The Essentials of Project Risk Management

Project Risk Management is a proactive management approach to controlling projects. This course focuses on the integration and practical application of risk management. These principles may be applied to projects, programs, or enterprise-level activities.

What You Will Learn

  • Apply scalable project risk management tools and techniques
  • Reduce risk exposures early in projects
  • Identify risks, evaluate risks, respond to risks, and monitor risks
  • Leverage risk response strategies for threats and opportunities
  • Recruit risk owners
  • Proactively monitor risks
  • Simplify risk management

Workshop Activities

  • Identifying and categorizing stakeholders
  • Defining a Risk Breakdown Structure (WBS)
  • Developing a Risk Management Plan
  • Developing a Risk Register
  • Quantifying risks according to Expected Monetary Value (EMV)

Requirements

You won’t need any software or materials other than your preferred note-taking device (pen & paper, Evernote, or anything in between). If you don’t have experience in managing projects, that’s fine. If you have the experience, great – you can apply it to the course for greater benefit.

Target Audience

  • Anyone who leads projects
  • Individuals seeking to develop and improve risk management skills
  • Individuals planning to take the PMI-RMP exam
  • Individuals seeking to earn the required hours to take a PMP & PMI-RMP exam
  • Individuals seeking to earn Professional Development Units (PDUs)

Curriculum

Risk Management Overview

  • Cite the differences between operations management and project management
  • Discuss the relationship between project risk management, enterprise risk management, and strategic risk management
  • Discuss how culture affects the approach to risk management
  • Describe how to integrate risk management into project management
  • Discuss the cost/benefit of project risk management
  • Define risk
  • Discuss black swans
  • Describe how to develop contingency reserves and management reserves for the project budget

The Risk Management Plan

  • Describe the purpose of the risk management plan
  • Review what to include in a risk management plan

Identify Risks

  • Describe a risk register
  • Review what to include in a risk register
  • Cite seven tools for identifying risks
  • Discuss how to apply the cause -> risk -> effect formula
  • Discuss how to identify risk owners

Evaluate Risks

  • Describe the difference between qualitative risk management and quantitative risk management and when to use each
  • Review how to analyze risks through qualitative methods: KISS method and the probability/impact analysis
  • Review how to analyze risk through quantitative methods
  • Describe how to leverage the power of risk categories
  • Discuss updating the risk register
  • Discuss how to communicate the risks to stakeholders

Plan Risk Responses

  • Describe how to identify and recruit risk owners
  • Review the role of risk action owners
  • Review the definitions of contingency plans and fallback plans
  • Discuss how to develop risk response plans including contingency plans
  • Discuss how to identify secondary risks

Implement Risk Responses

  • Discuss how to respond to threats
  • Discuss how to respond to opportunities

Monitor Risks

  • Discuss risk reassessments
  • Discuss how to manage contingency and management reserves
  • Discuss how to execute contingency plans, fallback plans, and workarounds
  • Discuss updating the risk register
  • Describe how to communicate risks

Professional Development Units

This workshop is based on the Project Management Body of Knowledge (PMBOK). Upon completing this class, you will qualify for one PMI Technical PDUs for each hour of the workshop (Education: Online or Digital Media).

Testimonials

Harry spoke at our recent virtual quarterly meeting of the Institute of Internal Auditors - Middle Georgia Chapter. Although the session was virtual, it was quite interactive, and our chapter members enjoyed the topic and the presentation. We have received very positive feedback from several members on the presentation. We look forward to inviting Harry to speak at another chapter event in the future. -Rose Patti, President, Middle Georgia Internal Auditors Chapter

Harry Hall was a speaker at our annual PMI Palmetto Symposium. Harry’s speaking style is personable, with relevant stories and actionable take-aways. His topic of risk is well-presented and relevant to both the project manager and most business professionals. We had the pleasure of having Harry speak in past years and he always received high marks from our attendees, so we were very pleased he could join our event. -Kathi Soniat, Past President, PMI Palmetto Chapter

Harry has led many workshops for the Columbus, GA PMI Chapter as he is one of the most requested facilitators. He is wonderful to work with in customizing workshops for our chapter members and always delivers a quality program. Harry has a wealth of knowledge and experience from which we all benefit in his workshops. -Alison Mills-Long, VP/BankCard Vendor Relationship Manager | Past President, PMI Columbus, GA Chapter

CONTACT

Ready to talk? Email me at hhall@projectriskcoach.com, and let's discuss your next project management event. Your contact information will not be used for marketing purposes.

Harry Hall, PMP, PMI-RMP

Hi, I'm Harry Hall, the Project Risk Coach. Many project managers spend their time putting out fires rather than proactively moving things forward. The results are a loss of time, missed dates, frustrated team members, and adverse impacts to your project management career. Hey, I can help!

In this workshop, you will learn the essentials of project risk management.  

>