Recognize the benefits of the proper risk management

Course Synopsis

Project management is opportunity management. It is the ability to seize opportunities, minimize threats and achieve optimum results. Too often, risk management is seen as reactive, or worse, unresponsive. Nothing could be further from the truth. In this Risk Management course, you’ll work through the proactive approach to threat and opportunity—based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.

Risk Management examines threat and opportunity from both a top-down and bottom-up perspective using ESI’s proven eight-step risk management process. Using effective tools, including ESI’s highly regarded risk assessment model, you’ll learn how to evaluate and respond to risk at the project and task levels.

Included in the course is a multi-part case study that takes you from a risk overview at the beginning of a project through the challenges of ongoing assessment and reassessment of threats and opportunities throughout the project. The course materials also include comprehensive reference materials specific to each unit of the course.

You’ll end the course with new practices to apply in your environment and new insights on the implications and advantages of applying risk management well.

Reminder: Participants taking this course should not take IT Risk Management.

Course Topics

1. Introduction to Risk
   1. Definition and characteristics of "risk"
   2. Elements and factors of risk
      • Event (future occurrence)
      • Probability (uncertainty)
      • Impact (amount at stake)
   3. Types of risk
   4. Components of risk management
      • Identification
      • Quantification
      • Response development
      • Response control
2. Risk Management Planning and Identifying Risks
   1. Risk management planning
   2. Risk identification
   3. Idea generation tools and techniques
3. Analysis Fundamentals
   1. Probability and impact
   2. Presenting risk
      • Descriptive
      • Qualitative
      • Quantitative
   3. Probability analysis
4. Analyzing and Prioritizing Risk
   1. Determining risk tolerances
   2. Analyzing risks
   3. Impast analysis
   4. Risk-based financial tools and techniques
   5. Expected-value analysis
   6. Decision trees
   7. Prioritizing risks
5. Risk Response Planning
   1. Risk response strategies for opportunities and threats
   2. Risk acceptance
   3. Risk avoidance
   4. Risk mitigation
      • Probability minimization
      • Impact minimization
   5. Transference
   6. Establishing reserves
6. Execution, Evaluation and Update
   1. Risk Response monitoring and control
   2. Execute risk strategies
   3. Contingency plans and workarounds
   4. Risk evaluation
   5. Reassessing risk
   6. Risk documentation

 “PMBOK”- is registered mark of Project Management Institute, Inc.