Project Management – How to Risk Management Plan
Learn the key responsibilities of a project manager and the importance of a risk management plan. Explore various risk identification and analysis techniques, as well as effective risk response mechanisms. Ideal for project managers, business analysts, and technical resources.
What you’ll learn
- Discussion of PM responsibilities with respect to Risk Management
- Analysis of the project risk management process
- Purpose of the Risk Management Plan
- Discussion of all the required components of the Risk Management Plan with multiple real-life examples
This course results from 25 years of consulting project and portfolio management experience, including risk exercises on major projects. We will start this course with a brief overview of the project manager’s responsibilities and the role of the risk management plan in the overall project plan.
We will then concentrate on the definition of the project risk and the discussion of key approaches to risk management: risk identification, risks assessment, risk responses (mitigation, acceptance, transference and avoidance) and risk monitoring.
Subsequently, we will analyze potential risks including but not limited to budgets/funding, schedule, scope changes, technical issues, HR issues, hardware, contracts, political concerns, and business, legal and environmental risks.
We will then discuss various risk identification techniques including Brainstorming, Delphi and Nominal Group methods and Interviews and Checklists.
Later we will shift into the Risk Analysis domain where we will look at the Qualitative Risk Analysis that includes Probability Impact Matrix and Risk Ranking table methodologies. By the same token, we will examine Quantitative Risk Analysis including the Three Point Estimate method, Decision Tree Analysis method and the Expected Monetary Value (EMV) approach.
Also, we will examine four traditional Risk Response mechanisms involving mitigation, acceptance, transference and avoidance.
We will conclude this course by examining risk triggers.
Who this course is for:
- You are a project manager who runs medium to large-size projects
- You are a business analyst who is responsible for interactions with stakeholders on medium or large-size projects
- You are a technical resource who is planning on participating in a project
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