Project Management Experts (PME) – Project Risk Management Class

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COURSE DESCRIPTION
The objective of Risk Management is to introduce the students to basic risk assessment and management concepts that can be applied directly to their projects. Using a lecture and exercise format, the students will learn risk management following the foundation provided in the Project Management Body of Knowledge (PMBOK® Guide) Sixth Edition established by the Project Management Institute (PMI®). Upon completing the class students will understand all aspects of risk assessment including risk management planning, risk identification, qualitative and quantitative risk analysis, risk response planning, and controlling risks.

AGENDA

INTRODUCTION

  • Background
  • Definitions
  • Triple Constraints
  • Cost of Rework
  • Management of Expectations
  • Influence of Risk Across the Project Lifecycle
  • Key Concepts of Risk Management
  • Roles and Responsibilities
  • Project Management Process Overview

INITIATING

  • Develop Project Charter
  • Contents of the Project Charter
  • Identify Stakeholders
  • Power/Interest Grid
  • High Level Risk Assessment
  • Exercise: Project Charter and High Level Risk Assessment

PLANNING

  • Project Management Plan
  • Project/Product Analysis
  • Project Analysis Checklist and Survey (PACS)
  • Project Scope, Schedule and Costs
  • Exercise: Project Scope Statement, Schedule and Cost

Plan Risk Management

  • Risk Management Process
  • Probability and Impact Matrix
  • Impact Matrix
  • Risk Management Plan
  • Exercise: Risk Management Plan

Identify Risks

  • Identify Risk Process
  • Risk Identification Techniques
  • Risk Register Creation
  • Exercise: Risk Identification

Perform Qualitative Risk Analysis

  • Qualitative Risk Analysis Process
  • Probability of Occurrence
  • Impact on Project Objectives
  • Risk Score
  • Risk Register Updates
  • Exercise: Qualitative Risk Assessment

Perform Quantitative Risk Analysis

  • Quantitative Risk Analysis Process
  • Expected Monetary Value
  • Contingency Reserve vs. Management Reserve
  • Decision Tree Analysis
  • Simulation Models
  • Risk Register Updates
  • Exercise: Calculating Expected Monetary Value

Plan Risk Responses

  • Risk Response Process
  • Risk Response Strategies
  • Risidual Risks vs. Secondary Risks
  • Risk Register Updates
  • Project Management Plan Updates
  • Exercise: Risk Response Creation and Project Management Plan Updates

EXECUTING

Implement Risk Responses

  • Implement Risk Response Process
  • Expert Judgment
  • Interpersonal and Team Skills
  • Project Management Information System
  • Project Document Updates

MONITORING AND CONTOLLING

Monitor Risks

  • Monitor Risk Process
  • Updating the Contingency Reserve
  • Risk Register Updates
  • Managing Impacts on the Project
  • Exercise: Risk Register and Contingency Reserve Updat