What is Professional Risk Management?:
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 presentation 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.
Course Objective: The Certification preparation classes will give participants a comprehensive review of the Program Management slandered 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.
Who should attend? This course is targeted all Certified PMPs , Chief Executive Officers, Finance Managers, Human Resources Managers, Project Managers, Engineers and Planners, Information Technology Managers.
Risk Strategy and Planning
* Develop risk assessment processes and tools that quantify stakeholder risk tolerances in order to assess and determine risk thresholds for the project and set criteria for risk levels.
* Update risk policies and procedures using information such as lessons learned from projects and outputs of risk audits in order to improve risk management effectiveness
* Develop and recommend project risk strategy based on project objectives in order to establish the outline for the risk management plan.
* 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 in order to define, fund, and staff effective risk management processes for the project that align with other project plans.
* Establish evaluation criteria for risk management processes based on project baselines and objectives in order to measure effectiveness of the project risk process.
* Promote a common understanding of the value of risk management by using interpersonal skills in order to foster an appropriate level of shared accountability, responsibility, and risk ownership.
* Train, coach, and educate stakeholders in risk principles and processes in order to create shared understanding of principles and processes, and foster engagement in risk management
* Coach project team members in implementing risk processes in order to ensure the consistent application of risk processes.
* Assess stakeholder risk tolerance using processes and tools such as interviewing stakeholders and reviewing historical stakeholder behaviors in order to identify project risk thresholds.
* Identify stakeholder risk attitudes and cognitive biases using stakeholder analysis techniques in order to manage stakeholder expectations and responses throughout the life of the project.
* Engage stakeholders on risk prioritization process based on stakeholder risk tolerance and other relevant criteria, in order to optimize consensus regarding priorities
* 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 in order to support effective risk-based decision making.
* Promote risk ownership by proactively communicating roles and responsibilities and engaging project team members in the development of risk responses in order to improve risk response execution.
* Liaise with stakeholders of other projects by using effective communication techniques and sharing information on project risk performance in order to inform them of implications for their projects.
Risk Process Facilitation
* Apply risk assessment processes and tools in order to quantify stakeholder risk tolerances and determine risk levels.
* Facilitate risk identification using a variety of techniques in order to enable the project team and stakeholders to understand and determine the risk exposure of the project.
* Facilitate the project team’s evaluation of the identified risks’ attributes using qualitative and quantitative tools and techniques in order to prioritize the risks for response planning.
* Facilitate the development of an aligned risk response strategy and related risk actions by risk owners from the information gathered during risk analysis in order to ensure timely and defined action when required.
* Facilitate the formulation of project contingency reserve based on the risk exposure of the project in order to have the capability and resources to respond to realized risks.
* 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 in order to enhance the likelihood of project success.
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 in order to maintain a single, current repository of all project risk information.
* Coordinate with project manager using communication techniques in order to integrate risk management throughout the project.
* Create periodic standard and custom reports using risk-related metrics as specified in the risk management plan in order to communicate risk management activities and status.
* Monitor risk response metrics by analyzing risk response performance information, and present to key stakeholders in order to ensure resolution of risk and develop additional risk response strategies to address residual and secondary risks.
* Analyze risk process performance against established metrics in order to drive risk process improvements.
* Update the project risk management plan using relevant internal and external inputs in order to keep the plan current.
* 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 in order to incorporate into future risk planning.
Perform Specialized Risk Analyses
* Evaluate the attributes of identified risks using advanced quantitative tools and specialized qualitative techniques in order to estimate overall risk exposure of the project.
* Analyze risk data produced during the project using statistical analyses and expert judgment in order to determine strengths and weaknesses of risk strategy and processes and recommend process improvements when indicated.
* Perform specialized risk analysis using advanced tools and techniques in order to support stakeholder decision making for the project.