Risk Management - tutorial

How to analyse and manage risk

Course benefits:

The project without risk is a myth. All projects are at risk no matter how large or small they may be. Every project manager knows this but all too often risk management is not taken seriously or, worse, not conducted at all. Risk management is a process; a process that involves not only the project manager but everyone who may create or alleviate the risk. Application of the process will not stop risks occurring, but will reduce the likelihood of project failure.

This tutorial introduces the process and describes how risks can be identified, quantified, allocated to owners and managed as a continuous activity during a project.

Who should attend:

This tutorial is for any project sponsor, project manager and team member whose responsibility includes the assessment and management of risks on a project.

Content:

Getting Started - what we mean by risk; when we determine risk; principles of risk management; recognising that risk management is a process that must be applied throughout the project

The Risk Management Process - an introduction to a four step process for the identification, quantification and management of risks.

Identifying Risks - techniques for recognising risks; cause and effect analysis applied to risk identification; granularity of risk; internal and external factors.

Quantifying Risks - assessing risk likelihood; assessing risk severity; identifying interdependent risks; putting a cost to risk.

Defining Measures - definition of the five possible classes of response to risk; the implications of each class; ownership of risks; contingent actions and plans; implications on project plans and schedules.

Informing Measures - procedures and documentation for the communication of initial risk assessment; continuous monitoring of risk; communicating changes to risk.

Duration:

Half day, in-house only.