Managing Risks on Projects

Based on the PMBOK® Guide – 6th Edition and the PMI Practice Standard for Project Risk Management

The value of managing risks on projects depends on the success achieved with the pro-active efforts to minimize the negative impacts of threats and to maximize the positive impact of opportunities. The typical steps of planning for risk management, identifying risks, prioritizing risks, conducting risk analysis and planning the appropriate risk responses are of little value if the selected response strategy is not implemented, monitored and controlled throughout the project. This course addresses all of these aspects incorporating lectures, discussions, and practical classroom exercises.
Course Outline:

01-Fundamentals of Managing Risk on Projects:
  • Definition of Risk
  • Risk Management as part of Project Management
  • Risk elements
  • Sources of risk
  • Risk Categories
  • Project Risk Management Processes
  • Critical Success Factors for Project Risk Management
  • Responsibilities
  • Scalability and tailoring of risk management processes
  • Risk manageability 
  • Benefits of Project Risk Management
  • Barriers to Project Risk Management
02-Planning for Risk Management on Projects:
  • Influencing factors
  • Project Objectives
  • Critical Success Factors
  • Inputs
  • Tools
  • Risk Management Plan
  • Risk Register

03-Identifying Risks:
  • Sources of Risk
  • Critical success factors for identifying risks
  • Inputs
  • Risk identification tools and techniques
  • The Risk Statement
  • Updating the Risk Register



04-Analyzing Risks:
  • Risk Analysis approaches
  • Probability 
  • Impact
  • Risk tolerances and thresholds
  • Risk proximity
  • Risk analysis tools and techniques
  • Qualitative risk analysis
  • Updating the Risk Register
05-Responding to risks:
  • Risk response planning
  • Critical success factors for risk response planning
  • Inputs required
  • Response strategies for threats
  • Response strategies for opportunities
  • Tools and techniques 
  • Residual risks
  • Secondary risks
  • Reserves, contingencies and fallback plans
  • Integrating the risk response plans into Project Management Plan
  • Updating the Risk Register and project management plan
  • Executing risk responses
06-Monitoring and control risks:
  • Critical success factors
  • Inputs
  • Tools and techniques
  • Documentation updates
  • Risk management and project closure
Prerequisites:
Delegates must understand the basic principles of project management and must  have experience in managing projects.

Duration and material:
  • Course duration:- two days (14 hours) classroom or virtual online instructor-led training in a relaxed learning environment allowing for real-time feedback, questions and answers, and practical exercises.
  • Student manual provided.
Please contact training@pmta.co.za for more information or a quotation.