Strategic Risk Management (UT-Pro-SRM)

Course Description

Project risks left unidentified and unmanaged, can derail organizational performance. Project managers and project participants need to be proficient at identifying and managing risks on their projects. This course is designed to teach you hands-on approaches to identifying and managing risks.

Note: This course has been approved by PMI for 8 PDUs.

Course Objectives

• Describe risks using a three part statement
• Understand how risk attitudes affect your project
• Create useful tools to track risk
• Communicate risk information to stakeholders
• Develop a risk management plan
• Create a meaningful risk matrix
• Use operational definitions to reduce bias
• Track risk occurrence and variances
• Calculate project contingencies

Course Outline

1 - Introduction

• Risk management concepts
• Benefits of strategic risk management
• Integrating risk management within the project management life cycle
• Taking a leadership role in risk management
• Definitions of stakeholder risk tolerances and attitudes
• Developing a risk management plan
• Defining risk categories
• Defining probability and impact
• Developing a risk matrix
• Communicating risk information
• Critical success factors
• Risk Identification
• Identifying types of project risks
• Critical success factors
• Who should be involved in risk identification?
• Tools & techniques for identifying risks
• Writing an accurate risk statement
• Developing a useful risk register
• CASE STUDY EXERCISE

2 - Risk Analysis

• Qualitative risk analysis defined
• Critical success factors
• Risk probability and impact assessment
• Risk urgency assessment
• Using the risk matrix
• Quantitative risk analysis defined
• Knowing when to quantify
• Risk impact calculation
• Expected monetary value - determining the risk reserves
• Decision trees
• Monte Carlo simulation & probability distributions
• CASE STUDY EXERCISE

3 - Risk Response Planning

• Response Planning
• Critical success factors
• Risk response strategies
• Developing the risk response plan
• Tools & techniques for risk responses
• Planning for Residual and Secondary Risks
• Response planning documentation
• CASE STUDY EXERCISE

4 - Controlling Risk

• Purpose and objective of risk monitoring and control
• Life cycle of a Risk
• Critical success factors
• Using contracts as a risk management tool
• Tracking risks using the risk register
• Implementing risk response plans
• CASE STUDY EXERCISE

5 - Risk Closure and Communication

• Purpose and objective of risk closure and communication
• Critical success factors
• Communicating risk status
• Creating a central repository of risk information - the Corporate Knowledge Base

There are no prerequisites for this course.

Course Information

Length: 1 day

Format: Lecture and Lab

Delivery Method: n/a

Max. Capacity: 16

Who Should Attend

This course is designed for project managers and/or project participants seeking a deeper understanding of proven risk management techniques.