Managing Project Risk [ONLINE]

This 2-day course explores quantitative and qualitative techniques to identify and analyze project risk factors (risk event, event probability, and event impact). A variety of risk response choices are discussed, and risk identification and risk response are practiced in workshop groups. Quantitative techniques are applied to problems, but don’t worry, advanced mathematics is not used!

LEARNING OBJECTIVES

Participants will gain practical skills to:

• Apply a common framework of project risk management of the Project Management Institute.
• Value the importance of including risk management in project planning and execution.
• Facilitate team discussions to identify project risks and opportunities, and formulate risk responses.
• Use expected monetary value.
• Describe other techniques such as decision trees, Delphi method, and Monte Carlo simulation, and when they are applicable.
• Analyze risks and select response strategies appropriate to priorities and organization risk tolerances.

WHO SHOULD ATTEND

The Managing Project Risk course is appropriate for individuals who are:

• Project Managers and team members who already work in a well established project management environment but wish to improve their project risk management processes.
• Members of a project team looking to “jump-start” their risk management on a new and risky project.

WHAT YOU WILL LEARN

Introduction

• Risk factors
• Workshop - lessons learned

Risk Management Process

• Risk identification
• Workshop - stakeholders
• Risk classification systems
• Workshop - risk identification
• Risk quantification
• Risk tolerance
• Workshop - risk tolerance
• Risk response development
• Avoidance, mitigation
• Transfer, acceptance
• Contingency in budget
• Contingency in schedule
• Contingent response
• Workshop - risk responses
• Risk management plan

Risk Tools

• Facilitative tools
• Video & discussion - groupthink
• Workshop - affinity diagram
• Probability & statistics
• Monte Carlo simulation
• Software demonstration (Risk +)
• Expected monetary value
• Exercise - payoff tables
• Decision trees
• Exercise - decision tree
• Critical path network
• Workshop - candidate responses

Wrap-Up

• Exercise - project environments
• Wrap-up

Instructor: Janice Petley, BA, BEd, MBA, PMP, Cert.APM, CMP

Janice Petley has over 20 years of project management experience. Her typical assignments are definitely project management, but are anything but “typical”. Her experience spans a wide range of projects: from classical theatre at the Stratford Festival and symphony concerts in the United States, to stadium and arena opera productions in cities such as Tokyo, Munich, and Brussels. Whether it was a large sporting event at the Rogers Centre or an opera with a cast of 1000 in a bull ring in Madrid, Janice has worked on high risk, innovative, challenging projects. As many of her events were broadcast live-to-air both nationally and internationally, she fully understands the necessity of flawless project execution.

https://procept.com/team/janice-petley

Host or Publisher Goodman School of Mines