Dates & Fees
Course Description
According to the PMBOK Guide, Project Risk Management focuses on both increasing the likelihood and impact of positive risks and reducing the likelihood and impact of negative risks. The goal is to enhance the chances of project success.
This course equips learners with the skills needed for risk management planning, identification, analysis, response planning, and risk control throughout the project lifecycle.
The course content is applicable to project management across various industries and sectors, enabling the application of Project Risk Management across different project application areas.
Course Objectives
After completing this course, learners will be able to demonstrate an understanding of the following Project Risk Management processes:
- Plan Risk Management. The process of defining how to conduct risk management activities for a project.
- Identify Risks. The process of identifying individual project risks as well as sources of overall project risk and documenting their characteristics.
- Perform Qualitative Risk Analysis. The process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics.
- Perform Quantitative Risk Analysis. The process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives.
- Plan Risk Responses. The process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure, as well as to treat individual project risks.
- Implement Risk Responses. The process of implementing agreed-upon risk response plans.
- Monitor Risks. The process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying, and analyzing new risks, and evaluating risk process effectiveness throughout the project.
Key Concepts
The key concepts for Project Risk Management include:
- All projects are risky. Organizations choose to take project risk in order to create value while balancing risk and reward.
- Project Risk Management aims to identify and manage risks that are not covered by other project management processes.
- Risk exists at two levels within every project: Individual project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. Overall project risk is the effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative. Project Risk Management processes address both levels of risk in projects.
- Individual project risks can have a positive or negative effect on project objectives if they occur. Overall project risk can also be positive or negative.
- Risks will continue to emerge during the lifetime of the project, so Project Risk Management processes should be conducted iteratively.
- In order to manage risk effectively on a particular project, the project team needs to know what level of risk exposure is acceptable in pursuit of project objectives. This is defined by measurable risk thresholds that reflect the risk appetite of the organization and project stakeholders.
Who is the Training Aimed at?
This course is tailored for project management practitioners who wish to gain in-depth knowledge of the Project Risk Management Knowledge Area.
Entry Requirements:
- Grade 12 or Equivalent, OR
- Basic Project Management Experience, OR
- Project Management for Beginners Course