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Advanced Risk Management for Complex Projects

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SKU:
ADGNOH

 

Project Management training classes can
be conducted in a traditional classroom or
a virtual classroom.

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toll free at (888) 250-4447

Payment will be required the day before the class.

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Course Description

Advanced Risk Management for Complex Projects
Two-Day Seminar Program Number: ADGNOH PDUs: 12

 

Course Objectives:

The participants will learn the project manager’s role in managing and controlling the project risk and use of risk tools.

Learn about:

  • Apply risk management definitions
  • Identify and manage risk
  • Develop risk plan
  • Evaluate the probability of risk happening
  • Attach money and time value to risk
  • Techniques to handle stakeholders' road blocks to risk strategy implementation

Recommended past experience:

Prior to attending this course, you should have a good understanding of standard project management and risk management.

1.0 Introduction

  • Seminar member introduction and overview of course material

2.0 Project Risk Management Terminology

  • Learn risk management definitions
  • Learn the components of risk management

3.0 PM Risk Life Cycle

  • Look at the Life Cycle of Risk in the Concept, Plan, Execute, and Closeout Phase.

4.0 Risk Management Overview

  • Define risk; discover the difference between uncertainty, opportunity, and risk management
  • Differentiate between reactive and proactive

5.0 Risk Types

Identify the different types of risk

  • Business risk
    Insurable risk
    Knowns
    Known unknowns
    Unknown unknowns

    Determine how to identify risk
  • External unpredictable
    External predictable
    Internal non-technical
    Technical and legal

6.0 Risk Identification

  • Ascertain how to identify risk|
  • Learn how to use brainstorming, and the WBS
  • Study the risk analysis techniques of brainstorming, decision tree analysis, utility theory, sensitivity analysis, Delphi method, and Monte Carlo

    Group exercise on identifying project risk

7.0 Risk Quantification

  • Determine the degree of Potential Damage

8.0 Risk Tools

  • Learn the Risk Management Plan: Decision-Making
  • Learn the Language of Probability
  • Learn about Decision Trees
  • Learn about Monte Carlo
  • Learn about Sensitivity Analysis and Utility Theory
  • Learn about the Risk Management Plan

9.0 Develop Risk Response

  • Learn how to develop a risk response strategy
    Learn risk acceptance risk avoidance, risk mitigation

10.0 Implementing Risk Responses

  • Learn how to communicate risk to stakeholders
    Learn the decision-making processes in implementing a risk response plan

11.0 Monitor and Control Risk

  • Examine how to use the risk plan to monitor and control project risk

12.0 Evaluate Risk

  • Evaluate how to use the risk plan and the data from monitoring and controlling to evaluate and improve risk handling on future projects

    Group exercise on evaluating project risk and how it can be used to improve future projects

 

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