Every project is by definition uncertain. Projects happen in the future, involve internal and external stakeholders and require control over uncontrollable circumstances. Risk management helps to reduce the panic by establishing an approach to minimizing the probability and/or impact of uncertain events. Building risk management into projects helps to give the stakeholders confidence that the project will succeed. This session will identify a structured approach to thinking about risk and establishing a concrete plan of action to aid your project decision makers in the hard choices around what should be done in advance to attempt to minimize risk vs what should be and acceptable level of risk.
This workshop details a five-step process for managing risk:
- Risk Planning
- Risk Identification
- Risk Analysis (Quantitative and Qualitative)
- Risk Response
- Risk Control
Participants will learn:
- Categories of risk to aid in risk identification
- Tools and techniques for analyzing risk including Decision tree analysis and Monte Carlo Simulation
- Common approaches to risk mitigation
- How to deal with contingency in a project including calculation of contingency reserves and identifying suitable contingency actions.
- Templates to assist in documentation of all processes including a risk register and a sample risk management plan.
