PROJECT RISK MANAGEMENT COURSE

OBJECTIVES

The main objective of this Project Risk Management Certification course is to empower professionals with—

• an in-depth understanding and information about risk assessments and management in a project
• the perspective and foresight to predict risks and devise corrective action plans to minimise the impact on the project deliverables
• the confidence and experience to handle unpredictable risks and not allow them to affect project performance, timeline or budget, thus demonstrating talent and skill and increasing opportunities for growth and progression
• the required strategic and analytical skills to make quick and strategic decisions to prevent any impact of risks on project deliverables
• the knowledge and skill to apply various risk identification techniques and tools to identify and address risks early enough
• the confidence and experience to encourage ownership among stakeholders and assign risks and risk management to relevant stakeholders to ensure that no risk goes unaddressed

• the ability to communicate with other stakeholders of a project about risks and required corrective action
• the capability to devise qualitative and quantitative metrics to risks and track these to ensure that they do not impact project deliverables
• A sense of satisfaction to contribute to organisational success through reduced risks, leading to greater investments

Content

Types of Risks in Projects

• Cost
• Schedule
• Performance
• Governance
• Strategic
• Operational
• Market
• Legal
• External calamities

 Importance of Risk Management

• Achievement of project objectives
• Reduced costs
• Decreased impact of negative risks
• New opportunities
• Controlled project implementation
• Better strategic decisions
• Increased return-on-investment and credibility

Steps in Risk Management

• Identification
• Analysis
• Prioritisation
• Ownership
• Response
• Monitoring

Rules of Risk Management

• Make risk management part of project planning
• Identify risks early in the project
• Communicate about risks
• Consider threats and opportunities
• Clarify ownership issues
• Prioritise risks
• Analyse risks
• Plan and implement risk responses
• Register project risks
• Devise qualitative and quantitative measurements of risks
• Track risks and associated tasks

Challenges to Risk Management

• Multiple ownership
• Lack of communication
• Domination of operational risks
• Risk identification
• Alignment with business strategy

Risk Identification Techniques

• Document reviews
• Brainstorming
• Delphi technique
• Root–Cause Analyses
• SWOT
• Checklists/Assumption analyses
• Risk register
• Monte Carlo analysis
• Decision tree

Success Factors of Risk Management

• Leadership commitment
• Communication
• Culture
• Organisational structure
• Training
• Information technology
• Trust

Components of Risk Management

• Avoidance
• Mitigation/prevention
• Transfer
• Retention