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Introduction
By their very nature and definition, projects are risky business. Engineers define a project as a unique endeavor to create a new product or service that did not exist before. In the case of IT, projects not only create new products and services, projects often automate and change existing work processes. The key words – unique, new, change – all imply uncertainties, and uncertainties lead to risks. Therefore, all projects face risks – the project exceeding its budget, not meeting its deadline, or not meeting its performance objectives. Risk management involves looking ahead and taking the time to identify risk events, forecasting the probabilities and impacts of key risk events, and planning specific and timely actions to avoid, lessen, and/or react to the risk events, when and if, they happen. It is imperative that the project teams clearly understand the principles and practices for effective risk management.
Objectives
The goals of this session are to deliver a strong foundation for effective risk management – the skills to assess the possible risks and the necessary steps to avoid, alleviate, and/or react to risk events in a well-planned and orderly fashion.
Upon successful completion of this seminar participants will be able to:
Describe their organization’s current risk management processes
Identify risks that may impact their projects
Calculate the probability and impact potential of risks
Determine the impact of expected risks on their project(s)
Produce a risk management
Generate a risk response plan
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Seminar Audience
Project managers, team members, and selected end-user/customer team members.
Case Study
Groups of participants form into teams and practice the tools and techniques being taught in the seminar on their real-life projects.
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PMBOK® Guide Areas Covered:
Scope management
Time Management
Cost Management
Communications Management
Risk Management
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Risk Management Overview
Risk Definition
Risk Events
Risk Impact and Risk Exposure
 The
Eye of the Beholder
Risk
Averse vs. Risk Inclined Behavior
Current
Risk Management Practices
Risk Identification and Quantification
Risk Drivers – Business and Technical
Pre-Launch, Launch, Execute,
Implement
Impact of Project Complexity
Project Specific Risk Triggers
Risk Quantification
Probability
Impact
Risk Prioritization
Defining Risk Triggers
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Risk Management
Risk Review
Team Review
Customer Review
Sponsor Review
Risk Management Options
Risk Avoidance
Risk Mitigation/Alleviation
Contingency Planning
Contingency Planning Options
High
Probability and High
Impact
Risks
Low
Probability and High
Impact
Risks
High
Probability and Low
Impact
Risks
Risk Control
Updating the Project Plan
Updating the Project Estimates
Updating the Project Schedule
Monitoring the Risk Triggers
Deploying the Risk Management Plan
Future Risk Management Practices
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