Risk Management

Course Overview

Lessons learned from failed projects often reveal that project problems were predicted at the beginning of the project, and could have been avoided simply by planning for them.  Yet many project managers don’t perform risk management, and many organizations actively discourage this important management activity.

There is a very logical process for managing risks on a project.  This class will teach you practical techniques for identifying and analyzing project risks and crafting responses to reduce or eliminate their impact on your project.

You will learn how to develop a risk management plan, communicate it to stakeholders, and apply these techniques to case studies and exercises.  You will receive instructor feedback as you practice new skills, and will learn from other project managers during discussions and group risk management activities.

Topics Include


•  Definition of risk

•  The project risk process

•  Risk identification, probability, impact, and prioritization

•  Financial, schedule, technical, & legal risks

•  Response development

•  Risk triggers

•  Response control

•  Sponsor, stakeholder, and team member roles and responsibilities

•  Acceptable levels of project risk

•  Overcoming organizational resistance to   risk management


•  Risks vs. opportunities

•  Risk acceptance, avoidance, & mitigation

•  Minimizing risk probability & impact

•  Risk documentation and management plan

•  Risk reporting

•  Statistical analyses

•  Risk simulations

•  Risk tools

•  Decision tables, PERT, Monte Carlo simulation

•  Closing out risks 

Copyright© 2005 Prime Management International, Inc.


• Plan for, identify, assess, respond to, and control your project’s risks


• Determine at which points during a project Risk Analyses should be performed


• Assess probability and impact of identified risks


• Develop a risk management plan


• Communicate project risks to

 stakeholders, team members, and managers


• Use valuable sources of risk identification, such as the WBS, checklists, historical information on similar projects, etc.


• Develop appropriate risk response strategies for identified risks


• Track & control identified and new risks during project execution


• Integrate risk into project estimates, schedules, and other project documents