Complete Guide for Risk Management
What you'll learn
- 𝐃𝐞𝐟𝐢𝐧𝐞 𝐰𝐡𝐚𝐭 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐫𝐢𝐬𝐤
- Identify the risk factors needed to reduce uncertainty
- Define inputs to planning risk management
- 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐬𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐲𝐨𝐮 𝐦𝐮𝐬𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 𝐢𝐧 𝐚 𝐫𝐢𝐬𝐤 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐩𝐥𝐚𝐧
- Risk ratings in ordinal and numerical scale
- Identify the inputs to the Identify Risks process
- Identify guidelines for conducting a brainstorming session to identify project risks
- 𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐜𝐚𝐮𝐬𝐞𝐬 𝐨𝐟 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐫𝐢𝐬𝐤 𝐰𝐢𝐭𝐡 𝐞𝐱𝐚𝐦𝐩𝐥𝐞𝐬
- Important points that would be needed during an assumption and constraint analysis
- Identify the outputs of the Identify Risks process
- Recognize the inputs you use to perform qualitative risk analysis
- Prioritize risks based on given probability and impact ratings
- Define the inputs to the Perform Quantitative Risk Analysis process
- 𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐦𝐨𝐧𝐞𝐭𝐚𝐫𝐲 𝐯𝐚𝐥𝐮𝐞 𝐨𝐟 𝐚 𝐫𝐢𝐬𝐤 𝐰𝐢𝐭𝐡 𝐞𝐱𝐚𝐦𝐩𝐥𝐞
- Identify the sections of the risk report you typically update as a result of the Perform Quantitative Risk Analysis process
- Identify the inputs to the Plan Risk Responses process
- Recognize examples of using contingent response strategy
- Understand the purpose of the Implement Risk Responses process
- 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐚𝐮𝐝𝐢𝐭𝐬
- Recognize appropriate risk response strategies(negative and positive)
- Demonstrate your understanding of the Plan Risk Responses, Implement Risk Responses, and Monitor Risk processes
- See examples of project risk
- 𝐄𝐱𝐚𝐦𝐩𝐥𝐞𝐬 𝐨𝐟 𝐜𝐨𝐦𝐦𝐨𝐧 𝐫𝐢𝐬𝐤 𝐫𝐞𝐬𝐩𝐨𝐧𝐬𝐞𝐬
- Identify the tools and techniques used for the Plan Risk Management process
- Match elements of the risk management plan with examples
- Demonstrate your understanding of the Plan Risk Management process
- Identify activities that should be part of a document analysis to identify project risks
- Recognize when interviewing is a good method for gathering risk information
- Categorize items that would be used to perform a SWOT analysis
- Demonstrate your understanding of the Identify Risks project management process
- Identify the tools and techniques you can use for the Perform Qualitative Risk Analysis process
- Recognize project documents that may need to be updated as a result of qualitative risk analysis
- Recognize examples of information you should gather about risks during an interview
- Identify the purpose of sensitivity analysis with example
- Describe how to interpret a cost risk simulation graph(Monte Carlo Analysis)
- Demonstrate your understanding of how to perform qualitative and quantitative risk analysis for your project
- Identify strategies for responding to negative risks
- Recognize the outputs of the Plan Risk Responses process
- Identify the inputs to the Monitor Risks process
- Distinguish between technical performance analysis and reserve analysis measurement criteria
- Recognize the outputs of the Monitor Risks process
- Differences between Secondary and Residual Risk
- 𝐇𝐨𝐰 𝐭𝐨 𝐩𝐚𝐬𝐬 𝐑𝐌𝐏 𝐞𝐱𝐚𝐦 𝐢𝐧 𝐚 𝐬𝐡𝐨𝐫𝐭 𝐬𝐭𝐮𝐝𝐲 𝐩𝐞𝐫𝐢𝐨𝐝
- Course complies with the new PMI-RMP exam format.
Requirements
- No specific requirements for the course.
Description
Welcome to our journey to be proficient in Risk Management. This program is designed to equip you with the essential knowledge required to excel in risk management. By aligning with the new PMI-RMP exam format, we've tailored the course to ensure your success.
In this program, we'll cover the entire risk management process, starting with "Overall Risk Management" and then delving into the specific phases: "Plan Risk Management," "Identify Risk," "Analyze Risk," "Respond to Risk," and "Monitor the Risk."
During the "Plan Risk Management" section, you'll learn how to strategize and prepare for potential negative and positive events in your project. This proactive approach will ensure you're always prepared for any eventuality.
Next, "Identifying Risk" will take you through the crucial inputs required for effective risk identification. By utilizing powerful tools and techniques like Root Cause Analysis, SWOT Analysis, Assumption, and Constraint Analysis, you'll be equipped to develop a comprehensive risk register.
The "Analyzing Risk" phase will focus on two critical processes: "Performing Qualitative Risk Analysis" and "Performing Quantitative Risk Analysis (Monte Carlo Simulation)." Real project management examples will be used to illustrate these processes, enhancing your understanding and application.
In the "Responding to Risk" section, we'll explore the essential processes of "Planning Risk Responses" and "Implementing Risk Responses." You'll gain insight into various response strategies for both negative and positive risks, empowering you to make informed decisions.
Lastly, "Monitor Risk" will guide you through monitoring and controlling identified risks while implementing agreed-upon responses. This ensures your system functions optimally, minimizing threats and maximizing opportunities.
Completing this course will not only provide you with the knowledge needed to obtain PMI certification but also support your credential maintenance if you are already a certified PMI Risk Management Professional or Project Management Professional.
This course caters to everyone eager to learn risk management techniques and apply them effectively in their projects.
So, what are you waiting for? Let's dive in and get the job done together! I'm here to support you throughout your learning journey, providing prompt responses to any questions you may have.
Remember, action always speaks louder than words! Enroll now and let's embark on this transformative risk management journey.
Who this course is for:
- Business professionals curious about risk management
- Project Managers, project planners, logistics and procurement managers
- Students, new graduates, eager to learn new skills for getting a promotion at job.
Instructor
- 4.4 Instructor Rating
- 23 Reviews
- 111 Students
- 2 Courses
I am a Project Management Professional, I have good knowledge of construction and baggage handling planning, execution, and monitoring & controlling. I help companies to plan, manage and control project activities on time, on budget, and without scope creep. I always follow the worldwide known standards and tailor them per the project’s requirements. In my opinion, project management professionals should be proactive, detailed, facilitators, good listeners, and adventurous. I can see myself having all of these features and looking forward to having challenges in project management. I have explained my main expertise areas in below;
Project Time Management: Critical Path Analysis, Earned Value Management, SPI, CPI, Delay Analysis and Extension of Time Claims, Detailed Narrative Preparation, Baseline, and Working Scheduling via Primavera P6.
Project Resource Management: Man-hour loaded scheduling, Variance Analysis, Resource Allocation and Leveling, Productivity Analysis, and actual unit rate follow-up
Project Cost Management: Prolongation Cost Assessment, Disruption Cost Assessment(primarily measured mile analysis and earned value analysis), Acceleration Cost Calculations, Loading BOQ into the program and distributing to the prelims, design, engineering, procurement, installation, and testing &commissioning activities.
Project Risk Management: Identify all the project risks, analyze them(qualitative and quantitative), plan risk responses, assign risk action owners, implement risk responses, and monitor and control the whole risk management process.