Project Risk Management

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Understanding the management of risks on projects utilising a process based approach aligned with the PMBoK

Projects are one-off pieces of work that are completed within a fixed timescale. They are undertaken to create unique products and services. They usually contain a great deal of risks, uncertainties, and complexities that need to be managed. Projects are necessary for there to be development in any business or nation. The challenge however is that management of projects could be complex especially if the requisite knowledge and skills are missing in those saddled with this responsibility.

There are a series of project management approaches and tools to help organizations reduce these risks, and create an effective platform to deliver project objectives. These approaches have been carefully documented over the years and they can be learnt.

Training in project management, especially one with a practical approach, can help participants gain the necessary knowledge and skills to appropriately utilize the project management tools and techniques to ensure success on their projects.

This course is focused on the processes for managing risks on projects. The course is useful for those preparing for the project management professional certification exam and those new to risk management or that have the responsibility of managing projects as team members or subject matter experts. The course explores in detail the definitions, processes, tools and techniques that are critical to successful management of risks on projects. Techniques and tools for risk identification, risk analysis, risk response planning and monitoring and control are discussed extensively.

The course covers the 7 processes of Risk Management namely;

• Plan Risk Management

• Identify Risks

• Perform Qualitative Risk Analysis

• Perform Quantitative Risk Analysis

• Plan Risk Responses

• Implement Risk Responses and

• Monitor Risks

At the end of this course, participants would be able to;

• Understand the need for managing risks on projects and in an organisation

• Define risk and understand risk concepts including risk appetite, risk tolerance, risk criteria, etc

• Understand the different types of risks

• Enumerate the processes required to manage project risks

• Identify project risks and how to create a risk register with various tools and techniques

• Analyse project risks, including tools for qualitative and quantitative analysis

• Create risk response strategies

• Implement, monitor and control risk responses

• Understand how to manage risks on project

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