INTRODUCTION SUCCESSFUL RISK MANAGEMENT IN PROJECTS
Risk cannot be eliminated in projects. In other words, risk will always be present in any project regardless of industry. The only possible method to deal with the risks in projects is to manage them accordingly. Risk management in projects is vital for proactive identification of potential risks, minimizing uncertainty, maintaining cost and schedule control, boosting stakeholder confidence and facilitating informed decision making within the entire team. It significantly increases the likelihood of project success and reduces the negative impacts of risks on project outcomes.
In this course, participants will learn the methods to identify risk, prioritize them, plan the response towards each possible risk as well as monitor and control them along the project lifecycle. Participants will also learn about communicating the impacts and probability of risks to stakeholders while also documenting the lessons learned . An introduction to risk management software will be provided too.
LEARNING METHODOLOGY & MATERIAL
The course will use a combination of lectures, discussions, case studies, and exercises to facilitate learning. Participants will work in teams to apply the concepts and techniques discussed in the course to a hypothetical scenario.
Participants will receive a course manual containing the course content, exercises, and examples.
LEARNING OBJECTIVE
After having attended this training, participants would be able to:
- Recognize the different types of risks that exists within a project
- Assess and prioritize risk types that exist in the lifecycle of the project
- Plan a response for risks that have high impact and probability of occurring
- Communicate to stakeholders on the existence of project risks and document them
WHO SHOULD ATTEND
Project managers, program managers, project team members, project assistants, executives, engineers, managers and any person involved in managing any type of project in any industry.
COURSE OUTLINE
DAY 1
Introduction
- Basic introduction of the training agenda
- Gage learning expectation from participants
- Sharing on current risk management practices by participants
Module 1 : Introduction to Risk Management
- Importance of risk management in project management
- Key concepts and terminology
- The risk management process
BREAK
Module 2 : Steps in Risk Identification
- Techniques for identifying project risks
- Brainstorming and other creative methods
- Documenting identified risks
Group Activity 1
LUNCH
Presentation 1: Real-life project failures due to incomplete risk identification
Module 3: Risk Assessment and Prioritization
- Quantitative and qualitative risk assessment methods
- Probability and impact analysis
- Prioritizing risks using risk matrices or other tools
Group Activity 2
Break
Module 4: Risk Response Planning
- Strategies for responding to risks: avoid, mitigate, transfer, or accept
- Developing contingency plans
- Establishing risk thresholds and triggers
Day 1 Recap Learning & Key Take Aways
DAY 2
Recap of Day 1
Module 5: Risk Monitoring and Control
- Establishing a risk monitoring system
- Tracking identified risks
- Implementing risk mitigation measures
Break
Module 6 : Communication and Reporting
- Effective communication strategies for risk management
- Reporting risk status and updates to stakeholders
- Presenting risk analysis and recommendations
Module 7 : Risk Documentation and Lessons Learned
- Risk registers and their components
- Documenting risk management activities
- Conducting lessons learned sessions to improve future projects
Group Activity 3
LUNCH
Presentation 2: Successful risk communication in mega projects
Module 8 : Risk Management in Project Lifecycle
- Incorporating risk management into different project phases
- Identifying risks in project initiation and planning
- Managing risks during project execution and monitoring
- Closing out project risks and lessons learned
Module 9 : Risk Culture and Leadership
- Fostering a risk-aware culture in project teams
- Role of leadership in risk management
- Promoting risk ownership and accountability
- Integrating risk management into project governance
Break
Module 10 : Risk Management Tools and Software
- Introduction to popular risk management tools
- Evaluating and selecting the right tools for projects
- Integrating risk management tools into project workflows
Day 2 Recap Learning & Key Take Aways
Summary of training, gathering feedback and official closure of training
Note: The course outline provided is a general framework and can be customized based on the specific needs and objectives of the participants and the organization. Additional sessions, exercises, or activities can be included to enhance the learning experience.
