Managing Project Risks, Assumptions, Issues and Dependencies
4.5 (3 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
31 students enrolled

Managing Project Risks, Assumptions, Issues and Dependencies

Learn how to effectively manage risks, assumptions, issues and dependencies in projects
4.5 (3 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
31 students enrolled
Last updated 5/2019
English
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Current price: $65.99 Original price: $94.99 Discount: 31% off
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This course includes
  • 35 mins on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Risk and Issue Management Concepts
  • Risk Management Process
  • Risk Identification
  • Risk Analysis and Prioritisation
  • Risk Responses
  • Managing Project Issues
  • Managing Project Assumptions
  • Managing Project Dependencies
  • RAIDs Analysis
Requirements
  • No prior knowledge of risk, assumptions,issues and dependency management required
  • A strong desire to understand the concepts of RAIDs in project management and business
Description

Managing project risks, assumptions, issues and dependencies is a key responsibility of all project management professionals. This course enables students to understand the process of identifying, analysing and planning for the management of risks, assumptions, issues and dependencies.

If you are considering a career in project management but not sure how and where to start with risks, assumptions, issues and dependencies management, this is the course for you. Project management is one of the most in demand, challenging, and rewarding careers one can get into. Once you get into project management, you will have an opportunity to work in any industry for example, IT, construction, retail, health, banking etc. In order to succeed in the project management profession, you need to understand how to engage with key project stakeholders.

Who this course is for:
  • People who want to know how to effectively identify manage project risks, assumptions, issues and dependencies
  • People who are preparing for PMI-PMP, PRINCE 2, project management degrees and diplomas
  • People who would like to understand the practical approach to using a RAIDs log
Course content
Expand all 9 lectures 34:58
+ Welcome To The Course
1 lecture 00:45

In this course students will learn the following risk, assumptions, issue and dependency management concepts:-

•Risk Management Process

•Risk Identification

•Risk Analysis and Prioritisation

•Risk Responses

•Managing Project Issues

•Managing Project Assumptions

•Managing Project Dependencies

•Using the R.A.I.Ds Log to manage risks, assumptions, issues and dependencies

Preview 00:45
+ Risk, Assumptions, Issue and Dependency Management Concepts
1 lecture 01:15

In this course students will learn that risk is an uncertain event or set of circumstances  which  are likely to occur and can impact one or more project objectives

there are several steps in managing project risk:-

  • Identifying risk

  • Recording/logging the risk in the risk register/log

  • Classifying the risk

  • Identifying and putting mitigating  measures in place in order to reduce the  likelihood and impact of the risk.

Risk identification can be achieved using the following methods

•Quantitative and qualitative methods

•Ranking risks – potential to impact project objectives.

An issue is an event that has already occurred and is currently impacting the project

•Issues must be resolved and not be ignored

Preview 01:15
+ The Risk Management Process - Risk Management Planning
1 lecture 08:42
  • The Project Manager and team members must manage risks daily

  • There must be a systematic risk management process in place.

There are 5 risk management steps, which are:-

Steps 1: Identify the Risk can be done by:

• Project Manager, project team and stakeholders

•Individually or face to face in a meeting environment

•During this step, a Risk Log should be prepared


There are a number of techniques you can use to find project risks:

a) Analogy Approach

•Analysing lessons learned from previous similar projects

•These help to identify and highlight risks which can impact your project

b) S.W.O.T Analysis

This technique focuses on the Weaknesses and Threats

•A Strength:

A Weakness: (this can potential turn into a risk)

•An Opportunity:

A Threat: (This is can also be a risk)

c) Project teams should be encouraged to report risks through various ways, such as

•Online

•Face to face

Step 2: Analyse the risk is done either

Qualitatively which involves classifying the risks into:

•Low

•Medium

•High

Quantitatively which involves classifying the risks into:

•1 = Low

•2=Medium

•3=High

Risk analysis helps to determine the impact of the risk on:

•Cost

•Resources

•Time

•Quality

Step 3: Evaluating the risk helps to

•Determine the risk magnitude which is combination of likelihood of the risk happening and the impact on the project.

• This helps the Project Manager to determine  the risk response

Step 4: Treating the Risk involves the following:

•How to respond to potential risk

•Assess your highest ranked risks

•Plan how to treat or modify to achieve acceptable risk levels.

•Mitigation strategies, preventive plans and contingency

•Avoid, accept, transfer or mitigate

Step 5: Monitor and Review the risk.

  • This involves monitoring and reviewing risks continuously

  • Helps to determine whether the measures put in place are still effective

  • Most importantly is ensures that the project manager avoids going into a ‘fire fighting mode’

Preview 08:42
+ Risk Responses
1 lecture 03:44

Risk response

This is the process of developing strategic options, and determining actions, to enhance opportunities and reduce threats to the project's objectives. A project team member is assigned to take responsibility for each risk response.

