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Focus and Features
Project risk management is the process of identifying, analyzing and then responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal. Managing risk isn't reactive only, it should be part of the planning process to figure out risk that might happen in the project and how to control that risk if it in fact occurs.
A risk is anything that could potentially impact your project's timeline, performance or budget. Risks are potentialities, and in a project management context, if they become realities, they then become classified as "issues" that must be addressed. So risk management, then, is the process of identifying, categorizing, prioritizing and planning for risks before they become issues.
Risk management can mean different things on different types of projects. On large-scale projects, risk management strategies might include extensive detailed planning for each risk to ensure mitigation strategies are in place if issues arise. For smaller projects, risk management might mean a simple, prioritized list of high, medium and low priority risks.
What You Will Learn
UNIT 1: Introduction
Objectives:
- What is risk?
- Who is responsible for business risks?
- Why do we need risk management?
- When do we need risk management?
- Where do we need risk management?
- How do we assure that business risks are managed?
UNIT 2: Understanding Risks
This unit will tackle what is risk, how does it differ from threat, problem and opportunities. Also to be discussed is the risk reward matrix, the value of managing risk. What is risk management, evolution of risk management, who is responsible for risk management and sample of risk management frameworks and process.
UNIT 3: Identifying Risks
This unit will discuss the relationship between business objectives and risk including the types and sources of risk. The participant will also learn how to formulate risk statement. Then we will deep dive into project risk management models.
UNIT 4: Analyzing Risks
On this unit, the participants will learn how to analyze risk using the quantitative and the qualitative approach to risk assessment. They will also learn how to prioritize risks with the development of a risk map. Lastly, this unit will discuss the interrelationship of risks.
UNIT 5: Responding to Risks
This unit will discuss the risk reward matrix and how business respond to risks. The participants will learn the 4T's of risk responses. Lastly, they will learn the relationship between risk and controls.
UNIT 6: Risk Management Reporting
This last unit will discuss the how to sustain, maintain the risk management process particularly the monitoring and reporting activities. The participants will learn what are the right risk treatment strategies, and key risk indicators.
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