Project Risk Management

This two-day program focuses on qualitative risk management -- how to find the real risks when you are doing something that has never been done before. You will learn about the importance of distinguishing cause and effect and about the difference between a risk and a problem. You will also learn how to write risk descriptions that get an appropriate response from management and how to use range estimates to overcome unreasonable cost and schedule targets. Approximately 70% of class time is devoted to casework and experiential learning. Upon completion, you will be able to: Determine which project risks require a response. Write risk descriptions that produce an appropriate management response. Use range estimates to overcome unreasonable cost and schedule targets. Use quantitative and qualitative tools to evaluate alternative risk responses. Recognize conceptual biases that interfere with good risk management. Integrate risk management with your project management process. Use contingency and management reserves appropriately.

Day 1 Introduction Relationship between risk and opportunity Difference between risks and problems Project risk vs. other kinds of risk Risk identification Using your team to find risks Checklists and taxonomies Interviews and diagramming Risk sources vs. risk events Distinguishing cause and effect How to write a risk description Risk quantification When you have historical information and when you don't Qualitative techniques for screening Day 2 Cost and schedule risk Single-point vs. range estimates Pricing vs. estimating Calculating the probability that you will finish on time Risk response development Accept, mitigate, or avoid Implementation alternatives Secondary risks Reserves and contingencies Evaluating response alternatives Decision trees and utilities Risk response control Risk/risk response interations Integrating risk management with your      other project management processes

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