•Process of controlling identified risk

•Planning and decision making process

•Involves stakeholder decision on how to deal with each risk

Avoid

Risk can be avoided by removing the cause of the risk or executing the project in a different way while still aiming to achieve project objectives.  Not all risks can be avoided or eliminated, and for others, this approach may be too expensive or time‐consuming. However, this should be the first strategy considered

•This involves changing the risk strategy or plans

Mitigate

Risk mitigation reduces the probability and/or impact of an adverse risk event to an acceptable threshold. Taking early action to reduce the probability and/or impact of a risk is often more effective than trying to repair the damage after the risk has occurred. Risk mitigation may require resources or time and thus presents a trade off between doing nothing versus the cost of mitigating the risk.

Transfer

•To a third party; for example taking an insurance policy transfers risk to the insurance company, which is referred to as the third party.

Accept

• This involves the team making a decision to take the risk and agreeing to address it if and when it happens

Share

•Distributes the risk across multiple partners, teams or projects

Contingency

•Putting contingency plans in place to handle the risk if it happens

Enhance

•Response for a positive risk.

•Increase the chance of the risk occurring

Exploit

  • Response for positive risk

  • Creates an environment to encourage the risk to occur

Risk Responses
03:44
+ Managing Project Issues
1 lecture 04:15

a) Issues will arise throughout a project

b) Project Manager should encourage issue reporting among the team members

b) Issues are problems and should be resolved as soon as possible

Create an Issue Register

•Create a collaborative online issue register

•Increases the chances of issues being logged by the stakeholders as they occur

Logging Issues

•Project Manager to inform team members and ensure they know when, how to log issues

•Set issue logging in deadline

Assign actions

•Assign responsibility for each issue

•When to report to on the status of the issue

Monitor Issue Resolution Progress

•Are individuals following up on their action items

•Get updates on issue resolution

•Issues escalated where necessary

Assess impact

•Review long standing issues

•Define escalation time scale

Approve resolution

•Resolved issues must be signed off as done

•Obtain proof of resolution

Close the issue

  • Remove resolved issues off the list.

Managing Project Issues
04:15
+ Understanding Project Task Dependencies
1 lecture 02:36

Task dependencies:

•Links between project activities

•Defines – task depend on another

•Sequence in task execution

•Structured

Four types of task dependencies

Start-to-start:

•Both tasks start at the same time

•No overlaps

Finish-to-start:

•Default dependency

•One task ends before the other begins

Start-to-Finish

•2nd task cant finish before the first

•2nd task can start after 1st task starts

Finish-to-finish:

•2 tasks – start at different times

•Must finish at same time

Understanding Project Task Dependencies
02:36
+ Manage Project Dependencies Effectively
1 lecture 06:53

a) Completing tasks/activities is critical

b) Dependencies not always clear

c) Manage dependencies – creates structure

List the Project Tasks

•Compile list of project tasks

•Collaborate with project team

•Identify tasks at hand offs

•Schedule and plan the work effectively

Define Internal Dependencies

•Identify tasks and activities – with the project environment

Define External Dependencies

•Identify links that your project with 3rd parties

•Establish good relationship with external parties

•Involve your project sponsor - for dependencies you don’t know about

Dependency Types

•Choose the right dependency type for the link you want to create between your tasks.

•Finish-to-start - most common

•For resources working in separate streams, consider start-to-start dependencies to save you time overall

Nominate Owners

•Delegate the responsibility for each dependency

•Task owners – will be the natural dependency owners

Regarding suppliers

•Allocate someone to monitor the relationship with that supplier

•Check progress on tasks

Update Your Schedule

•Enter the correct dependency information into your project schedule

When Dependencies Go Wrong

•Project delay

•Monitor dependencies regularly

•Communicate effectively with team

Dealing with Changes

•Managing dependencies isn’t a one-off activity

•Tasks added/get removed

•This will impact project plan - continue to monitor project progress and dependencies

Manage Project Dependencies Effectively
06:53
+ Managing Project Assumptions
1 lecture 02:38

a) Taking something for granted or supposing

b) Establish as true for the purposes of allowing us to proceed with our project work

b) Project moves forward without absolutely certain information.


  1. An Assumption is, in one sense, the flip side of a risk

  2. If its true , project benefits

  3. If its wrong – risk – negatively impact project

  4. Conduct a review

How To Manage Assumptions:

•Monitor and review regularly reviewing

•Follow up any actions, tracked

If assumption is false:

•Impact

•Probability

•Record in Risk Register

•Use the risk management process

Managing Project Assumptions
02:38
+ The Risk, Assumptions, Issues & Dependencies (RAIDs) Log
1 lecture 04:10

What is a RAIDs analysis?

•Project planning technique

•Identifying key project aspects


RAID analysis focuses on four key areas:

Risks:

•Event that can impact the project negatively/positively

Assumptions:

•Things thought to contribute to project

Issues

•Things happening on the project, must be addressed current matters that need to be considered and addressed by the group.

Dependencies

•Other projects, triggers, tasks which your project depends on

• Other projects depend on the deliverables your project


Effective project management

Used to:

•Perform a broad environmental scan

•Inform regular reviews and keep the project organized and on track

•Involve in identifying critical issues

•Collate all the relevant matters affecting the project in one place

•Proactively assess changing project conditions

•Focus project efforts and resources

•Assure stakeholders

Engage with management when you need their input or support

The Risk, Assumptions, Issues & Dependencies (RAIDs) Log
04:10