Project Risk Management

• Deliver successful projects through better risk management
• Identify, analyse, respond to, monitor and control, and communicate project risks
• Effectively quantify risk impact (what a risk 'costs') ensuring cost/benefit of responses
• Determine justifiable, defensible values for cost and schedule contingency
• Take advantage of a proven risk toolkit - all the tools you need to manage risk
• Develop and implement a risk management plan
• Implement opportunity management to fully benefit from 'upside risk'

Business Projects are uncertain. Not everything that we want to happen always happens. If we don't integrate risk management into our project management systems, then project are fragile and often hit with unexpected 'surprises' or 'bad luck' with nowhere to go but late or overspent.

Effective project risk and opportunity management enables a proactive approach where you can radically improve the chances of a successful project outcome by:

• Identifying and assessing risks upfront to ensure the project is within your 'risk tolerance'
• Proactively working to minimise risks and maximise opportunities - with a view to cost-benefit
• Deal with risks effectively should they happen

Our instructors combine excellent teaching with world class risk and opportunity management experience. Delegates on this course comment time and time again how they learned things on this course that are obviously essential, but they had not covered on previous risk courses. Time and again we hear how this deeper understanding made things get simpler, not harder. This course doesn't pretend that risk management is easy, but confronts the challenges head on to give you all the tools you need to make risk management a reality.

The course complies with the latest version of the Project Management Institute's Project Management Body of Knowledge (PM-BOK® Guide).

This course provides a usable, practical, step-by-step approach to handling uncertainty within a project environment. All aspects are covered from initial identification of risk events to analysing their characteristics and making decisions on how they should be handled.

The course has been developed by experts with a wealth of experience of managing risk and opportunities in real world projects, large and small, in both the public and private sector. The real world knowledge comes out again and again in practical guidelines, tips, tricks, and pitfalls to avoid throughout the course.

Through extensive and in-depth set of team and individual exercises, using a comprehensive case study, you learn a pragmatic and effective risk management process. At every step we cover the practical aspects of getting the most out of each tool and technique.

• Determining your stakeholders risk tolerance/ appetite and developing risk threshold definitions
• Risk identification: strategy, tools and techniques to enable systematic identification
• The 3 keys to risk definition: Properly stating risks and opportunities to enable analysis
• Analysing risks to determine their absolute significance and relative priority
• Using Monte Carlo analysis to evaluate confidence levels for project outcomes
• Identifying and selecting risk responses using cost benefit including residual and secondary risk
• Determining your cost and schedule contingency using your risk management information
• Communicating risk and opportunity through top 10, action status, and contingency reports
• Using various tools such as Cause-and-Effect (Ishikawa) diagrams, Expected Monetary Value (EMV), sensitivity analysis, inference ladder, decision trees

This course is relevant to all those that want to improve their project outcomes, learn a structured approach to managing project risk and opportunity, or for those who direct and/ or govern projects and want to ensure best practice is being used.

Some project management experience/ awareness recommended (e.g. Our course: Introduction to Project Management: Delivering Success)

There are no pre-requisites for this course, although experience of business change projects may enable a deeper appreciation of some of the course content.

Numerous examples of modelling techniques, templates, modelling notation summaries as well as detailed guidance in using these approaches. Many tips and tricks to enable you to communicate effectively and efficiently, and in particular conduct excellent interviews and workshops.