Project Risk Management (RMP-PMI)

In project and program management it is inevitable that something can and will go wrong. The difference in successful project management is adequately assessing the risks and then executing a successful risk response. Organizations must have solid project risk management best practices in place in order to deliver projects within specified time frames, budgets, and quality requirements. Proactive risk management allows a project manager to optimize project results by implementing proven tools to plan for both threats and opportunities.

This course offers a proven method for incorporating risk management processes as integral elements of project management. The course will present different approaches to identify risks; qualitative and quantitative methods to analyze risks and determine their impacts; risk ranking and response techniques; and approaches to monitor, control, and communicate risks throughout the project life cycle. Increase the probability of project success by applying techniques to reduce threats and enhance unexpected opportunities. Learn how to prepare a comprehensive risk management plan. Discover different approaches to identify, assess, and quantify risks and their impacts. 

The PMI Risk Management Professional (PMI-RMP)® highlights your ability to identify and assess project risks, mitigate threats and capitalize on opportunities. In this capacity, you enhance and protect the needs of your organization. 

Training Objectives

• Apply scalable planning methods to prepare for project risk management 
• Prepare a risk management plan to guide your risk approach 
• Identify project risks by using different identification tools 

• Integrate risk management techniques and results into a balanced project management approach 
• Use multiple techniques to identify and document risks 
• Perform qualitative risk analysis to prioritize risks for response and monitoring 
• Perform quantitative risk analysis to assess risk to the overall project cost and schedule objectives 
• Incorporate expected value, probability, and distribution into your risk analysis 

• Estimate and characterize the impact and timing of risks on your project 
• Determine and implement appropriate risk response strategies based on risk analysis 
• Monitor and control identified, and emerging risks based on risk plan and project execution results 
• Communicate risks effectively to all project stakeholders 

Course Topics

Risk Management Overview

• Key Risk Terminology 
• Risk Management Process 

• Risk Stakeholders 
• Establishing a Risk Culture 
• Lesson Conclusion 

Plan Risk Management

• Risk Management Planning 
• Scalable Planning Methods 
• Stakeholder Risk Tolerance 
• Probability and Impact Scales 
• The Risk Register 

• Risk Management Plan 
• Lesson Conclusion 

Identify Risks

• Identifying Risks 

• Risk Identification Tools & Techniques 
• Writing Risk Statements 
• Lesson Conclusion 

Perform Qualitative Risk Analysis

• Perform Qualitative Risk Analysis 
• Probability and Impact 
• Risk Probability and Impact Assessment 
• P x I Matrix 
• Lesson Conclusion

Perform Quantitative Risk Analysis

• Perform Quantitative Risk Analysis 
• Decision Analysis and Support 
• Analyzing Cost and Schedule Risk 

• Project Cost Estimates Using PERT 
• Project Cost & Schedule Risk Analysis Using PERT 
• Monte Carlo Simulation 
• Lesson Conclusion 

Plan Risk Responses

• Plan Risk Responses 
• Risk Response Strategies 
• Documentation Updates 
• Lesson Conclusion 

Control Risks

• Control Risk 
• Risk Monitoring Tools 
• Communication of Risk Results to Stakeholders 

• Risk Status Reports 
• Lesson Conclusion 

Course Summary

• Risk Management Process 

• Plan Risk Management 
• Identify Risks 
• Perform Qualitative Risk Analysis 
• Perform Quantitative Risk Analysis 
• Plan Risk Responses 

• Control Risks 
• Developing an Action Plan 

Training Duration: 4 days  

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