Risk Management Professional Course (12 PDUs, PMI RMP - PMP)

The lecture explains the use case project you will deliver during training and emphasizes reviewing every detail to successfully implement the knowledge acquired.

Learn how to structure a project with a comprehensive work breakdown structure, mapping deliverables to essential construction tasks, permits, and facilities from bungalows to surveillance.

Review the schedule and network diagram to understand how deliverables are planned, including parallel bungalow builds, and how risks guide milestone sequencing.

Learn to perform a detailed cost estimation and breakdown for project deliverables, including subcontractor and internal team proposals, to establish the project baseline totaling about $1 million.

Make risk management the core of project planning by using the project charter, scope, work breakdown structure, schedule, and costs. Reach out for guidance and move the project forward.

Explore major project lifecycles—predictive, adaptive, iterative, incremental, and hybrid—and learn how to compare them and choose the best approach for project characteristics, with use-case examples.

Explore the predictive lifecycle, also known as the waterfall, detailing initiation, planning, executing, monitoring and controlling, and closing, with full initial scope, predefined deliverables, and end-of-project value.

Explore the adaptive or agile lifecycle with two-to-six week iterations and parallel sprints that handle ambiguity, deliver business value early, and rely on product owner defined deliverables from self-organizing teams.

Explore the hybrid project lifecycle, combining agile, predictive, and adaptive approaches to balance goals and changes, with four major types and noted advantages and challenges.

Compare agile and waterfall lifecycles to clarify development models, management styles, customer involvement, testing, documentation, and cost of changes, while exploring hybrid and iterative approaches.

Identify the optimal project lifecycle by evaluating final product, business value, scope clarity, expected changes, risks, constraints, and stakeholder engagement, with examples of waterfall, iterative, and agile approaches.

Identify common project lifecycle phases—initiation, planning, execution, monitoring and controlling, and closing. Plan at a high level or in detail, define stakeholders, and establish the project charter.

Learn about five contract types for projects, including fixed fee, time and material, a combination of the two, contracts with risk reward, and contracts with incentives, to guide project decisions.

Define the contract and its six essential elements, then explore common contract types—fixed price, time and material, and hybrids with incentives—across project vendor–client agreements.

Explore fixed price contracts, defined scope and predetermined value, when to use them, their advantages and risks, penalties, and change management to secure project delivery.

Learn how time and material with a cap controls budget and schedule when scope is stable, weighing risks from product maturity, experienced teams, and partner trust and cooperation.

Combine fixed price and time and material contracts to cover defined scope and evolving work. Define labor rates, caps, milestones, and risk management to control budget while enabling change.

Explore fixed fee and time and materials contracts with incentives that reward early delivery and high quality, detailing base pay, bonus formulas, caps, penalties, and risk considerations.

Explore contract types such as time and material, fixed price, and combinations, including incentives and shared revenue, and map them to agile, hybrid, and predictive lifecycles for effective risk management.

Define risk and its attributes, including probability and impact on project goals, and explore outcomes, timing, frequency, uncertainty, threats and opportunities, plus risk tolerance and thresholds.

Master the standard PMI risk management process, planning and identifying risks, and performing qualitative and quantitative analysis, risk responses, and ongoing control during project delivery.

Identify all project risks with the risk register and risk meta language to form the three-part statement (cause, risk, effects); use swot analysis and root-cause analysis to identify mitigation options.

Apply project SWOT analysis to identify strengths, weaknesses, opportunities, and threats, and develop mitigation strategies through brainstorming. Leverage client relationships, address capacity gaps, and pursue long-term contracts.

Learn how evaluating project assumptions prevents costly surprises and how root cause analysis eliminates root causes to mitigate multiple risks, using assumption and risk registers, if-then analysis, and proactive mitigation.

Learn qualitative risk assessment by defining probability and impact, calculating risk importance, and recording risks in a register with a risk matrix, including urgency and data quality considerations.

Master the risk management process by identifying risks, recording them in the risk register, and evaluating assumptions, SWOT analysis, and risk response planning.

Evaluate the project complexity level and risk exposure to guide risk management, mitigate risk, and tailor delivery strategy, lifecycle, and contract type for larger, more complex projects.

Define the project exposure to risks during planning and evaluation, then evaluate and mitigate these exposures. Use this analysis to guide sponsors and project managers for successful delivery.

Evaluate subcontractor engagement, contract status, and relationship history to determine the project's risk exposure. Visualize the overall risk through a graphical representation to aid decision makers.

Evaluate project risk exposure with a size-based questionnaire, identifying high-risk areas and informing mitigation. Use reviews, meetings, interviews, and workshops to gather data and secure stakeholder approval.

Assess the project complexity before you start to define the delivery strategy, considering organizational complexity, subcontractors, environment, skills, stakeholders, deliverables, locations, size, and duration for better decision making.

Assess project complexity using a predefined five-level checklist, evaluating subcontractors, geographical scope, key stakeholders, and contract type, mark high levels for future analysis, and consult stakeholders to reduce complexity.

Evaluate five areas to assess project complexity and risk: client relationship and decision making; project environment; subcontractors; control type and subcontractor relationships; architecture, using questions on subcontractors, dates, duration.

