PROGRAM DETAILS

Introduction

This intensive 5-day course is designed to focus on the art of risk management for anyone working in a project team environment that is increasingly required to manage complex projects. The PMI PMBoK^® risk management framework used is applicable to the majority of projects whatever the industry sector.

In this Project Risk Management participants will learn proven techniques, processes and tools to pro-actively identify, analyse, plan, manage and review risk throughout the project lifecycle which will significantly assist in delivering challenging technical projects on time, to budget and within specification.

It will demonstrate how to spot potential ‘show stopping’ events, distinguish those that require managing from those that do not, and put in place effective mitigating and contingency actions to overcome the various pitfalls commonly encountered when managing technical or business change projects.

In Summary the course covers:

• The context of risk management in PMI PMBoK^® project management processes
• Planning risk management
• The risk management process – 10 steps!
• Identifying risk
• Performing qualitative & quantitative risk analysis
• Planning risk responses
• Monitoring and controlling risks
• Use of risk tools and techniques throughout the project lifecycle
• An industry aligned case study for use in application is provided

Learning Objectives

Participants attending the programme will:

• Understand the benefits of good project risk management for successful project outcomes
• Use best practice to minimise uncertainty and negative impacts on the project
• Describe a typical project risk management process and lifecycle
• Explain the action required at each phase of the project risk management lifecycle and understand the significance of each phase
• List the key attributes of risk necessary to understand and manage risk effectively
• Explain the key steps required to consider risk contingency and pro-active risk responses
• Provide meaningful project risk progress reports
• Apply this project risk management process to an industry aligned case study

Target Audience

The course was designed for project professionals, project engineers, and team leads that need to lay a strong foundation for or broaden their understanding of project risk management. Typically, this includes:

• Project Professionals and Project Engineers wishing to revisit the fundamental principles of business and project risk management or reinforce their existing skills and knowledge
• Project team members wising to learn more about project risk management practice
• Lead Engineers who are required to provide project leadership
• IT Technical specialists, such as Architects, Business Analysts, and SW product SMEs moving into project management or team leadership roles, who wish to add this valuable tool to their project management repertoire
• Project Team Leads working within project teams who report to a Project Manager who need to understand how to bring the uncertainty and assumptions around a project under control

Training Methodology

 This course is essentially interactive with the instructor providing a structured learning experience in a workshop format with some best practice and common sense disciplines interjected and an opportunity to apply the learnt principles to a case study. Notes are in an open format with slides but leave room for personal notes. The instructor’s slides will be available after the course in pdf format.

Program Content

Session 1: Setting the stage: Comprehending the Context of Risk Management in PMI PMBoK^® Project Management Processes

 In this module delegates will be introduced to an overview of the global standard of the PMI PMBoK^® Guide 5^th Edition as it relates to Project Risk Management. The module will cover:

1. An introduction to the 5 Process Groups and 10 Knowledge Areas
2. The PMI PMBoK^® Risk Management Life Cycle
3. Typical PMI PMBoK^® project and risk management definitions and terminology
4. The Project Life Cycle and its typical phases
5. Enterprise Environmental factors as they impact project delivery
6. How to set up projects for success
7. The “Evolved Triangle of Balance”

Session 2: Managing Risk in Project Planning

 A critical aspect of mature project planning is the development of a Risk Management Plan that adds to the overall Project Management Plan and significantly increases the potential for a successful conclusion to the project objectives. In this module students will understand:

1. The PMI PMBoK^® definitions and principles of Project Risk Management
2. The benefits of good project risk management
3. The factors critical to Risk Management success
4. The impact of risk in clarifying project requirements

Session 3: Implementing the Risk Management Process – The 6 Steps!

 Project Risk Management requires a clearly defined approach to risk throughout the project life cycle. How does the experienced project manager ensure that his key stakeholders and the project team apply the correct processes, tools and techniques consistently throughout the project delivery? This module covers:

1. How to develop the project’s Risk Management Process based on a standard 6 Step process
2. How to understand and communicate the risk measures and attributes required for any project
3. Why the key stakeholders and project team need to define and agree the risk process to be used during the project
4. How to treat risk once risk is identified – risk treatment options
5. How to develop the project Risk Management Plan during the project planning phase
6. Applying business environment and stakeholder knowledge to your Case Study

Session 4: Identifying Hidden Risk in Your Current Projects to Avoid Delays

The earlier risk can be identified in any project the more likely there is a favourable outcome to the delivery. This module covers:

1. Determining what is the real risk around your project
2. Tools and techniques used to assist with identifying project risk, including Stakeholder Analysis, Risk Workshops and brainstorming techniques
3. Understanding Risk Drivers and typical sources of risk

Session 5: Performing Qualitative and Quantitative Risk Analysis at each Phase of the Project Cycle

Having identified and decided to manage a portfolio of project risk, the project manager needs to prioritise them and determine the potential impact of this risk exposure to the project at any point in the project life cycle. What set of tools and techniques does the project manager have available to address these concerns? This module covers:

1. The tools and techniques useful for qualitative and quantitative analysis
2. What needs to be recorded in the Risk register
3. What risk attributes are necessary to perform analysis successfully
4. What calculations assist in determining quantitative estimates of Risk Reserve or Risk Contingency
5. How to determine the “correct amount” for Risk Reserve
6. Some proprietary tools available for Monte Carlo Analysis

Session 6: Planning Risk Responses to Overcome Various Pitfalls Commonly Encountered in a Project

 Identifying and analysing risk is not enough. The next step in any risk process is to plan risk responses. The project manager needs to lead his team to put responses (mitigation) in place and ensure that these are carried through in order to reap the benefits of risk management fully. This module covers:

1. Critical success factors for the planning risk response process
2. Applying risk treatment decisions
3. Planning response actions and costs and applying them to the project management plan

Session 7: Monitoring and Controlling Risk Effectively to Reduce Project Overruns or Stoppages due to Unexpected Events

 During the execution of the project plan project managers need to maintain a rigorous approach to monitoring and controlling risk. How does the project manager integrate risk into his on-going practice of monitoring and controlling the project? This module covers:

1. The key activities required for risk management during the monitoring and control of a project
2. Some advanced techniques to help de-risk your project
3. Reviewing and reporting risk during the project life cycle