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Today’s projects have more risk than ever
before. Sometimes that risk results in a late project or over-budget
project; other times it manifests itself in a perceived lack of quality
in the project results. Still other times it results in total project
failure.
This module describes a process of risk evaluation and management that
identifies the greatest project risks. It covers assigning responsibilities
for manage them, actions to avoid them, and contingency plans for the
rest, accounting for them in the schedule. The module is consistent with
the latest version of the Project Management Body of Knowledge, and uses
our unique risk management tool, KnowRisk®.
The difference between the half-day and full-day version of this module
is the amount of time spent on the risks of participants’ own current
projects. As a prerequisite, all participants bring a list of the risks
of a current project, and they use the material to assess and remedy
those risks.
 Learning
Objectives
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Understand the nature of project Risk;
describe the purpose, benefits, timing and key roles and responsibilities
in Risk Management. |
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Use brainstorming and Risk assessment
checklists to identify areas of highest Risk, by individual Risk
element. |
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Evaluate the impact of individual Risks
realized, and the probability that the Risk will be realized. List
the top Risks. |
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Quantify the cost impact of the top Risks
if realized; summarize cumulative project cost of all significant
Risks. |
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Brainstorm with the project team to identify
Responses for highest-impact Risks. Assign responsibility for each
Response. Reflect the Risk Responses in the project plan. |
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Track Risk Responses, and evaluate their effectiveness
in mitigating Risks realized. |
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Apply the KnowRisk® checklist, sample Responses,
evaluation grid and strategy identification processes to reduce Risk. |
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Improve Enterprise Risk Management by evaluating the
process, risks realized (and those not) and responses at major milestones,
and updating your risk knowledgebase. |
Audience
Those who are (or should be) involved in assessing and managing risk in todays
project, including Sponsors, Resource Managers, Project Management Office Staff, Project
Managers, Customers, Team Leaders and Team Members.
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