Programming & Development

Strategic Risk Management


Project risks left unidentified and unmanaged, can derail organizational performance. Project managers and project participants need to be proficient at identifying and managing risks on their projects. This course is designed to teach you hands-on approaches to identifying and managing risks. Students will benefit from this course through an improved understanding of risk management, the development of practical ways of identifying, analyzing, and tracking risk, and optimizing time spent on risk assessments. Organizations are better positioned to reduce project risk by employing better risk management strategies and reducing project costs with more effective schedule optimization. This course has been approved by PMI for 8 PDUs.


Describe risks using a three part statement
Understand how risk attitudes affect your project
Create useful tools to track risk
Communicate risk information to stakeholders
Develop a risk management plan
Create a meaningful risk matrix
Use operational definitions to reduce bias
Track risk occurrence and variances
Calculate project contingencies

Introduction Risk management concepts Benefits of strategic risk management Integrating risk management within the project management life cycle Taking a leadership role in risk management Definitions of stakeholder risk tolerances and attitudes Developing a risk management plan Defining risk categories Defining probability and impact Developing a risk matrix Communicating risk information Critical success factors Risk Identification Identifying types of project risks Critical success factors Who should be involved in risk identification? Tools & techniques for identifying risks Writing an accurate risk statement Developing a useful risk register CASE STUDY EXERCISE Risk Analysis Qualitative risk analysis defined Critical success factors Risk probability and impact assessment Risk urgency assessment Using the risk matrix Quantitative risk analysis defined Knowing when to quantify Risk impact calculation Expected monetary value – determining the risk reserves Decision trees Monte Carlo simulation & probability distributions CASE STUDY EXERCISE Risk Response Planning Response Planning Critical success factors Risk response strategies Developing the risk response plan Tools & techniques for risk responses Planning for Residual and Secondary Risks Response planning documentation CASE STUDY EXERCISE Controlling Risk Purpose and objective of risk monitoring and control Life cycle of a Risk Critical success factors Using contracts as a risk management tool Tracking risks using the risk register Implementing risk response plans CASE STUDY EXERCISE Risk Closure and Communication Purpose and objective of risk closure and communication Critical success factors Communicating risk status Creating a central repository of risk information – the “”Corporate Knowledge Base

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