• Definition of risks
• Risk breakdown structure (RBS)
• Risk categories

What You Need Before You Can Do Risk Management

• What you need before you can effectively start risk management
• How does risk management fit into the project management process and operations
• What risk mangement is and why can it make or break your career
• Project risks and operations risks
• Negative risks and positive risks (Opportunities)

The Risk Management Processes

• Plan risk management
• Identify risks
• Perform qualitative risk analysis
• Perform quantitative risk analysis
• Plan risk responses
• Monitor and control risks

The Identify Risks Process

• Objectives
• What is a well-defined risk
• The cause-risk-effect format
• How to do it
• Best practices
• Common risk management mistakes
• Apply it to the real world
• Apply it in a case study
• Steps for risk identification
• Outputs

The Perform Qualitative Risk Analysis Process

• Objectives of the Perform Qualitative Risk Analysis Process
• How to do it
• Tools and techniques
• Probability and impact scales
• How to determine what risks move forward
• Risk ranking and risk score
• Best practices
• Common risk management mistakes
• Steps for risk quantification
• Outputs

The Plan Risk Responses Processes

• Objectives
• How to do it
• Tools and techniques
• Best practices
• Common risk management mistakes
• Preventing risks
• Preparing to deal with risks
• Contingency and fall back plans
• Risk owners
• Residual risks
• Secondary risks
• Time and cost reserves
• Risk response plans
• How risk management effects the project plan and operations
• Proving the value of your risk management efforts to your company
• Apply it to the real world
• Apply it in a case study
• Steps for risk response planning
• Expected outputs

The Monitor and Control Risks Process

• Objectives
• How to do it
• Tools and techniques
• Best practices
• Common risk management mistakes
• Workarounds
• Managing the reserves
• Controlling the overall risk of the project and operations
• Reporting
• Apply it to the real world
• Apply it in a case study
• Steps for risk response development
• Outputs

PMI-RMP is a registered mark of Project Management Institute, Inc.