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Project Risk Management Essentials – Session 1

Objectives:

•Understand and apply project risk management methodology.
•Understand Project Manager’s role in risk management.
•Learn to manage project risk effectively to successfully deliver projects that meet stakeholder needs and expectations.
•Identify and employ project risk management inputs, tools, processes and outputs to improve project performance.
•Apply best practices, industry standard techniques and customizable templates to plan risk management and identify risks.

Topics:

•Project Risk Overview
•How Risk Affects Projects
•Risk Attitudes and Tolerance
•Project Managers Role in Risk Management
•Success Factors for Project Risk Management
•Project Risk Management Process Overview
•Project Risk Management Planning
•Project Risk Identification

References:

Recommended Course Materials:
The PMBOK® Guide, 4th Ed. 2008, by PMI*
The Fast Forward MBA in Project Management, 3rd Ed. 2008, by Eric Verzuh

Homework:

Fast Forward MBA in Project Management, 3rd Edition, Eric Verzuh

  • Read/ Review  Chapter 5, pp. 95-109

PMBOK, 4th Edition

–Read/Review  Chapter 11, pp. 273-301
Practice – Identify risks and create risk register for existing project

* “PMI”, “PMBOK”, “CAPM” and “PMP” are registered marks of the Project Management Institute, Inc.

**The Verzuh templates are only available to those who purchase “Fast Forward MBA In Project Management – 3rd edition.

Additional Resources:

Hillson, D. (2003). Using a Risk Breakdown Structure in Project Management. http://www.risk-doctor.com/pdf-files/rbs0603.pdf

Hillson, D. and Murray-Webster, R. (2004) Understanding and Managing Risk Attitude.  http://www.risk-doctor.com/pdf-files/umraNov04.pdf

Mindtools.  (n.d.) http://www.mindtools.com/brainstm.html

Nguyen, S.  (2010) Understanding Risk Attitude and Tolerance.  http://pmreviews.org/2010/07/22/understanding-risk-attitude-and-tolerance/

Project Management Institute, Inc. (PMI) (2009). Practice Standard for Project Risk Management.  PMI Publications, Newtown Square: PA.  http://www.pmi.org

Rice, R. (2009).  What is Your Stakeholder’s Software Project Risk Tolerance.  http://riceconsulting.com/home/index.php/General-Testing-Articles/what-is-your-stakeholders-software-project-risk-tolerance.html

Stuter, L.  (n.d.)  The Delphi Technique.  http://www.seanet.com/~barkonwd/school/DELPHI.HTM

Wilson, B.(2010). Root Cause Analysis.  http://www.bill-wilson.net/root-cause-analysis

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