Controlling Project Risk
- Course:Controlling Project Risk
- Course ID:RISK Duration:3 days Where: Your Office (7+ Persons)
- Download Course Description (PDF)
Available as a private, customized course for your group at your offices or ours and in some cases as a WebLive(TM) class.
Course Outline
Introduction
- Personal Risk Profile
- Our relationship with risk
- CHAOS study
- Sources of project risk
- Project success factors
- Importance of Risk Management
Basic Risk Management Concepts
- Risk
- Threat and opportunity
- Relationship between issues and risks
- Risk Management
- The Standard Risk Model
- Impact of risk on project plans
- Levels of risk
- Risk Management timing
Planning for Risk Management
- Identifying risk stakeholders
- Communities Analysis
- Stakeholder profile
- Support Analysis
- Risk Management Plan
Risk Identification
- The risk identification process
- The risk statement
- Tools and techniques
- The Risk Register: Tracking threats and opportunities
Threat Analysis
- Characterizing threats
- Tools and Techniques
- Threat prioritization: Using numeric scores
- Risk Impact Area
- Risk Triggers
- Root cause analysis
- Threat timing and urgency
- Assessing the quantitative impact of unmanaged risk
Threat Response Planning
- Developing proactive responses to threats
- Residual risk analysis: reprioritizing threats
- Contingency planning
- Quantitative assessment of response and contingency plans
- Secondary risks
- Examining cost / benefit of risk plans
- Budgeting for threat management
Opportunity Identification
- Two kinds of opportunity
- Why opportunities are missed
- An enhanced model of risk
- Why opportunities are difficult to see
- What we can do to find more opportunities
- Seven Step Approach to opportunity management
- Using the Opportunity Register
- Quantitative assessment of opportunities
- Calculating Net Benefit
- Gaining management buy-in to your risk approach
Risk Monitoring and Control
- Watching the risk landscape
- Issues management: Activating risk plans
- The issues log
- Acting on opportunities
- Updating the Risk Register
- Lessons Learned
- Wrap-up discussion
Course in a Nutshell
Issues are threats to a project that have materialized, and they can drain a project team of needed energy and time. Experience has shown us that proactive management of project risk can reduce the incidence and severity of issues by up to 90%. Every project has opportunities. When found, opportunities can lead us to lower cost, savings in time, higher quality and a happier customer.
This course goes beyond the standard project management curriculum by explaining how to get out of the reactive mind-set and begin to proactively manage both sides of risk: threats as well as opportunities. Participants use a full-featured risk register to complete a series of exercises, each of which contributes to establishment of an effective Risk Management Practice. Participants experience the cost-effectiveness of threat management, and discover that projects are filled with opportunities, if they know where to look for them.
Customize It!
- Are project issues eating your time? Do you spend all of your energy fighting fires? This course can be customized to help you improve risk management in your most important projects.
- Are you a project manager who would like to go beyond the standard project management curriculum? This course presents a practical approach to uncovering and leveraging opportunities, a topic virtually untouched in standard project management training. Take home a whole new set of tools and techniques.
- Are you a manager, executive, or sales person whose work includes responsibility for project success? Take this course and learn what you can do to ensure that your projects proactively manage threats and take best advantage of opportunities.
- Two and four day versions of this course, focusing on the topics of greatest interest to you, are available.
Aimed At
This course will be of special value to project managers who want a more complete understanding of Risk Management; experienced project managers who want to add to their toolkit of Risk Management tools and techniques; functional managers with project responsibility who want to understand what they can do to manage risk in their projects; and Project Management Office staff who want to better manage the risks in their project portfolio.
Prerequisites
This course assumes familiarity with basic project management concepts as well as some experience in the planning and execution of projects. Effective Project Management (PROJECT3, 3 days) or the equivalent is suggested to ensure a firm grounding in Project Management concepts.