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Project Risk Management Essentials – Session 2

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 analyze risk qualitatively and quantitatively and plan risk responses.

Topics:

•Risk Register
•Qualitative Risk Analysis and rationale
•Quantitative Risk Analysis and rationale
•Plan Risk Responses

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. 110-118
PMBOK, 4th Edition
–Read/Review Chapter 11, pp. 301 – 312
Practice – Perform qualitative and quantitative analysis on list of risks on 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:

Choo, G.  (2004). Take a Risk (Part 1). http://www.gantthead.com/article.cfm?ID=217627

Choo, G.  (2004). Take a Risk (Part 2). http://www.gantthead.com/content/articles/217628.cfm

Eogogics, Inc. (2005) Decision Making Tools:  Decision Tree Analysis and EMV.  http://www.eogogics.com/talkgogics/tutorials/decision-tree

Kendrick, T. (2008). Tell Me Where It Hurts: A Holistic Assessment of Project Risk. http://www.failureproofprojects.com/QualRisk2008.pdf

Kwak, Y. H. and Ingall, L. (2007).  Exploring Monte Carlo Simulation Applications for Project Management.  http://home.gwu.edu/~kwak/Monte_Carlo_Kwak_Ingall.pdf

Project Management Institute, Inc. (PMI) (2009). Practice Standard for Project Risk Management.  PMI Publications, Newtown Square: PA.

RiskAMP (n.d.) What is Monte Carlo Simulation?  http://www.riskamp.com/files/RiskAMP%20-%20Monte%20Carlo%20Simulation.pdf

University of Chicago (n.d.) Tornado Diagram http://home.uchicago.edu/~rmyerson/torndiag.xls

Templates:

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