Course Methodology

The course uses interactive techniques, such as brief presentations by consultant and participants. The course also features several group exercises and simulations and a question bank that will help the participants practice for the exam.

Course Objectives

By the end of the course, participants will be able to:

• Define the basic terms related to risk and establish a solid risk management framework
• Set up plans for risk management and manage the risk register
• Identify project risks using different techniques
• Perform a qualitative risk analysis to determine the overall project risk score
• Complete a quantitative risk analysis by utilizing techniques such as Monte Carlo simulation and decision tree analysis
• Develop effective response strategies for positive and negative risks according to their priorities
• 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. 

Target Competencies

• Planning risks
• Identifying risks
• Assessing risks
• Evaluating responses
• Monitoring and reporting risks

Introduction to Project Risk Management

• Definitions of risk  
• Pure and business risks
• Benefits of project risk management
• Project risk management processes

Risk Management Planning

• Stakeholder risk appetite
• Elements of the risk management plan
• Risk breakdown structure
• Defining risk probability and impact scales

Identifying Project Risks

• Brainstorming and Delphi techniques
• SWOT analysis
• Work Breakdown Structure (WBS)
• Risk register

Qualitative Risk Analysis

• Risk probability and impact assessment
• Risk ranking within the project
• Risk urgency assessment
• Project risk score

Quantitative Risk Analysis

• Probability distributions
• Monte Carlo simulation
• Sensitivity analysis
• Expected Monetary Value (EMV)
• Decision tree analysis

Risk Response Strategies

• Negative risk response strategies (threats)
• Positive risk response strategies (opportunities)
• Contingency planning strategy
• Secondary and residual risks

Implementing Responses and Monitoring Risks 

• Risk audit
• Risk reviews
• Workarounds