Project management is all about the management of risks; the ability to seize opportunities, minimize threats and to optimize results. However, risk management is too often treated as a reactive process, or worse, not done at all. In this Project Risk Management course, you’ll work through the proactive approach to both sides of risk: threats and opportunities. The approach is based on a clear understanding of both qualitative and quantitative approaches to risk management.

The highlights of this course are:

• Examine both the threats and opportunities facing your projects from both a top-down and bottom-up perspective using a proven six-step risk management process.
• Evaluate and respond to risk at the project as well as the task levels.
• Anticipate possible causes of cost and schedule overruns, together with poor quality of work. By identifying the warning signs to these as early as possible in the project timely corrective action can be taken to minimize or mitigate the impact.

An issue facing most projects is compliance; with both internal corporate policy and with government regulations. Failure to properly proceed in this area can result in costly schedule and budget problems on a project.

• Get an overview of the Risk Management Process
• Learn to identify risks that affect project quality, time & schedule, cost and scope
• Apply useful techniques to identify, analyze, mitigate and monitor risks in the project life cycle
• Learn how to create an effective risk monitoring plan and risk management strategies.
• Use a practical, six-step process to manage project risk
• Develop a risk budget based on expected monetary value (EMV)

The training methodology will incorporate both theory and skill training components, utilizing both traditional lectures, as well as hands-on exercises, group discussions and case studies.

• Risk management planning in line with project objectives
• Proactive identification of risk sources and minimization of their impact
• Knowledge of risk compliance issues and practices
• Understanding the relationship between risk, scope, cost & time
• Knowledge of mathematical techniques used in risk analysis
• Evaluating alternative risk strategies and modifying project plans accordingly

• Identify threats and opportunities and weigh their relative value in your project
• Learn how to rank risks based on the amount of exposure to the company
• Develop the skill necessary to quantify risks
• Employ the concept of Expected Monetary Value (EMV) to prioritise the risk mitigation strategy
• Control multiple risks using concise strategies
• Make risk and opportunity integral components of your next project plan

• This course is intended for individuals who want to develop and refine their project risk management skills.
• Professionals, no matter what your industry background are (i.e. engineering, information technology or business), this course will cover both the fundamental principles and modern techniques of project risk management.

DAY 1

Risk Management Framework and Planning

Introduction

• Key definitions
• Project Management Body Of Knowledge (PMBOK) - 6 risk management processes
• Project risk management goal
• Purpose of risk management
• Benefits of risk management
• Responsibilities in risk management
• Integrating risk management into the project management process
• Components of risk
• Types of risk
• Six steps of risk management
  • Plan the approach to risk management
  • Risk Identification
  • Risk Assessment & Quantification
  • Risk Response Plan Development
  • Risk management plan execution
  • Evaluating risk response results

Risk Planning (Step 1)

• Plan the approach to risk management
• Planning inputs, tools & outputs

DAY 2

Risk Identification Processes

Risk Identification (Step 2)

• Identification inputs & tools
• Identification guidelines
• Risk identification techniques
• Risk categories
• Risk identification outputs

Review of Cost & Schedule Estimating in Relation to Risk

• Cost estimating classes & types
• Cost estimating methods
• Accuracy, allowances, contingency & management reserve
• Work Breakdown Structures (WBS)
• Schedule diagramming - critical path method (CPM)
• Resource management
• Earned value method (EVM)
• Baselining

DAY 3

Risk Assessment and Quantification Processes

Risk Assessment & Quantification (Step 3)

• Risk analysis inputs
• Risk analysis guidelines
• Probability analysis
• Impact analysis
• Risk analysis approaches - qualitative & quantitative
• Risk analysis tools & techniques
• Statistical sums in risk analysis
• Program Evaluation & Revue Technique (PERT)
• Monte Carlo simulation
• Decision trees
• Project risk rating & prioritizing
• Risk analysis outputs

DAY 4

Risk Response Plan Development

Risk Response Plan Development (Step 4)

• Risk response development inputs, tools & techniques
• Risk response strategy guidelines
• Response strategies for threats
• Response planning & network diagramming
• Response analysis
• Alternative responses
• Reserves - contingency & management
• Response planning outputs

DAY 5

Risk Response Control

• Risk management plan execution (Step 5)
• Risk response control tools
• Risk response control guidelines
• Risk strategy execution
• Evaluating risk response results (Step 6)
• Risk documentation

The Scandinavian Academy employs modern methods in training and skills development, enhancing the efficiency of human resource development. We follow these practices:

• • Theoretical Lectures: 
    • We deliver knowledge through advanced presentations such as PowerPoint and visual materials, including videos and short films.
• Scientific Assessment:
  • We evaluate trainees skills before and after the course to ensure their progress.
• Brainstorming and Interaction: 
  • We encourage active participation through brainstorming sessions and applying concepts through role play.
• Practical Cases:
  • We provide practical cases that align with the scientific content and the participants specific needs.
• Examinations: 
  • Tests are conducted at the end of the program to assess knowledge retention.
• Educational Materials:
  • We provide both printed and digital scientific and practical materials to participants.
• Attendance and Final Result Reports:
  • We prepare detailed attendance reports for participants and offer a comprehensive program evaluation.
• Professionals and Experts: 
  • The programs scientific content is prepared by the best professors and trainers in various fields.
• Professional Completion Certificate: 
  • Participants receive a professional completion certificate issued by the Scandinavian Academy for Training and Development in the Kingdom of Sweden, with the option for international authentication.
• Program Timings:
  • Training programs are held from 10:00 AM to 2:00 PM and include buffet sessions for light meals during lectures.