Name of Course: Risk Management
Course Number: 2169-JTC210
Description:
This course is a case study based, hands-on approach to risk management. Using a standard risk management process and armed with tools and templates, participants will be able to assess the overall risk of a project and analyze stakeholder tolerance. In a case study based environment, attendees will create a comprehensive and structured list of risks and be able to analyze them using both objective and subjective analysis approaches. A realistic response plan will be created and ways to monitor and control risk will be explored. The course covers tools for all of the risk management processes identified by PMI® and provides a complete set of templates and examples.
Target Audience:
Project managers and project participants who need risk management skills.
Pre-Requisities:
A basic project management course (such as Managing Projects and Leading People), or equivalent knowledge.
Duration: Two days
PDUs: 16 PDUs
Objectives:
- Review the risk management processes identified by PMI®
- Use a set of tools and templates designed to support these processes
- Build a risk management plan
- Assess stakeholder tolerance to risk
- Perform techniques to identify and analyze risks
- Evaluate risk response alternatives and know when to select each alternative
- Monitor the impact of risk plans and take corrective actions
Instructional Methods:
Lecture, group discussions, individual practices and case studies teach and reinforce risk management topics.
Topics Covered:
Introduction
- Review course objectives and agenda
- Definition of terms
- Review of risk processes
Risk Management
- Determine approaches to risk
- Perform stakeholder analysis
- Integrate the risk plan with the project plan
- Create a risk management plan
Risk Identification
- Review inputs and outputs
- Review tools for gathering risks
- Categories of risk
- Ensuring we get the root cause not the symptom
- Create a Risk List
Risk Filtering
- What is filtering?
- Filtering techniques
- Create a filtered risk listing
Risk Analysis
- Analyzing impact
- Estimation techniques
- Analyzing probability
- Basic probability theory
- Practical probability analysis for IT projects
- Expected monetary value
- Decision trees in the risk context
- Other prioritization approaches
- Analyze and prioritize risks
Responding to Risk
- Types of responses
- Avoiding
- Transferring
- Mitigating
- Accepting
- How to find the right response
- Responding to the case study risks
- Solving one risk creates another
Monitoring Risk
- Looking for triggers
- Periodic assessment
- Status reporting on risk
- Evaluate the impact of responses
- Find triggers in the case study
Documenting Risk
- Forms and templates
- Best practices
- Why document?
Summary
- Lessons learned
- How to implement in real life
- Evaluations