Overview
Some organizations manage risk better than others. Project after project results show that risk management is crucial for successful outcomes. How do organizations accomplish this? What are the best practices in risk management that are needed to be successful in today’s changing environment?
This course will discuss the risk management process and identify how organizations are putting this into practice to maximize project success. Based on their work with global clients and formal research, we will outline the lessons learned, and tools used, in risk planning, identification, qualification, quantification, mitigation and control. In addition, we will provide tactical recommendations on how to put these concepts into practice back on the job.
Risk Management Professional (PMI-RMP)
40 Hrs.
Objectives
You will apply the generally recognized practices of project risk management acknowledged by the Project Management Institute (PMI)® to manage project risks successfully.
The Certification preparation classes will give participants a comprehensive review of the Risk Management standard which forms the bases for PMI-RMP® risk management professional exam. In addition, participant will go through lots of sample questions similar to those expected on the exam, and mock exam to give them a feeling of the real exam environment.
Outlines
1. Risk Strategy and Planning
- Develop risk assessment processes and tools that quantify stakeholder risk tolerances
- Update risk policies and procedures using information such as lessons learned from projects and outputs of risk audits
- Develop and recommend project risk strategy based on project objectives
- Produce risk management plan for the project on the basis of inputs such as project information, external factors, stakeholder inputs, and industry policies and procedures.
- Establish evaluation criteria for risk management processes based on project baselines and objectives.
2. Stakeholder Engagement
- Promote a common understanding of the value of risk management by using interpersonal skills.
- Train, coach, and educate stakeholders in risk principles and processes
- Coach Project team members in implementing risk processes
- Assess stakeholder risk tolerance using processes and tools such as interviewing stakeholders and reviewing historical stakeholder behaviours.
- Identify stakeholder risk attitudes and cognitive biases using stakeholder analysis techniques.
- Engage stakeholders on risk prioritization process based on stakeholder risk tolerance and other relevant criteria.
- Provide risk-related recommendations to stakeholders regarding risk strategy and planning, risk process facilitation, risk reporting, and specialized risk tasks by using effective communication techniques.
- Promote risk ownership by proactively communicating roles and responsibilities and engaging project team members in the development of risk responses.
- Liaise with stakeholders of other projects by using effective communication techniques and sharing information on project risk performance.
3. Risk Process Facilitation
- Apply risk assessment processes and tools.
- Facilitate risk identification using a variety of techniques.
- Facilitate the project team’s evaluation of the identified risks’ attributes using qualitative and quantitative tools and techniques.
- Facilitate the development of an aligned risk response strategy and related risk actions by risk owners from the information gathered during risk analysis.
- Facilitate the formulation of project contingency reserve based on the risk exposure of the project.
- Provide risk data to cost and schedule analysts/estimators to ensure that project risk is properly reflected in cost and schedule estimates for the project.
- Use scenarios to validate potential risk responses and evaluate key dependencies and requirements.
4. Risk Monitoring and Reporting
- Document and periodically update project risk information using standard tools (including but not limited to risk register, risk database) and techniques.
- Coordinate with project manager using communication techniques.
- Create periodic standard and custom reports using risk-related metrics as specified in the risk management plan.
- Monitor risk response metrics by analyzing risk response performance information, and present to key stakeholders.
- Analyze risk process performance against established metrics.
- Update the project risk management plan using relevant internal and external inputs.
- Capture risk lessons learned through comprehensive review of the project risk management plan, risk register, risk audits, risk process performance reports, and other associated reports.
5. Perform Specialized Risk Analyses
- Evaluate the attributes of identified risks using advanced quantitative tools and specialized qualitative techniques.
- Analyze risk data produced during the project using statistical analyses and expert judgment.
- Perform specialized risk analysis using advanced tools and techniques.