Project Risk Management
Overview
Every project carries uncertainty; good risk management turns it into informed decisions. This course covers the full risk process: planning, identification, qualitative and quantitative analysis, response planning and ongoing monitoring, with practical tools that work on real projects.
Who should attend
Project and programme managers, risk officers, planners, engineers and PMO staff.
Training methodology
Interactive presentations, practical exercises, case studies, group discussions, role-plays where relevant, and a personal action plan that participants apply in their own work.
Objectives
By the end of this course, participants will be able to:
- Set up a risk management plan and risk appetite for a project
- Identify threats and opportunities using several techniques
- Assess risks qualitatively and estimate their impact
- Plan and own effective risk responses
- Monitor risks and report them to decision-makers
Course outline
Day 1Risk Management Framework
- Risk, uncertainty and opportunity
- Project risk management process
- Risk appetite and thresholds
- Roles and responsibilities
- The risk management plan
- Case study: a project risk failure
Day 2Identifying Risks
- Brainstorming and expert interviews
- Checklists and risk breakdown structure
- Assumption and constraint analysis
- SWOT for projects
- Writing clear risk statements
- Workshop: build a risk register
Day 3Analysing Risks
- Probability and impact scales
- Risk matrix and prioritisation
- Risk urgency and proximity
- Expected monetary value
- Introduction to schedule and cost risk analysis
- Exercise: analyse the register
Day 4Responding to Risks
- Strategies for threats
- Strategies for opportunities
- Contingency and management reserves
- Risk owners and action plans
- Contractual risk transfer
- Workshop: response planning
Day 5Monitoring and Reporting
- Risk reviews and audits
- Tracking triggers and residual risk
- Issue versus risk management
- Risk reporting and dashboards
- Building a risk-aware project culture
- Action plan
