Project Risk Management

Frequently Asked Questions

What is this course about? In this course, you develop strategies to analyze the risks in project development and implementation. Through an immersive and comprehensive video-enhanced case study, you gain the skills to quantify risks and create effective risk response strategies. You learn how to apply customizable, industry-robust templates to create a Risk Management Plan and Risk Register. You also take away tools and templates for use back at your office. How is this course structured? This course is structured around a dynamic style of learning created by Learning Tree called RealityPlusTM - an immersive experience that engages you in authentic tasks within a simulated real-world context. Through media-rich case studies, role playing, and video/computer-based activities, you are immersed throughout the course in an evolving scenario where the decisions you make affect the outcome of the simulation. The RealityPlus learning method is presented in a safe environment where you gain new skills and practice the most effective techniques to bring back to your job. At the end of your course, you are prepared to immediately and successfully apply these new skills within your organization! Who will benefit from this course? This course is valuable for those involved in or those who may become involved in project risk analysis. Specifically, this course is beneficial to all stakeholders in a wide variety of projects, both large and small. Anyone who has an interest in controlling adverse impacts to the project or finding new opportunities to pursue will also benefit from this course. Typical participants include managers who must justify a decision to proceed, modify, or cancel a project, project leaders and project team members, line managers, analysts and system designers. Do I need a background in project management to attend this course? While the basic concepts of project management are covered briefly during the course introduction, project management experience is an asset. Experience at the level of Course 296, Project Management: Skills for Success, or Course 340, Project Management for Software Development is recommended. Some familiarity with mathematical probability is helpful. How does project risk management differ from project management? Risk management is a subsidiary of project management. Effective risk management assists in planning for successful projects and making intelligent decisions when change is necessary. Why do I need this course? Many projects are delivered behind schedule and over budget because the project stakeholders are unable to discover when the project has moved from its target. In this course you learn to identify future events that may impede your project so that you can take corrective action before disaster strikes. Once you determine your alternatives, you can steer the project to successful completion. In fact, perceived risks often turn out to be hidden opportunities when managed correctly. This is one of the major benefits of project risk management often overlooked by those who don't practice it. What specific skills will I learn in this class? You learn tools and techniques that assist with qualitative and quantitative identification and response to risks. The interactive group exercises teach you to apply the project management processes during a case study project that builds throughout the course. You learn to write and invoke a Risk Register to control your project. It's been a long time since I studied math. Will I be lost in this class? No! The math that is taught in the class is presented so that anyone will be comfortable with it. There are several light-hearted "statistical interludes" to ease the path for the non-mathematical. We take you step-by-step through the examples so that you can return to your project and immediately apply the knowledge. How much time is spent on each topic? Content Hours Overview of project risk management 1.5 Risk management planning 2.0 Identifying project risk 2.0 Improving project performance through qualitative analysis 3.0 Analyzing risks using quantitative methods 3.0 Risk response planning 3.5 Making decisions under uncertainty 3.5 Monitoring and controlling risk 3.0 Leveraging project experience 2.5 Times, including the workshops, are estimates; exact times may vary according to the needs of each class. What kinds of activities are covered in the hands-on training? In this course, you are immersed in a comprehensive case study to simulate a project risk experience from planning to project close. You perform risk management tasks, including: Creating your RMP from a proven model Developing and updating a Risk Register through a systematic incremental process Applying a 7-step qualitative risk analysis process to determine probability, impact and exposure Quantifying risks according to EMV, Utility and impact on estimates Designing a risk response strategy Detect and respond to risk events using EVA Justifying budget and time contingencies Updating your risk database and determining process improvements I'm not comfortable taking risks. What impact will this have on the success of my project? You assume risks throughout your daily activities. When you drive to work, you assume a calculated risk that you will arrive safely. When you eat in a restaurant, you assume a risk that the food has been safely prepared. The key is that you control these risks by driving defensively or choosing a clean restaurant. The same is true with your projects. By controlling exposure to risk, you increase the probability that your project will come to successful completion. Is this course applicable to a Project Management Professional (PMI) certification? Yes. Although this course is not designed as preparation for the exam, it is beneficial to anyone working toward PMI's PMP certification. For those who are currently certified, completion of this course counts as 23 professional development units (60 units must be completed every three years to maintain certification). For more details, please see the Learning Tree PMI Registered Education Provider Q&A. If you are an experienced project manager intending to take the PMP exam, you should take Course 276, Preparing for the Project Management Professional (PMP®) Exam. In this course you learn essential PMBOK® Guide terminology, tools and techniques. You gain practical test-taking experience through PMI-style practice exams and create your own personal study plan for continued use after the course. How does this course relate to other Learning Tree courses? Other courses of interest in the Project Management curriculum include: 296, Project Management: Skills for Success teaches principles and best practice of running a broad range of projects. 340, Project Management for Software Development focuses on the unique aspects of software development projects. 248, Project Scheduling and Budgeting provides you with the skills to build schedules and budgets that transform project constraints into project success. 287, Strategic Project Management: Achieving Organizational Goals builds on the techniques required for the successful management of complex projects. Other management courses that may be of interest include: 290, Management Skills  294, Influence Skills: Getting Results Without Direct Authority  289, Disaster Recovery Planning: Ensuring Business Continuity

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