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Risk Management

This course builds on the best practices for Risk Management already taught in the PMP® Exam Preparation Course. The course teaches students how to put the theories taught by the PMP®Exam Preparation Course into practice. The course focuses on how to create and implement a risk management plan, how to identify risks, mitigation strategies, and how to keep your plan current with your project. This is a 3 day course using classroom lectures, visual aids, examples, and exercises to enhance learning. This course will provide the student with 22.5 PDU’s.

Day 1:

  • Introductions, 3 day agenda and course overview, identifying student goals and objectives for the course.
  • Crafting your Risk Management Plan including: identifying risk identification activities, prioritizing your risks, monitoring probability and impact scores, reviewing mitigation strategies for effectiveness, and identifying criteria for implementing contingency plans.
  • Identifying the risk tolerance of your key stakeholders, and how to define your risk threshold.
  • Integrating the Risk Management Plan with your MS Project Plan.

Day 2:

  • Risk identification strategies including: who to include as your risk identification SMEs, how to conduct brainstorming sessions, leveraging Lessons Learned to identify risks, how to create your risk register.
  • Prioritizing risks including: methods for assigning scores for probability and impact, adjusting P and I scores as activities/deliverables approach deadlines.
  • Identifying appropriate risk mitigation strategies including: categories of risk and typical mitigation strategies, contingency planning and trigger definition, how to transfer risks, and when to accept risks.

Day 3:

  • Using the risk register to capture information about mitigation strategies, contingency plans, triggers, risk status, mitigation strategy responsibility.

  • Monitoring project risks including: using status review meetings to identify new risks, how to identify obsolete risks and what to do when a risk becomes obsolete, how to assess mitigation strategy effectiveness, how to update the risk register and how to review it, when to implement contingency plans, and how to define and implement work-arounds.

  • An exercise requiring the class to group together in teams of 4 or 5 students to read analyze a case study and propose solutions which they will present to the class.

  • Review of the students goals & objectives, questions and answers.