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