RISK MANAGEMENTS FOR PROJECTS
The ability to manage significant risks effectively is one of the main characteristics differentiating the most effective organizations from the rest. The need to demonstrate probity and the efficient management of resources is, of course, critical. The challenges of the recent global economic crisis make managing risk on an enterprise basis a crucial requirement.
Establishing and maintaining a formal, business risk management process is a proven and demonstrable way of providing the necessary assurance and providing confidence to stakeholders.
To do so, you need to identify and record the key risks impacting the organization, assess how well the risks are being managed, identify exposures and opportunities and develop clear action plans for addressing the exposures and exploiting the opportunities.
The key to success is to recognize that risk is not something that can be avoided – a risk also can often represent an opportunity in disguise.
Project risk management training has come on in leaps and bounds over the last few years; and it naturally makes sense for anybody wishing to embark on a full-time career in the discipline or would-be project risk managers who find themselves frequently engaged in the planning, execution and evaluation of tasks designed to improve the ways in which their particular area, department or team operates, will find it a considerable advantage to be able to manage risks in a cost-efficient, timely, and comprehensive a way as possible.
This course combines the essential elements of Project Management and Project Risk Management into one course. Through class engagement and reflection, you will acquire further understanding of the responsibilities of project risk manager and other team roles, leadership and become better prepared to apply this knowledge to the project environment.
LEARNER’S LEARNING OUTCOME
Upon completing this course, you will be able to:
- Apply scalable planning methods to prepare for project risk management
- Prepare a risk management plan to guide your risk approach
- Identify project risks by using different identification tools
- Integrate risk management techniques and results into a balanced project management approach
- Use multiple techniques to identify and document risks
- Perform qualitative risk analysis to prioritize risks for response and monitoring
- Perform quantitative risk analysis to assess risk to the overall project cost and schedule objectives
- Incorporate expected value, probability, and distribution into your risk analysis
- Estimate and characterize the impact and timing of risks on your project
- Determine and implement appropriate risk response strategies based on risk analysis
- Monitor and control identified, and emerging risks based on risk plan and project execution results
- Communicate risks effectively to all project stakeholders
COURSE CONTENT
PROJECT MANAGEMENT OVERVIEW, RISK MANAGEMENT FRAMEWORK, RISK IDENTIFICATION
- Overview of Risk Management
- Recognizing risks in initiatives
- Using risk management best practices, tools and techniques to achieve project success
- Designing Critical Platforms for Success
- Creating a Risk Management Plan (RMP)
- Analyzing contents of a model RMP
- Applying a standard template to create your RMP
- Identifying initiative risk
- Common sources of initiative risk
- Utilizing checklists
- Creating Ishikawa diagrams to analyze cause and effect
- Assessing high-level risks to the organization
- Developing a Risk Register
- Analyzing contents of a model Risk Register
- Applying a proven template to create your Risk Register
PROJECT RISK PROBABILITY AND IMPACT ANALYSIS, RISK COMMUNICATION, MANAGEMENT OVERVIEW, RISK MANAGEMENT FRAMEWORK, RISK IDENTIFICATION
- Communicating risks to stakeholders
- Documenting risks for future assessment
- Improving Initiative Performance through Qualitative Analysis
- Analyzing risks through qualitative measures
- Performing probability and impact analyses
- Applying the probability and impact matrix
- Advanced applications of qualitative analysis
- Prioritizing analysis results
- Ranking project and operations risks
- Differentiating between acceptable and unacceptable risks
- Analyzing Risks Using Quantitative Methods
- Risk Response Planning
- Implementing risk response strategies
- Quantifying residual risks and secondary responses
- Creating contingency plans
- Determining the worst-case scenario
- Recalculating confidence levels
- Finalizing risk budget
- Applying a seven-step process to risk response planning
- Making Decisions under Uncertainty
- Psychological factors in decision-making
- Practical applications of Prospect Theory
- Recognizing bias with Utility Theory
- Tools to enhance objectivity
- Maximizing returns using payoff tables
- Dealing with unknown risks using workarounds
- Monitoring and Controlling Risk
- Identifying emerging risks
- Matching identified initiative risk with controls including Risk Audit, Variance Reports and Reserve Analysis
- Anticipating risk events through risk triggers
- Measuring risk using earned value analysis (EVA)
- Ensuring effective change control
- Developing a reliable change request process
- Recommending corrective action
- Leveraging Project and Operations Experience
- Compiling lessons learned in a risk database
- Ensuring continual process improvement
COURSE METHODOLOGY
- Formal lectures
- Case studies
- Group exercises
- Experience sharing
- Role Playing
BENEFITS
- Learn a process for continuous communication with stakeholders
- Discover how to resolve stakeholder issues when they arise, manage
- expectations, and ensure continuous engagement
- Explore how to plan work, execute against the plan, and manage team
- members while actively involving stakeholders outside the team
- Communicate effectively with stakeholders when dealing with tight deadlines,
- limited resources, and changing project requirements
- Negotiate with stakeholders around scope creep and achieve win-win
- solutions
- Communicate effectively when managing remote teams, coordinate status
- updates and reporting
WHO CAN ATTEND THE TRAINING?
This programme is targeted at Project managers and everyone who want to improve their ability to communicate, engage, and collaborate with external stakeholders, such as sponsors, customers, and users, as well as project team leads who are assuming more project management responsibility.
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About Us
Kaizen Blitz is a management training and consulting firm providing cutting edge solutions to address some of the most complex challenges facing businesses at majorly three levels- Individuals, Teams and Organizational.
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