Introduction to Risk Management Concepts

• Objectives of risk management
• Risk management and the project life cycle
• Critical success factors
• When to accept risk, and when to avoid

Principles and Concepts of Risk Management

• Definition of risk & risk management
• Stakeholder risk attitudes
• Responsibilities for risk within projects

Introduction to PMI Risk Management Processes

• Stakeholder risk tolerance
• Overview of the risk management processes

Plan Risk Management

• Purpose of risk management planning
• Components of the risk management plan
• Success criteria for risk planning
• Barriers to successful risk planning
• Risk Breakdown Structures (RBS)
• Techniques for Risk Planning
• The Risk Management Plan
• Stakeholder Risk Tolerance & Thresholds

Identify Risks

• Purpose, objectives & Critical success factors
• Typifying risks
• Risk identification techniques
• Information Gathering Techniques
• Checklist Analysis
• Analyzing assumptions & constraints
• Diagramming Techniques
• Cause & Effect (Fishbone diagrams)
• Risk triggers
• The risk register
• Determining which risk tool to use

Perform Qualitative Risk Analysis

• Purpose, objectives & Critical success factors
• Categorizing risks
• Risk probability and impact, Risk score
• P-I Matrix

Perform Quantitative Risk Analysis

• Purpose, objectives & Critical success factors
• Accounting for risk inter-relations in projects
• Data Gathering & Representation techniques
• Modeling & Simulation, Probability distribution
• Monte Carlo Simulations, S- curves
• Tornado diagrams, sensitivity analysis, criticality analysis
• Decision trees
• Risk Expected Monetary Value (EMV) calculation

Plan Risk Responses

• Risk owners, risk action owners
• Strategies for positive and negative risks
• Risk & contracting
• The risk response action plan
• Contingency planning, calculating the contingency fund
• Secondary & residual risks