Introduction

Risk management is a process of identifying, analyzing and responding to any risk that arises during the life cycle of a project in order to help the project remain on track and meet its objectives. Risk assessment and management should not only be reactive, but should be considered as part of the planning process of a project.

In order to manage risks effectively, it is important to identify them correctly. Thus, a risk is any incident, phenomena or factor that can potentially impact project timelines, performance and/or budget. Risks can also be positive. Positive risks are those that can affect a project in beneficial ways. In recent times, risk management as well as tool and techniques to assist in risk management have evolved drastically.

It has now become almost mandatory for a project to have a strong risk management structure. Project managers create risk management plans after predicting risks, estimating impact and making provisions to address these. A risk management plan ideally contains a risk assessment matrix.

This Xcelerate Training Institute course will empower you with in-depth knowledge, information and understanding regarding project risk management. The knowledge and skill gained through this course will enable you to perform risk assessment and management for projects within your organization.

This, in turn, will result in more successful projects completed by you with minimal or no impact of negative risks, thus encouraging further opportunities of higher roles and responsibilities within your organization and beyond.

Learning Objectives

• an in-depth understanding and information about risk assessments and management in a project
• the perspective and foresight to predict risks and devise corrective action plans to minimize the impact on the project deliverables
• the confidence and experience to handle unpredictable risks and not allow them to affect project performance, timeline or budget, thus demonstrating talent and skill and increasing opportunities for growth and progression
• the required strategic and analytical skills to make quick and strategic decisions to prevent any impact of risks on project deliverables
• the knowledge and skill to apply various risk identification techniques and tools to identify and address risks early enough
• the confidence and experience to encourage ownership among stakeholders and assign risks and risk management to relevant stakeholders to ensure that no risk goes unaddressed
• the ability to communicate with other stakeholders of a project about risks and required corrective action
• the capability to devise qualitative and quantitative metrics to risks and track these to ensure that they do not impact project deliverables
• A sense of satisfaction to contribute to organizational success through reduced risks, leading to greater investments

Training Methodology

Training courses at Xcelerate Training Institute Solutions are devised to suit a wide range of training audiences. Each course is customizable and is thoroughly reviewed before each session to check relevance to the professional backgrounds of the training audience.

Audio-visual presentations are used to deliver the training content. Group assignments and role-plays ensure two-way participation during the training. Case studies are also discussed to increase relevance to the content. Experiential learning is encouraged as well.

Benefits For Your Organization

• Experienced and confident employees to conduct risk assessments and management during a project for the organization
• Better risk assessment and management
• Highly successful and timely projects with high-quality deliverables as a result of no impact of risks
• Organizational growth because of increased investments as a result of reduced risks and more successful project completion
• Regular training of other professionals in the organization for risk management, at no additional cost
• Application of advanced and varied tools and techniques to gather information and identify risks early enough
• Better strategic decisions for alignment of project objectives to organizational strategy
• Higher client satisfaction
• Increased credibility and return-on-investment

Benefits For You

• Increased understanding, knowledge and information about risk assessment and management in projects
• Greater confidence and knowledge to conduct training on risk management for other professionals in the organization
• Enhanced strategic and analytical skills to make strategic decisions and align project objectives to organizational strategy, in turn demonstrating potential to undertake higher roles and responsibilities within the organization
• Increased skill and foresight to predict risks and devise corrective actions to minimize their impact and ensure that they do not affect project deliverables
• Increased skill and capability to apply different techniques and methods to gather information about risks and plan relevant corrective action
• Increased understanding and communication skills to keep all concerned stakeholders informed and assign owners to risks to ensure that no risk goes unnoticed
• A sense of pride to contribute to organizational growth because of successful project completion as a result of better risk management
• Greater ability, confidence and skill to work in any role or organization, thus contributing to a wider scope of career opportunities

Target Audience

• Project coordinators and other project management team members who should understand and practice effective risk assessment and management, even at their level of work
• Senior project management team members responsible for guiding other members within the team for the project and who need to mandate risk management training for their subordinates
• Other stakeholders involved at various stages of a project and who should also assess risks and address them accordingly
• Other professionals from other teams who manage smaller projects within their teams
• Any other professional who wants to know more about risk assessment and management

Course Outline

Types of Risks in Projects

• Cost
• Schedule
• Performance
• Governance
• Strategic
• Operational
• Market
• Legal
• External calamities

Importance of Risk Management

• Achievement of project objectives
• Reduced costs
• Decreased impact of negative risks
• New opportunities
• Controlled project implementation
• Better strategic decisions
• Increased return-on-investment and credibility

Steps in Risk Management

• Identification
• Analysis
• Prioritization
• Ownership
• Response
• Monitoring

Rules of Risk Management

• Make risk management part of project planning
• Identify risks early in the project
• Communicate about risks
• Consider threats and opportunities
• Clarify ownership issues
• Priorities risks
• Analyze risks
• Plan and implement risk responses
• Register project risks
• Devise qualitative and quantitative measurements of risks
• Track risks and associated tasks

Challenges to Risk Management

• Multiple ownership
• Lack of communication
• Domination of operational risks
• Risk identification
• Alignment with business strategy

Risk Identification Techniques

• Document reviews
• Brainstorming
• Delphi technique
• Root–Cause Analyses
• SWOT
• Checklists/Assumption analyses
• Risk register
• Monte Carlo analysis
• Decision tree

Success Factors of Risk Management

• Leadership commitment
• Communication
• Culture
• Organizational structure
• Training
• Information technology
• Trust

Components of Risk Management

• Avoidance
• Mitigation/prevention
• Transfer
• Retention