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Project Management: Risk Tools & Techniques

Risk is a future event and the project manager has some luxury of time to plan and prepare for its potential eventuality. Risk can also have either a positive or negative impact on a project’s execution and proper planning is critical to properly manage risk. In this class, participants will learn where to look for risk, how to assess the impact and probability and to use that information to create and maintain an effective Risk Management Plan.

After completing this class, participants will be able to:

  • Utilize techniques to identify project Risks
  • Determine probability and impact of project Risks from qualitative and quantitative perspectives
  • Plan appropriate Risk response techniques
  • Utilize processes to monitor risks throughout a project

Course Content

Lesson 1. Plan Risk Management

  • Create and document processes and procedures to define, assess, measure and plan project risk
  • Develop the contents of the Risk Management Plan

Lesson 2. Identify Risks

  • Recognize where to identify project risk and the roles and responsibilities of project team members in this process
  • Utilize various risk identification tools and techniques to create the risk register

Lesson 3. Perform Qualitative Risk Analysis

  • Apply subjective criteria to assess and prioritize project risk
  • Utilize risk themes based on organization culture to develop individual risk value
  • Prioritize risk based on value measurements

Lesson 4. Perform Quantitative Risk Analysis

    Leverage mathematical models and calculations to further evaluate risk
  • Utilize quantitative results to realize risk impact on project cost and time

Lesson 5. Plan Risk Responses

  • Apply appropriate risk response techniques to high priority risks
  • Develop plans necessary to respond to risk events

Lesson 6. Implement Risk Responses

  • Implement agreed-upon Risk Response plans
  • Ensure Risk Responses are executed as planned

Lesson 7. Monitor Risk

  • Track and monitor project risk and employ risk response plan, as necessary
  • Recognize what a risk trigger is and how it can be used to forecast a risk event