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Risk Management in Projects

Participants will engage in risk analysis and learn to implement effective risk handling strategies.

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Certificate :

After Completion

Start Date :

10-Jan-2025

Duration :

30 Days

Course fee :

$150

COURSE DESCRIPTION:

  1. The Risk Management in Projects course equips project managers and professionals with vital skills for identifying, assessing, managing, and mitigating risks during the project lifecycle.

  2. Emphasis is placed on techniques and tools necessary for developing a comprehensive risk management plan.

  3. Participants will engage in risk analysis and learn to implement effective risk handling strategies.

  4. The course aims to integrate risk management practices into projects to minimize uncertainties.

  5. Ultimately, it seeks to enhance the likelihood of project success through proactive risk management.

CERTIFICATION:

  1. Certified Risk Management Professional (CRMP)

  2. Project Management Professional (PMP) specializing in Risk Management

  3. Recognized certifications showcasing proficiency in project risk management and contingency planning

LEARNING OUTCOMES:

By the conclusion of the course, participants will possess the skills to:

  1. Grasp the fundamental concepts and approaches of risk management.

  2. Acquire skills to create and execute a thorough risk management strategy.

  3. Become adept at recognizing, evaluating, and ranking risks.

  4. Attain expertise in both qualitative and quantitative risk assessment techniques.

  5. Prepare for certifications such as CRMP or PMP with an emphasis on risk management.

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Course Curriculum

Introduction to Risk Management
  1. Understanding the nature of risk in projects
  2. The importance of risk management for project success
  3. Key risk management concepts and terminology (risk, threat, opportunity, etc.)
  4. Overview of risk management frameworks and standards (PMBOK, ISO 31000)
Risk Management Process
  1. Overview of the risk management process: Identify, assess, respond, and monitor
  2. Developing a risk management plan for your project
  3. Integrating risk management into the project lifecycle
Identifying Risks
  1. Techniques for identifying risks (brainstorming, SWOT analysis, Delphi technique)
  2. Categorizing risks: External, internal, technical, environmental, and organizational risks
  3. Developing a risk register to document identified risks
Qualitative Risk Analysis
  1. Assessing risks based on probability and impact
  2. Ranking risks using risk matrices and prioritization grids
  3. Determining risk exposure and tolerance levels
  4. Tools for qualitative analysis: Risk heat maps, expert judgment
Quantitative Risk Analysis
  1. Understanding quantitative risk analysis techniques
  2. Monte Carlo simulations, decision tree analysis, and sensitivity analysis
  3. Calculating expected monetary value (EMV) and value at risk (VaR)
  4. Developing probability distributions and risk models
Risk Response Strategies
  1. Developing risk mitigation strategies to reduce negative risks
  2. Contingency planning and developing fallback plans
  3. Developing strategies for dealing with opportunities (enhancement and exploitation)
  4. Risk transfer, acceptance, and avoidance strategies
Risk Monitoring and Control
  1. Techniques for monitoring risks throughout the project lifecycle
  2. Using risk audits and reviews to track risk management progress
  3. Developing a risk response tracking system
  4. Handling residual risks and unforeseen events during execution
Preparing for Risk Management Certification
  1. Overview of CRMP and PMP risk management-related certifications
  2. Study guides, practice exams, and certification exam preparation
  3. Key concepts and tools to focus on for certification exams

Training Features

Hands-on Risk Analysis Workshops

Interactive workshops to practice identifying, assessing, and prioritizing risks in real-world scenarios.

Risk Management Simulation

Simulate risk management scenarios to apply theoretical concepts in practice, such as creating a risk register or assessing project risks.

Expert-Led Case Studies

Study real-world case studies of projects that succeeded or failed due to effective or ineffective risk management strategies.

Advanced Risk Assessment Tools

Learn and use advanced risk analysis tools such as Monte Carlo simulations, decision trees, and risk matrices.

Agile Risk Management

Explore how to apply risk management practices in Agile environments and adapt strategies for iterative project delivery.

Certification

A globally recognized certificate upon completing the course.

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