Risk Management Best Practice

Ranging from fundamental to best practice, this course will bring your risk management skills right up to date.  The course is aligned to the Project Management Institute’s global Practice Standard for Project Risk Management.

Everest Brighter

Mt Everest (8,800 metres)
Risk Management Plan

Studies repeatedly highlight poor risk management as a major cause of project failure. Discover how to manage risk throughout the project lifecycle, using a solid process model.

The Course Outline:

  • The concepts and practical application of effective project risk management
  • The benefits of a proactive approach to managing risk
  • Different techniques for identifying risks
  • Methods for analysing risk – fundamental and advanced
  • How to integrate risk management with project planning
  • Strategies for responding to risks
  • How to effectively track and record risks

Workshop Outline

The Nature of Risk in Projects

  • Definition of risk
  • Characteristics of risk
  • Risk vs. opportunity
  • Benefits of risk management

Risk Management Process

  • Integrating risk management into the project planning process
  • Roles and responsibilities in managing risk
  • Success factors in effective risk management
  • The risk management process steps

Risk Management Planning

  • Planning to avoid failures
  • Engaging stakeholders
  • Setting up a framework for addressing risk
  • Project risk workshops

Risk Identification

  • Principles of identifying risk
  • People-oriented techniques
  • Tools-oriented techniques
  • The risk breakdown structure
  • Defining risks correctly and accurately
  • Establishing a risk register

Risk Analysis

  • Qualitative methods for analysing risks
  • Defining probability scales
  • Assessing impact of risks on project constraints
  • Determining expected value of risk
  • The PERT method
  • The buffer method
  • Monte-Carlo simulation

Risk Prioritisation

  • Qualitative ranking methods
  • Quantitative ranking methods
  • Using filtering to segment risks
  • The comparative risk ranking technique
  • Updating the risk register

Risk Response Strategies

  • Response strategies for threats
  • Defining preventive actions
  • Creating contingency plans
  • Defining risk response triggers
  • Integrating risk responses into the project plan
  • Understanding risk response interactions
  • Risk reserves
  • Finalising the risk management plan

Risk Monitoring and Control

  • Risk reviews
  • Monitoring risk status and triggers
  • Executing risk responses
  • Evaluating risk plan performance
  • Responding to the unexpected
  • Risk re-assessment
  • Maintaining the risk register
  • Communicating and reporting risk exposure to stakeholders

Risk Management at Project Closeout

  • Final risk review and assessment
  • Capturing lessons learned
  • Proactive management of future risks

Contact us to discuss.