OVERVIEW

In project and program management it is inevitable that something can and will go wrong. The difference in successful project management is adequately assessing the risks and then executing a successful risk response. Organizations must have solid project risk management best practices in place in order to deliver projects within specified time frames, budgets, and quality requirements. Proactive risk management allows a project manager to optimize project results by implementing proven tools to plan for both threats and opportunities.

This course offers a proven method for incorporating risk management processes as integral elements of project management. The course will present different approaches to identifying risks; qualitative and quantitative methods to analyze risks and determine their impacts; risk ranking and response techniques; and approaches to monitor, control, and communicate risks throughout the project life cycle. Increase the probability of project success by applying techniques to reduce threats and enhance unexpected opportunities. Learn how to prepare a comprehensive risk management plan. Discover different approaches to identify, assess, and quantify risks and their impacts

OBJECTIVES

Learning Objectives

  • Apply scalable planning methods to prepare for project risk management
  • Prepare a risk management plan to guide your risk approach
  • Identify project risks by using different identification tools
  • Integrate risk management techniques and results into a balanced project management approach
  • Use multiple techniques to identify and document risks
  • Perform qualitative risk analysis to prioritize risks for response and monitoring
  • Perform quantitative risk analysis to assess risk to the overall project cost and schedule objectives
  • Incorporate expected value, probability, and distribution into your risk analysis
  • Estimate and characterize the impact and timing of risks on your project
  • Determine and implement appropriate risk response strategies based on risk analysis
  • Monitor and control identified and emerging risks based on risk plan and project execution results
  • Communicate risks effectively to all project stakeholders

COURSE CONTENT

Day 1

Overview of risk management

  • Need for project risk management
  • Some sources of risk
  • Some common risk categories

Day 2

Overview of risk management process

  • Definition of risk, risk management
  • Project risk management process steps (planning, assessment (identification and analysis), handling, and monitoring)

Risk management process lessons learned

  • Process steps commonly missing
  • Process versus project life cycles phases
  • Organizational implementation
  • Support for risk management within the project
  • Behavioral issues associated with implementation
  • Contractual considerations
  • Documenting and communicating results

Risk Analysis

  • Representations of risk
  • Some common tools and techniques, and their limitations (e.g., decision analysis, expert opinion (interviews), ordinal risk scales, Monte Carlo simulations)
  • Selecting probability distributions
  • Portraying risk analysis results (numerical, ranking, and graphical methods)

Day 3

Risk Planning

  • Need for risk planning
  • Some keys to successful risk planning
  • The risk management plan

Risk Identification

  • Some common tools and techniques, and their limitations (e.g., checklists, questionnaires, expert opinion (interviews), WBS, key processes)
  • Information to collect
  • Documentation of risk issues

Day 4

Outbound Activities Aimed At Improving:

  • Communication
  • Teamwork
  • Confidence
  • Motivation

Day 5

Risk Handling

  • Risk handling options (assumption, avoidance, control, and transfer)
  • Some consideration for selecting a risk handling strategy (option and specific implementation approach)
  • Development of a risk handling plan

Risk Monitoring

  • Metrics; their selection, implementation, and integration
  • Feedback to other risk management process steps

WHO SHOULD ATTEND

The course is appropriate for mid-level system engineers and project managers, as well as senior project managers, senior technical specialists, and lower-level engineers. Although some examples provided are from the aerospace industry, the principals covered apply equally to the project risk management challenges for both aerospace and non-aerospace organizations.

METHODOLOGY

  • Face To Face
  • Role playing
  • Post session assessment
  • Video presentation
  • Case study

PERIOD

5 working days

LANGUAGE

  • English
  • Tetun
  • Indonesia