Risk Management

This course is taught publicly at the Professional Training Service of the University of Ottawa.

This course can be taught at your site. This is cost effctive if you have four or more people to train. Please Contact Us.

Every project would be on time and on budget if nothing went wrong. You will learn how to anticipate what can go wrong, assess their impact on the project, define backup plans, and keep the project under control when and if these risks hit you.

The processes are based upon the Project Management Institute® (PMI®) standard
Project Management Body of Knowledge. This workshop includes
hands-on exercises and group work using case studies. The knowledge
gained will not only help the attendees run a project properly, but with
additional study, can help them prepare for Professional Project Manager
(PMP) certification.

Audience

Project managers, team leaders, business managers and anyone who is affected if a project goes astray due to risks.

Workshop Sections

The five processes of Risk management defined by the PMBOK:

  1. Risk management planning, including writing a Risk Management Plan
  2. Risk identification, including tools to foresee the risk items that can hit a project
  3. Risk assessment, including qualitative and quantitative methods to evaluate the probability and impact of the risks
  4. Risk reaction, including defining immediate action or contingency plans to reduce the risk probability and impact
  5. Risk control, including monitoring and controlling risk events and implementing the planned reaction
Risk as an opportunity
Factoring risk into project schedule and cost
Communicating project risk management processes to all the stakeholders

Outline

Logistics, Introductions
PMI’s PMP Certification
Objectives
STEP 1. Risk Planning
Risk (definitions)
Risks versus Issues/Problems
What is the Basic Source of Risk?
Common Sources of Uncertainty
Risk Inter-Relationships
Fours Processes (steps) of Risk Management
How does Risk Management fit into Project Management?

STEP2: Risk Identification
Inputs: Work Breakdown Structure
Class Exercise 1: Work Breakdown Structure
Risk checklist
Risk Taxonomy (Categorization)
Risk Categories, or Affinity Diagram
Sources of risk: Historical Information
Develop a Risk List
Class Exercise 2: Risk Identification

STEP 3: Risk Analysis
Qualitative Risk Analysis
Risk table
Quantitative Risk Analysis - Probability and Impact
Qualitative Risk Analysis - Probability and Impact
Class Exercise 3: Risk Analysis

STEP 4: Risk Response
Risk Response Strategies: Take action immediately, Take action when the risk seems imminent, Take action when the risk occurs
Contingency Planning
Acceptance and Tolerances
Risk Description Formats
Risk Log/Risk Database
Response Analysis Matrix
Updating the Cost Estimate for Risk: EMV (Expected Monetary Value)
Using EMV to calculate potential Opportunity Profit
Management Reserve
Risk Management Plan
Class Exercise 4: Risk Response

STEP 5: Risk Control
Controlling the Fires
Risk Log Format
Post Project Review

Class Exercise 5: Risk Control

Using Risk Management
When NOT to do the Project
How to Say 'NO' when there is too much risk
The Risk-Taking Ethos