Risk Management Training for Projects, Programs, and Operations
Course 286
4 DAY COURSE

In this risk management training course, you will gain the skills to identify, measure, and analyze project risk at scale. You will also learn to ensure the success of your projects from beginning to end by:

• Quantifying and creating a project risk management plan
• Using the qualitative risk-analysis process to guide your risk management decisions
• Determining risk mitigations and time and cost contingencies

Risk Management Training for Projects, Programs, and Operations Benefits

• In this Risk Project Management course, you will:

  • Manage risk to deliver initiatives that meet stakeholder needs.
  • Apply scalable templates for your initiative with risk management plans, risk registers, and risk assessment matrixes.
  • Leverage a proven qualitative risk-analysis process to guide your risk management decisions.
  • Test your knowledge in the included end-of-course exam.
  • Leverage continued support with after-course one-on-one instructor coaching and computing sandbox.

• To succeed in this course, you should have project management experience at the level of the following courses:

  • Introduction to Project Management Training
  • Software Project Management Training

Risk Management Training Outline

Module 1: Overview of Risk Management

In this module, you will learn how to:

• Recognize risks in initiatives
• Use risk management best practices, tools, and techniques to achieve project success

Module 2: Designing Critical Platforms for Success

In this module, you will learn how to:

• Create a risk management plan (RMP) using a standard template
• Analyze the contents of a model RMP
• Identify initiative risk and its common sources using checklists
• Create Ishikawa diagrams to analyze risk cause and effect
• Develop a risk register using a standard template
• Analyze the contents of a model risk register
• Document and communicate risks to stakeholders

Module 3: Improving Initiative Performance Through Qualitative Analysis

In this module, you will learn how to:

• Analyze risks through qualitative measures, such as probability and impact analysis
• Apply the probability and impact matrix
• Prioritize analysis results by ranking project and operations risks
• Differentiate between acceptable and unacceptable risks

Module 4: Analyzing Risks Using Quantitative Methods

In this module, you will learn how to:

• Use common quantitative analysis tools, including Expected Monetary Value (EMV), three-point estimates, the Delphi technique, and more
• Quantify effects of risk events on projects and operations
• Determine the probability of cost and time objectives
• Calculate contingency reserves
• Identify trends in quantitative analysis

Module 5: Risk Response Planning

In this module, you will learn how to implement the seven-step process to risk response planning:  

• Accept 
• Avoid 
• Transfer 
• Mitigate 
• Exploit 
• Share 
• Enhance 

You will also learn how to:  

• Create contingency plans 
• Determine the worst-case scenario  
• Recalculate confidence levels 
• Finalize risk budge

Module 6: Making Decisions Under Uncertainty

In this module, you will learn how to: 

• Assess the psychological factors that affect decision-making using the prospect theory 
• Recognize bias with utility theory 
• Maximize returns by using payoff tables  
• Deal with unknown risks using workarounds

Module 7: Monitoring and Controlling Risk

In this module, you will learn how to:

• Identify emerging risks
• Match identified initiative risk with controls such as risk audits, variance reports, and reserve analysis
• Anticipate risk events through risk triggers
• Measure risk using earned value analysis (EVA)
• Ensure effective change control by developing a reliable change request process

Module 8: Leveraging Project and Operations Experience

In this module, you will: 

• Compile lessons learned in a risk database 
• Ensure continual process improvement