Risk management training based on the PMI® standard PMBOK® Guide
Understand the most important risk management techniques and methods, up to the level that allows you to put them into practice in your own company.
Overview
Risk management gained a lot in terms of importance, in the context characterized by the alarms in the global economy. It became a necessity to have in the team persons capable to analyze, monitor and reduce the probability and the impact of risks.
Purpose
The course proposed represents a healthy 5-day introduction in risk management, explaining the theoretical basis, the methods and putting them into practice within a project.
After completing this course, you will obtain:
- the basic concepts related to risk management
- a solid basis for the implementation of the risk management concept in the company
After completing this course, you will know how to:
- determine the probability to achieve the objectives (time, cost, quality, performance)
- identify and monitor the risks which may affect the objectives
- reduce the probability that they materialize and to reduce their impact
- increase the probability that opportunities materialize and to amplify their positive impact
Advantages
- Training with experienced professionals of the main risk management company in Romania
- Techniques and methods with value confirmed by practice
- Out of the 5 days, 2 days are intended for the practical application on a real project
- Immediate applicability within your company
Structure of the course
Day 1. Basic risk management concepts:
Risk management process – project management area of expertise
Risk management plan
- methodology
- defining roles and responsibilities
- budgeting the risk management
- risk categories (Risk Breakdown Structure)
- probability/impact matrix
- instruments and techniques
- report formats
What is risk – threats and opportunities
Risk identification
- techniques for obtaining data (brainstorming, Delphi method, interviews, SWOT method)
- diagramming techniques (Ishikawa cause and effect diagram, process diagrams, influence diagrams)
Day 2. Basic risk management concepts:
Qualitative analysis of risks
- probability/impact matrix, creating a risk hierarchy
- evaluating risk criticality
- tools and techniques
Quantitative analysis
- Monte Carlo simulation
- distribution probabilities, asymmetric distributions
- sensitivity analysis, analysis of the expected monetary value, decision tree analysis
- realization probability, reference probabilities
Day 3. Advanced risk management concepts:
Planning the risk response
- strategies for risks with negative impact (avoidance, transfer, acceptance)
- strategies for risks with positive impact (exploitation, sharing, intensification, acceptance)
- contingency strategies
- “what-if” scenarios
- cost-benefit analysis
- cost management, probabilistic cash flow
Risk monitoring and control
- risk re-evaluation
- risk audits
- performance measurement
- reserve analysis
- preventive and corrective actions
Days 4, 5. Case studies and practical exercises to cover the whole risk management process
Correlation of theory and practice
- workshops on applied risk, possibly by using the data of the client
PMI, PMP and PMBOK are registered mark of the Project Management Institute, Inc.
