Project Risk Management: Hands-On - Maximizing Your Organizational Investment

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Detailed Overview/Outline

You will learn how to

• Manage project risk effectively to deliver successful projects that meet stakeholder needs
• Apply customizable, industry-robust templates to create a Risk Management Plan and Risk Register
• Leverage a proven 7-step qualitative risk analysis process to identify risk exposure
• Translate risk into actual time and cost impact using proven quantitative risk analysis tools
• Utilize a tested 7-step technique to design your risk response strategies
• Monitor risk triggers to control uncertainties and maximize project payoff

Course benefits
All projects involve some degree of risk. A thorough risk analysis at the onset of a project, and throughout the project life cycle, is essential to identify, quantify and manage risks.

In this course, you develop strategies to analyze the risks in project development and implementation. You learn to quantify risks and create effective risk response strategies to deliver projects that meet stakeholder expectations. You also take away tools and templates for use back at your office.

Who should attend
This course is valuable for anyone who has a stake in seeing a project through to its successful completion. Experience at the level of Course 296, "Project Management: Skills for Success," or Course 340, "Project Management for Software Development," is strongly recommended.

In this course, you are immersed in a PC- and video-enhanced case study to simulate a project risk experience from planning to project close. You perform risk management tasks including:

• Creating your RMP from a proven model
• Developing and updating a Risk Register through a systematic incremental process
• Applying a 7-step qualitative risk analysis process to determine probability, impact and exposure
• Quantifying risks according to EMV, Utility and impact on estimates
• Designing a risk response strategy
• Detect and respond to risk events using EVA
• Justifying budget and time contingencies
• Updating your risk database and determining process improvements

Course content
OVERVIEW OF PROJECT RISK MANAGEMENT

• Recognizing risk in all projects
• Using risk management best practices, tools and techniques to achieve project success

DESIGNING CRITICAL PLATFORMS FOR SUCCESS

• Creating a Risk Management Plan (RMP)
• Analyzing contents of a model RMP
• Applying a standard template to create your RMP
• Identifying project risk
• Common sources of project risk
• Creating Ishikawa diagrams to analyze cause and effect relationships
• Checklists
• Developing a Risk Register
• Analyzing contents of a model Risk Register
• Applying a proven template to create your Risk Register
• Documenting risks for future assessment

IMPROVING PROJECT PERFORMANCE THROUGH QUALITATIVE ANALYSIS

• Analyzing risks through qualitative measures
• Performing probability and impact analyses of identified risk
• Applying the probability and impact matrix
• Advanced applications of qualitative analysis
• Prioritizing analysis results
• Ranking project risks
• Differentiating between acceptable and unacceptable risks

ANALYZING RISKS USING QUANTITATIVE METHODS

• Quantifying effects of risk events on the project
• Determining probability of achieving cost and time objectives
• Calculating contingency reserves
• Identifying trends in quantitative analysis
• Ranking risks by actuarial cost
• Tools for analysis
• Expected Monetary Value (EMV)
• Three-point estimates
• Probability distributions
• Delphi Technique
• Simulation

RISK RESPONSE PLANNING

• Implementing risk response strategies
• Accept
• Avoid
• Transfer
• Mitigate
• Exploit
• Share
• Enhance
• Quantifying residual risks and secondary responses
• Creating contingency plans
• Determining the worst case scenario
• Recalculating confidence levels
• Finalizing risk budget

MAKING DECISIONS UNDER UNCERTAINTY

• Psychological factors in decision making
• Practical Applications of Prospect Theory
• Recognizing bias with Utility Theory
• Tools to enhance objectivity
• Maximizing returns through the use of payoff tables and decision trees
• Dealing with unknown risks using workarounds

MONITORING AND CONTROLLING RISK

• Identifying emerging project risks
• Matching identified project risk with controls including Risk Audit, Variance Reports, Reserve Analysis
• Anticipating risk events through risk triggers
• Measuring risk using earned value analysis (EVA)
• Ensuring effective change control
• Developing a reliable change request process
• Recommending corrective action

LEVERAGING PROJECT EXPERIENCE

• Creating an end-of-project risk report
• Compiling lessons learned in a risk database
• Recognizing the value of mistakes
• Ensuring continual process improvement

Sponsor Background:
About Learning Tree

Learning Tree International is a world leader in Hands-on training for Management and Technology Professionals. Since 1974, over 1,700,000 course participants from over 13,000 organizations around the world have enhanced their skills through intensive hands-on exercises under the guidance of expert instructors with real-world experience.

Virtually every major company and government agency has relied on Learning Tree to provide its managers and employees with the skills they need to succeed in their job functions.

10 Reasons to Choose Learning Tree

... over 1.7 million professionals have trained with Learning Tree

1 Benefit from 32 Years of Training Excellence

Learning Tree International has trained over 1,700,000 IT and management professionals and managers from more than 13,000 organizations around the world. Virtually every major technologyoriented organization and government agency has trusted and relied on us to provide their employees with the training they need to master the latest technologies and management skills.

2 Learn from Expert Instructors

Learning Tree instructors are active practitioners who average more than 20 years experience in their field. Because they use the very technologies and skills they teach, they've already solved the same problems you are likely to encounter, so you and your organization gain the knowledge from their years of hands-on expertise. In addition to their extensive real-world experience, our instructors only qualify to teach Learning Tree Courses after completing our rigorous industryleading screening and training program.

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9 Earn College Credit or Continuing Education Credit

Learning Tree Courses are recommended for college credit to more than 1,500 Universities and Colleges by the American Council on Education (ACE). Our courses are also eligible for PDU credits from the Project Management Institute, as well as CPE credits from the National Association of State Boards of Accountancy.

10 Vendor-Independent Training

Learning Tree was, is and will continue to be independent of vendor influences. That means you get training that is unbiased. We present an objective, evenhanded treatment of the pros and cons of new products, techniques and technology. You even learn about third-party alternatives that the vendors themselves would never tell you about.

Learning Tree Management Training

For over 32 years, Learning Tree has been dedicated to meeting the professional development needs of people like you. Now, more than ever, superior management, leadership and interpersonal skills are critical to individual and organizational success. And it is equally critical to be able to apply those skills in complex, technology-intensive environments.

Experience the Quality...of Learning Tree Hands-On Training

Learning Tree is committed to providing the most effective high-quality education for IT professionals and managers. Our high standards for Course Development, Instructor Training and state-of-the-art facilities provide a learning experience that ensures your training investment produces the results you and your organization expect.

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In our courses, you learn by doing. Our instructors do more than just lecture--they actively involve you in your training. Brief lectures are followed by hands-on exercises so that you master new skills right away.

Get Real-World Solutions from Expert Instructors

Learning Tree instructors are active practitioners who work full time in high-tech companies, R & D labs and other business environments where they use the very technologies and skills they teach. Because they have already solved the same problems you are likely to encounter, our instructors are equipped to share their real-world experience and practical solutions with you. Everything you learn is practical, relevant and up to the minute.

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