Risk Management for Projects, Programmes and Operations (RMPPO) – Outline

Detailed Course Outline

Overview of Risk Management

  • Recognising risks in initiatives
  • Using risk management best practices, tools and techniques to achieve project success

Designing Critical Platforms for Success

Creating a Risk Management Plan (RMP)

  • Analysing contents of a model RMP
  • Applying a standard template to create your RMP

Identifying initiative risk

  • Common sources of initiative risk
  • Utilising checklists
  • Creating Ishikawa diagrams to analyse cause and effect
  • Assessing high-level risks to the organisation

Developing a Risk Register

  • Analysing contents of a model Risk Register
  • Applying a proven template to create your Risk Register
  • Communicating risks to stakeholders
  • Documenting risks for future assessment

Improving Initiative Performance through Qualitative Analysis

Analysing risks through qualitative measures

  • Performing probability and impact analyses
  • Applying the probability and impact matrix
  • Advanced applications of qualitative analysis

Prioritising analysis results

  • Ranking project and operations risks
  • Differentiating between acceptable and unacceptable risks

Analysing Risks Using Quantitative Methods

Quantifying effects of risk events on projects and operations

  • Determining probability of cost and time objectives
  • Calculating contingency reserves
  • Identifying trends in quantitative analysis
  • Ranking risks by actuarial cost

Tools for analysis

  • Expected Monetary Value (EMV)
  • Three-point estimates
  • Probability distributions
  • Delphi Technique
  • Simulation

Risk Response Planning

Implementing risk response strategies

  • Accept
  • Avoid
  • Transfer
  • Mitigate
  • Exploit
  • Share
  • Enhance
  • Quantifying residual risks and secondary responses

Creating contingency plans

  • Determining the worst-case scenario
  • Recalculating confidence levels
  • Finalising risk budget
  • Applying a seven-step process to risk response planning

Making Decisions under Uncertainty

Psychological factors in decision-making

  • Practical applications of Prospect Theory
  • Recognising bias with Utility Theory

Tools to enhance objectivity

  • Maximising returns through the use of payoff tables
  • Dealing with unknown risks using workarounds

Monitoring and Controlling Risk

Identifying emerging risks

  • Matching identified initiative risk with controls including Risk Audit, Variance Reports and Reserve Analysis
  • Anticipating risk events through risk triggers
  • Measuring risk using earned value analysis (EVA)

Ensuring effective change control

  • Developing a reliable change request process
  • Recommending corrective action

Leveraging Project and Operations Experience

  • Compiling lessons learned in a risk database
  • Ensuring continual process improvement