Project Risk Analysis and Management

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The course will focus on examining and applying qualitative and quantitative risk analysis techniques used in the Best Practice Assessment of uncertainties in a project-based enterprise. 

Uncertainty is inherent in all projects and particularly in the aspects of technical, financial, schedule, legal, and quality performance.  Project Risk Analysis is a body of expertise focused on the systematic and comprehensive analysis of the uncertainty in projects and project based operations.

This course qualifies for 30 PDUs.

• Agenda
• Audience
• Prerequisites

• Agenda

  Day 1

  Introduction and Processes

  • Risk Analysis and Management Part 1: Introduction
  • Risk Analysis and Management Part 2: Processes
  • Identification and documentation of risks
  • Assess exposure
  • Develop risk responses - mitigation
  • Review documentation
  • Teams: RAM Requirements (1)

  Day one will include an introduction to risk management and an overview of the qualitative approach to risk management.  This will include discussions on planning risk management, identifying and assessing risks, and planning response strategies. The techniques covered will be applied to a case study project.  

  Day 2

  Quantitative Analysis

  • Risk Analysis and Management Part 3: Contingency
  • Quantitative risk analysis basics
  • Quantitative risk analysis using excel
  • Overview of @Risk for Excel
  • Develop quantitative risk assessments
  • Quantitative risk analysis using @Risk
  • Case Study – Quantitative Risk of Budget
  • Teams: RAM Requirements (2)

  An overview of the qualitative approach to risk management, including the underlying principles will be covered on this day.  The learning objectives will also include being able to use software to perform quantitative analysis.  Initially, basic excel will be used to perform a simulation, but specific quantitative software will also be used to analyze the risks to a case study project budget.                

  Day 3

  Quantitative Schedule Analysis

  • Review of critical path analysis
  • Development of schedule
  • Overview of @Risk for a project
  • Case Study – Using @Risk for Project
  • Sensitivity analysis
  • Review forecasting, monitoring, and control
  • Case Study – P50 & P90 for Estimate and Schedule
  • Teams: RAM Requirements (3)

  An overview of how quantitative analysis can be used to assess the risks to a project schedule will be covered. The techniques will be applied to the case study project in order to achieve a more efficient schedule.           

  Day 4

  Project Strategy

  • Case Study – Presentation of Results
  • Teams: RAM Requirements (4)  

  On the final, day participants will work in teams to present the results of their risk analysis on their case study project.    

• Audience

  This course is intended for any project personnel who require an understanding of how to effectively manage risks on projects.

• Prerequisites

  Attendees will be required to have an understanding of project planning, monitoring, and control, as well as a basic comprehension of MS Excel and Project.

• Prerequisites