Define the project, assess risk exposure, and determine the complexity level of large, complex projects; identify drivers of complexity, mitigate risks, and simplify delivery for project managers.

Learn to mitigate identified risks, reduce risk exposure, and lower project complexity by adjusting delivery strategy, staffing, and information gathering, then repeat iterations with negotiations and reserves analysis.

Explore project reserves as risk mitigation options, including budget, contingency, and management reserves, plus schedule and resource reserves, including school preserve, and apply these concepts with a use case project.

Calculate and allocate contingency and management reserves to cover known and unknown risks, using expected monetary value to set 15% to 20% contingency and 10% management reserves.

Learn how to use schedule reserves to buffer risks on the critical path, including calculating known and unknown risks and allocating extra time to keep projects on schedule.

Explore how resource reserves mitigate project risks by maintaining human, material, and equipment buffers, ensuring uninterrupted delivery; illustrated with a water bungalow use case and diving equipment scenarios.

Apply scope reserves as a last resort to finish projects under budget and schedule constraints by postponing or removing parts of the scope, with steering committee or sponsor approval.

Mitigation with subcontractors enables risk transfer for high-impact, high-probability risks, while ensuring quality, speed, and technology ownership through back-to-back contracts and clear responsibilities.

Analyze the project from all angles to lower complexity by reviewing the network diagram, subcontractor engagement, resource allocation, and scope, then negotiate constraints for successful delivery.

Define the project delivery strategy to lower complexity by evaluating network diagrams, balancing budget, deadline, and scope, and monitoring risk exposure across multiple sites and subcontractors.

Limit subcontractors to reduce complexity, appoint a single point of contact, schedule work to avoid overlap, and keep subcontractor work under 30% of the project value.

Engage experienced resources to mitigate project complexity, prioritizing certified project managers and divers for underwater work, divide the project into smaller deliverables, and use ten-year-experienced subcontractors for high-scope tasks.

Define the project scope from goals, then lower complexity by trimming nonessential requirements and reconfiguring features. Break large initiatives into consecutive smaller projects to deliver value earlier.

Conclude by applying risk mitigation with reserves and subcontractors, and lower project complexity through alternative delivery approaches and by evaluating subcontractor engagement.

Prepare the proposal and negotiate contract terms to mitigate major project risks, define the project charter and delivery strategy, and outline the RFP and vendor contracts for risk-aware delivery.

Explore how proposals and contracts mitigate risks by outlining major proposal parts, timelines, budgets, and subcontractors, and how evaluation and negotiation shape client and vendor outcomes.

Define the project invoicing criteria by detailing what will be invoiced, cost breakdown, payment schedule, holdbacks, and acceptance criteria to ensure clear cash flow for both parties.

Learn to break down costs, including materials, labor, and equipment, and link them to the proposal price and change requests while mastering cash flow types for project delivery.

Define and manage the payment schedule to secure cash flow during project delivery. Choose time-based, milestone-based, or deliverables-based payments with acceptance criteria and predefined amounts to align value and payments.

Explore how to implement payment schedules in a real-life 18-month project, including monthly installments, deliverable-based payments, and final acceptance clauses that affect client and vendor cash flow.

Define client and vendor obligations within contracts and proposals to mitigate risk. Ensure engagement, quality deliverables, timely decisions, and clear reporting and knowledge sharing.

Define contract penalties to protect the project by enforcing timely delivery and quality, while detailing late delivery, withdrawal, damages, and intellectual property protections.

Assess and articulate project assumptions to strengthen proposals and negotiations, reducing risk when assumptions prove wrong. Identify key assumption areas, change procedures, disputes, and dependencies to safeguard timelines and deliverables.

Learn how to prepare for and conduct negotiations, select contract types, manage risks, define risk exposure and mitigation, leverage proposals and the requests-for-proposals process toward project charter and sign-off.

Identify the zone of possible agreement, where client and vendor goals overlap, to guide negotiations. Prepare your BATNA, the best alternative to a negotiated agreement, when ZOPA does not exist.

Identify the roles and power levels in project negotiations. Understand each role's interests and learn how a project manager can influence participants to secure a successful agreement.

Project managers guide negotiations by understanding each participant’s priorities and power, building trust, applying emotional intelligence, and selecting negotiator styles—assertive, analyst, or accommodator—to drive long-term project success and mitigate risks.

Explore negotiation strategies for project negotiations, including hard, soft, and principled styles, and learn to focus on interests, generate options, use objective criteria, and pursue a win-win outcome.

Explore how negotiation helps manage project risks and renegotiate terms during delivery, with a use case contract walkthrough showing how negotiated terms drive successful project outcomes.

Identify risk triggers, execute and evaluate risk response plans, and adjust strategies and reserves to protect the schedule, budget, and project goals, especially for critical-path risks.

Apply risk based lessons learned to a use case project by examining risks and mitigations. Diver sickness with machine failure uses extra reserves, and heavy rains trigger fast tracking.

Monitor and control risks, implement the risk response plan, and evaluate risk exposure, complexity, and reserves to mitigate impacts and capture lessons learned for future project delivery.