Course Overview

Risk is the exposure to consequences of uncertainty. In project, a risk can be almost any undesirable event associated with the work. It is the chance of something happening that will have an impact upon objectives. It includes possibility of loss or gain, or variation from a desired or planned outcome, as a consequence of the uncertainty associated with following a particular course of action. The purpose of project risk management is to minimize the risks of not achieving the objectives of the project and the stakeholders with an interest in it, and to identify and take advantages of opportunities.

This 5-day workshop will train participants on risk project management; that is the development of the culture, processes and structures toward the effective management of potential opportunities and adverse effects. The participants will learn setting priorities, allocating resources, and responding with different strategies and processes in order to reduce the risk of the project not achieving its objectives. Hence providing project insight, knowledge and confidence for better decision-making, therefore better business and project outcomes, through capturing of opportunities and the reduction in risk exposure. In addition, those who are interested to appear for the (PMI-RMP)® exam, this course will provide you with a practical simulation RMP exam in order to practice and master to pass the (PMI-RMP)® exam from the first attempt.

Course Methodology

Project Risk management workshop is very fun to join. Participants will realize how much they are missing while performing their projects tasks and day to day activities. Participants will explore hazard risk, operational risks, financial risks, and strategic risks. having said that, everyone will become risk aware in order to act more proactively than reactively. Workshop will include lots of hands on practices, where each team will implement each and every step in the overall risk management process and discover how much efforts does each require. Participants will also present and describe their works in order to communicate the knowledge for the others. This will be a real practical session where participant will take back home in order to promote this exercise for better informed decisions and effective successful project results.

Course Objectives

By the end of the course, participants will be able to:
  • Learn how to develop a comprehensive risk management plan
  • Clearly determine the risk sources and the item lists using risk breakdown structure (RBS)
  • Master the tools and techniques that are needed in order to facilitate risk planning workshops
  • Understand how to develop complete risk register
  • Implement the techniques in order to perform qualitative risk analysis
  • Work on developing a practical quantitative risk analysis
  • Explore how to develop contingency plans and fallback plans
  • Know the various strategies in order to respond to risks and secondary risk assessment
  • Recognize the risk utility function; risk seeker, risk neutral, and risk averter
  • Improve risk communications techniques, methods and transparency.
  • Develop the guidelines to control risk through risk reassessment, risk audits, and reserve analysis
  • Update risk databases and promote the risk management culture

Target Audience

Anyone who works with project and has to deal with risks. This applies to even personal level. This includes, but not limited to project/program managers, cost account managers, financial and schedule control staffs, chief project officer, project Engineers, team leaders, supervisors, project administrators, technical leads, business analysts, functional managers, IT professionals, product managers, and all Individuals need to learn how to manage risk while working in projects, as well as mastering the risk in order to make informed decisions in the future. Additionally, those who are interested to set for the PMI-Risk Management Professional Exam (PMI-RMP)®, this course will add lots of value onto preparation, as it will include a simulated risk management professional exam in order to secure passing the exam from the first attempt.

Target Competencies

  • Knowledge of the project risk terminologies
  • Setup the risk management plan
  • development of Risk Breakdown Structure (RBS)
  • Brainstorming risk identifications
  • Importance of project risk register
  • Risk assessment and treatment
  • The value of Expected Monetary Value (EMV)
  • Strategies used to respond to project risk
  • Tools techniques utilized in order control risk and managing reserve

Course Outline

(I) Becoming a (PMI-RMP)®

(II) Project Management Framework and Environment

(III) Project Risk Overview

(IV) Project Risk Management

(V) PMI® Project Risk Management Processes

1. Plan Risk Management:
  • Defining how to conduct risk management activities for a project.
  • Develop risk management framework
  • Establish risk parameters scale measures
  • Determine risk map using the PI matrix
  • Define risk breakdown structure
2. Identify Risks:
  • Determining which risks might affect the project and documenting their characteristics.
  • Facilitate workshops to brainstorm risk identifications
  • Use SWOT analysis, project assumptions and context diagrams
  • Develop detailed risk register
3. Perform Qualitative Risk Analysis:
  • Prioritizing risks for subsequent further analysis or action by assessing and combining their probability of occurrence and impact.
  • Implement the risk map to prioritize identified risks
4. Perform Quantitative Risk Analysis:
  • Numerically analyzing the effect on overall project objectives of identified risks.
  • As needed, quantify the risk parameters to obtain the Expected Monetary Value (EMV)
  • Use the Decision Tree Analysis in order to evaluate the different scenarios of the EMV
  • Validate the amounts computed in order to calculate the contingency
  • Reprioritize the quantified risk items
5. Develop Response Plan:
  • Developing options and actions to enhance opportunities, and to reduce threats to project objectives.
  • Experiment different risk strategiesin order to find the most effective one
  • Take response, plan response and watch the low risk items
  • Develop an updated risk register with an ownership, responses, and due date
  • define whenever applicable any contingency plans and fallback plans for future consequences
6. Control Risks:
  • Track identified risks
  • Monitor residual risks
  • Identify new risks
  • Execute risk response plans,
  • Evaluating responses effectiveness throughout the project life cycle

(VI) PMI Risk Management Professional (PMI-RMP)® Examination Specification

  • Risk Strategy and Planning
  • Stakeholder Engagement
  • Risk Process Facilitation
  • Risk Monitoring and Reporting
  • Perform additional Risk Analyses

(VII) Study Exam: Final Practice Test

Course Materials:
  • Comprehensive Course-In-Book Training Study Slides
  • Valuable text book in Project Risk Management
  • Completion Certificate (35 Contact Hours)
Location & Dates
Call us at +971 4 430 8394