Introduction
Risk management is an integral part of project management. Risks should be identified and managed proactively in projects before they become issues leading to delays, cost overruns or functionality issues. Risks are also present on the program level and portfolio level, unmanaged risks on program level may lead to uncoordinated management of shared resources and issues leading to compromising the benefits delivery expected from the group of projects, while unmanaged risks on portfolio level may lead to missing the alignment with strategic objectives.
This Risk Management Professional training course will provide the concepts, models, methods, and artifacts used to manage risks from creating a risk management strategy to risk closure.
This Risk Management Professional training course will highlight:
- Risk Strategy and Planning
- Risk Identification
- Risk Analysis
- Risk Response Planning and Implementation
- Risk Monitoring and Closure
- Relation between project risk and Enterprise Risk Management (ERM)
Objectives
At the end of this Risk Management Professional training course, you will learn to:
- Understand and elaborates upon the core concepts and fundamentals of risk management
- Describes the risk management relations within portfolio, program, and project environments, and ultimately with the Enterprise Risk Management (ERM)
- Define and apply the risk management life cycle and related processes
- Apply risk management concepts, techniques, tools, processes, and good practices while executing a portfolio, program, or project management plan.
- Get prepared for the PMI-Risk Management Professional Certification (PMI-RMP)
Training Methodology
This risk management training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes:
- Training provided via an interactive traditional class-room format
- Facilitation by tackling issues faced by participants in managing their project risks
- Use of practical local and international case studies to reinforce learning
Organisational Impact
By attending this risk management training course, your organization will benefit from:
- Reducing the organization’s exposure to risks and its impacts and exploiting the opportunities by applying international best practices
- Deliver the target benefits and objectives of your projects, programs and portfolio
- Customizing the organizations risk management strategy and risk management methodology according to your needs
- Effectively handling the escalated risks from project level to program level or to the organization level based on risk scope and the degree of authority
- Saving precious executive time used in handling risks and missed opportunities
Personal Impact
By attending this risk management training course, delegates will benefit from:
- Increasing your awareness of negative risks and opportunities
- Understanding your roles in risk management planning and executing it as part of the project management plan
- Understanding and applying various risk response strategies such as avoidance, mitigation, transfer, acceptance and escalation
- Professionalism in drafting contract conditions to mitigate risks and reduce claims
- Building a career in risk management by getting an international certificate
Who should Attend?
This Risk Management Professional training course is intended for a wide-range of professionals starting from senior managers considering risk management in selecting and authorizing project up to the project teams in the trenches using risk management in planning and executing projects different industries covering ICT projects, business transformation projects, construction and Oil and Gas, projects, including but not limited to:
- Senior managers and portfolio governance board members
- Program managers, their teams
- Project managers, their teams
- PMO directors and staff
- Functional managers in engineering, finance and procurement
- Contract specialists, contract engineers, planners and cost estimators
Foundations, Strategy & Risk Management Planning
- Introduction, course objectives and PMI-RMP certification overview
- Definitions: uncertainty, risk, risk attitude, appetite and threshold
- Risk management across organization, portfolio, program and project levels
- Assessing the business environment and its impact on risks
- Establish risk management strategy
- Develop and document the risk management plan
- Risk management lifecycle overview covering strategy, planning, identification, analysis, response, monitoring and closure
Risk Identification & Stakeholder Engagement
- Stakeholder communication and engagement in risk management
- Identify stakeholder risk attitude, appetite and threshold
- Risk identification techniques
- Review documents, assumptions and constraints
- Develop the risk register and assign responsibilities
- Link between project risks and enterprise risk management (ERM)
Risk Impact Analysis, Schedule, Cost & Quantitative Techniques
- Create work breakdown structure (WBS)
- Define activities and logical sequencing
- Develop project schedule using critical path method (CPM)
- Cost estimation including cost types and estimation techniques
- Develop integrated performance measurement baseline
- Overview of earned value management (EVM)
- Perform risk classification using risk categories
- Conduct qualitative and quantitative risk analysis using probability–impact matrices and Monte Carlo techniques
- Assess threats and opportunities impact on objectives
Risk Response, Monitoring and Closure
- Select appropriate risk response strategies including avoidance, mitigation, transfer, acceptance and escalation
- Develop and implement risk action plans (RAPs)
- Risk response validation and knowledge check
- Monitor risk response implementation
- Manage residual and secondary risks
- Risk reporting, auditing and overall project risk levels
- Risk monitoring and closure processes
- Integration with portfolio and program risk escalation
- Upon successful completion of this training course, GLOMACS Certificate will be awarded to the delegates. Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance
Endorsed Education Provider
