Course Objectives
Project Risk Management - Virtual Learning
By the end of the course, participants will be able to:
- Develop risk management plan, identify project risks using different techniques and manage risk register.
- Perform qualitative and quantitative risk analysis to determine the overall project risk score and utilize techniques such as Monte Carlo simulation and decision tree analysis
- Plan strategies for negative and positive risks
- Review and control project risks through reassessments and audits
Target Audience
This course has been designed for project risk managers, risk owners, project managers, members of the project office, project sponsors, functional managers, senior management and individuals interested in project risk management. Meirc is assigned as a Registered Educational Provider (REP) with the Project Management Institute (PMI®). This course is worth 12 Professional Development Units (PDUs).
Target Competencies
- planning risks
- identifying risks
- assessing risks
- evaluating responses
- monitoring risks
- reviewing risks
Note
- This course includes hands-on training on Monte Carlo simulation using Excel. Laptops will be made available by Meirc.
- Project risk-related templates will be distributed during the co
Course Outline
- Introduction to project risk management
- Definitions of risk and risk management
- Level of risks in projects
- Pure and business risks
- Benefits of project risk management
- Planning and identifying project risks
- Risk Utility
- Risk management plan elements
- Defining risk probability and impact matrix
- Identifying project risks
- Creativity techniques for data gathering
- Brainstorming
- Delphi technique
- Creativity techniques for data gathering
- SWOT analysis
- Risk register
- Risk report
- Performing risk analysis
- Quantitative risk analysis
- Risk probability and impact assessment
- Hierarchical charts
- Risk categorization
- Risk urgency assessment
- Project risk score
- Performing Quantitative Risk Analysis
- Interviewing and three-point estimate
- Monte Carlo simulation
- Expected Monetary Value (EMV)
- Decision trees
- Quantitative risk analysis
- Developing risk response strategies
- Negative risk response strategies (threats)
- Positive risk response strategies (opportunities)
- Fallback plan
- Secondary and residual risks
- Implementing responses and monitoring risks
- Status meetings and work arounds
- Variance analysis
- Risk Assessment and audit