Risk Management

Course Overview

Risk is costly.  Taking ‘risk insurance’ against it makes sense, but what is the most effective way to ensure against risk?  To avoid the high cost of risk one must take measures against it.  Therefore, to be aware of all possibilities is the key and knowledge leading into practice is the best policy.  Effective risk management can make all the difference when it comes to delivering challenging and complex projects, and achieving business objectives. The level of risk in projects today is increasing and success crucially depends on developing an effective mindset, process and practice in relation to early risk assessment and creative risk strategies. This training explores techniques and approaches in modern risk management, drawing on relevant cross-industry approaches.

Course Objectives

Participants will learn how to: -

 

• Define several risk key terms and develop a solid framework of risk management
• Plan risk management and manage the risk register
• Identify project risks using different techniques
• Evaluate qualitatively the identified project risks
• Estimate quantitatively the overall effect of risk on the objectives of the project
• Develop effective response actions that are appropriate to the priority of the project risks
• Review and control project risks through reassessments and audits
• Identify the leadership and communication competencies related to risk management
• Share lessons learned and best practices

Course Methodology

• Pre-& Post Assessment.
• Interactive Lectures
• Case Studies (Workshop Style)
• Exercises
• Presentation
• Videos & Role pays
• Discussion
• Question and Answer

Who Should Attend

• Risk Managers
• Team leaders
• Directors
• Managers
• Program and project team members

Course Contents

Day 1:

Introduction to project risk / Planning

 

• Defining and classifying risk
• Approach to risk management
• Risk management critical success factors
• Project risk management processes
• Planning risk management
• Steps to generating the risk management plan
• Planning meeting and analysis
• Risk register contents
• Risk register update cycle
• Managing the risk register

   

Day 2:

Identifying risks / qualitative risk analysis               

 

• Information gathering techniques
• Diagramming techniques
• Analysis techniques
• Seven basic tools of quality
• Performing qualitative risk analysis
• Risk probability and impact assessment
• Risk probability and impact matrix
• Risk data quality assessment
• Risk categorization
• Risk urgency assessment
• Summarizing the process groups with the project management processes

Day 3:

Performing quantitative risk analysis

 

• Interviewing and understanding standard deviation
• Probability distributions
• Sensitivity analysis
• Expected monetary value analysis
• Decision tree analysis
• Roles and Responsibilities
• Case Studies

   

Day 4:

Planning risk responses

 

• Risk response strategies
• Contingency response strategy
• Types of reserves
• Fall-back plan
• Monitoring and controlling risks
• Risk reassessment
• Risk audits
• Variance and trend analysis
• Earned value management
• Reserve analysis
• Risk monitoring and control

   

Day 5:

Risk communication and leadership

 

• Risk communication process
• General management and Leadership styles
• Motivational and management theories
• Conflict management
• Skills and responsibility for HR Management – moving the team along and working with the HR department
• Developing project team members and motivating the workforce