Project Risk Management

Handle risk in everyday project work 

Learn how risk is identified, assessed and minimized in the project planning exercise. The seminar offers a brief review of world-class project management techniques.

Learning outcomes

By attending this course you will be able to:

  • Define risk
  • Plan effectively and manage behaviors created within the teams
  • Understand the components of the risk management plan and risk register and its relationship to the project management plan
  • Understand the techniques involved in risk identification and analysis
  • Explain the interrelationship among risk planning, risk analysis, risk response planning, and risk monitoring and controlling
  • Learn the importance of critical path for controlling projects
  • Understand the strategies of risk-response planning
  • Explain the inputs, techniques, and outputs of risk monitoring and control, and how they fit into the overall monitoring and control process
  • Learn risk simulation techniques
  • Learn best practices in risk management


Introduction to project risk

  • Unique features of a project
  • Project definition
  • Risk management planning: the PMI model and the 6 risk processes
  • Organizational ingredients for effective project management and risk management
  • Teams/management support/risk management tools
  • Network of alliances, conflict resolution and offset risk management
  • Risk stability
  • Project manager’s authority as a cause of risk
  • Five basic functions of project management
  • Roles of the project and risk manager

Poor planning as a major source of risk

  • Five basic project planning elements and “behaviors” for minimizing risk
  • Project clients’ and stakeholders’ huge impact on risk early in a project
  • Enterprise portfolio project management reduces risk
  • Project objectives definition for “agreement”
  • Work breakdown structures (WBS) for “task control”
  • Project organizations for “accountability/ownership”
  • Project schedule for “communications”
  • Network diagrams, tasks definition on the critical path
  • Resource planning and control
  • The project baseline budget for “overall project control”

Project risk control techniques

  • Project risk control techniques
  • Earned value metrics
  • Trend analysis

Workshop 1: Structuring, scheduling, resource planning and budgeting a project for low risk.

Project risk management

  • Risk definitions
  • Six steps to good project risk management
  • Risk policies, methodology, and process

Risk identification

  • Correlation of project management method and risk process. Sources of risk in projects.
  • Methods to identify risk (cause/effect, FMEA, Ishikawa diagrams, and “fishboning”)

Workshop 2: Identifying risks using a qualitative risk matrix execution plan

Analysis approaches

  • Schedule and cost risk assessment using such techniques as PERT analysis and bottom-up estimating.
  • Qualitative vs. quantitative risk assessment. Risk Matrix, and methods for determining project risk contingencies
  • Risk simulation practices, e.g., Monte Carlo techniques and statistical distributions such as log-normal curves
  • Decision-tree analysis and expected monetary value (EMV)
  • Examples of how world-class companies manage risk in their projects.
  • Risk as a tradable resource

Methods to handle risk: risk response planning

  • Risk management techniques such as avoidance, transference, risk mitigation, acceptance, or knowledge and research
  • Contingency plans
  • Risk register
  • Risk audits

Risk Monitoring and Control

  • Information availability in advance of the risk’s occurrence
  • Audits, risk reviews, trigger dates, and earned value analysis for forewarning
  • Workaround plans and corrective actions

Workshop 3: Developing a risk response plan.





Course Code P5072
Department Vocational Training
Instructor Tony Eve, PMP, P2
Instruction Languages EN
Level Intermediate
Prerequisites Basic knowledge on project management principles
Who should attend Project managers, project directors, project team members, senior project managers, senior executives, consultants, risk manager
Certificate of AttendanceYes
Continuing Education Credits 16 PDUs
Offered OnlineNo
Partner Institution Business Management Consultants
Last Update At: 2014/02/04 - 08:56:10


Worth Visiting 

 Hellenic American Union

Business Management Consultants

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Project Management Institute, Inc.


Quality Standards

ISO 9001:2008 Certified


Operations and Vocational Training

Where to find us

Massalias 22, (7th floor)
10680 Athens
Business Programs: 2103680907, 2103680927
Fax: 2103633174




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