Do you know how to engage your project stakeholders and quickly evaluate your risks?
All project managers are risk managers, some better than others. And when project managers fail to evaluate their risks, team members make one of two mistakes. One – they may spend too much time on some risks; two – team members invest insufficient time on other risks. Both mistakes are costly!
Apply the Principles. Advance Your Career!
Perform Qualitative Risk Analysis
Most of your project problems can be avoided or greatly reduced through risk management. Identifying, analyzing, and managing risks goes a long way towards reducing problems and seizing opportunities in your projects. This course is aligned with the PMI-RMP® Examination Content Outline, Practice Standard for Project Risk Management, and the PMBOK® Guide 6th Edition. Furthermore, we will discuss how to apply the qualitative risk analysis process and improve your project success!
“For organizations that apply a formal risk management approach, 73% of projects meet their objectives, 61% finish on time, and 64% are completed within the approved budget.” —PMI Pulse of the Profession
Here’s What the Course Includes
Learn How to Perform Qualitative Risk Analysis
The risk management life cycle framework is comprised of seven processes. In this course, we cover how to Perform the Qualitative Risk Analysis, something project managers should be doing in every project.
Test Your Understanding
You will have the opportunity to take quizzes during and at the end of the course. You'll know whether you are understanding the concepts and gain confidence in your risk management knowledge.
- Project Managers
- Program Managers
- Portfolio Managers
- Operational Risk Managers
- Anyone who wishes to learn and apply risk management
- Anyone working toward their PMP or PMI-RMP certifications
Perform Qualitative Risk Analysis
In this course, you will learn to assess your project risks quickly. Engage your stakeholders. Assign risk owners. Evaluate and prioritize your risks. Determine which risks merit a risk response.
Welcome to the Qualitative Risk Analysis course.
The Purpose of Qualitative Risk Analysis
We start with the question of why. Why perform the qualitative risk analysis process?
Inputs, Tools and Techniques, & Outputs
Next, we take a look at the inputs into this process. What are the tools and techniques? And what are the key outputs?
Key Success Factors
So, how do you know whether you are on track in the planning and execution of your qualitative risk analysis?
The KISS Method
Now that you understand the basics of qualitative risk analysis, let's talk about a simple method for evaluating your risks. Keep It Super Simple.
The Probability/Impact Assessment
Some projects are complex and require more in-depth risk assessments. One of the most common tools is the Probability/Impact Assessment. Discover how to develop your rating scales for probability and impact, how to rate your risk, and how to calculate your risk scores.
How to Evaluate Risk Velocity
The PMBOK lists several risk parameters (e.g., proximity, manageability, strategic impact) that may be helpful in assessing your risks further. In this lesson, we explore the proximity/velocity parameter.
How to Define a Risk Threshold
The PMBOK defines risk threshold as the level of risk exposure above which risks are addressed and below which risks may be accepted. But, how do you know where to set the threshold? Who makes this decision?
Leveraging the Power of Risk Categories
Many project managers overlook this simple but powerful tool. Let's look at what are risk categories, how can we use them, and the benefits.
Navigating Risks with Risk Owners
Project managers often make the mistake of owning project risks. Discover how to assign risk owners, subject matter experts who have the experience and knowledge to properly assess the risks, develop risk response plans, and execute them.
About The Teacher,
Harry Hall, PMP, PMI-RMP, ARM-E
Harry Hall is the guy behind projectriskcoach.com. He is a speaker, teacher, author, and blogger. He graduated from the University of Georgia and is a certified PMP®, PMI-RMP®. In his free time, Harry enjoys playing guitar, gardening, reading, running, and teaching others how to speak Southern.
Perform Qualitative Risk Analysis Online Course
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Frequently Asked Questions
How is the course presented?
The course is comprised of reading assignments, articles, videos, and a final exam.
What makes this course different from others?
First, you will be taught by an individual who has managed enterprise, portfolio, program, and project risks. Second, your instructor is certified as a PMP, PMI-RMP, and ARM-E (Associated in Risk Management with an emphasis in Enterprise Risk Management). Third, the focus of this course is more than preparing you for the PMI-RMP® exam. You will learn to actually use the risk management processes to improve your project success. Fourth, no fluff. Just simple, to the point instruction.
What if I've never taken risk management training?
No problem. Whether a novice or experienced project manager, walk you through the risk management processes and provide you with practical tips, tools, and techniques.
What are the required resources?
Participants should have a copy of the PMBOK Guide - 6th Edition. While not required, you are encouraged to also purchase a copy of the Practice Standard for Project Risk Management (2009).
Does this course allow individuals to earn contact hours for the PMI-RMP exam? Does the course provide PDU credits?
Yes, individuals earn 1 Contact Hour. See the PMI-RMP Handbook: "You can satisfy the project risk management education requirements by demonstrating successful completion of courses, workshops and training sessions - Training companies and consultants."
The Plans of the Diligent. . .
One of my favorite proverbs says, "The plans of the diligent leads to profit as surely as haste leads to poverty." Becoming a better project manager requires both planning and hard work. You can do this. And I would be honored to help you achieve this goal. Your best days are ahead!
Harry T. Hall