Risk Identification, Qualitative Analysis and Risk Response Strategies

Open Enrollment Course Dates:  Group Classes

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Course Length: 1 day
PDUs: 8
PDHs: 8
PMI Activity ID#000475
Course Level: Advanced
Course Fee: $495
Course Hours: 8:30-4:30
Cancellation Policy: 2 weeks

Introduction and Prerequisites:

This class was developed specifically for experienced project managers who are currently managing projects. It is a workshop in which the project managers will form teams to conduct risk analysis on the projects they are currently working. The pre-class assignment requires the students to review their company’s Risk Management Procedures and to gather their thoughts on existing risks such as Assumption, Constraints and the Top Ten Risks facing their project.

Participants will explore the use of Risk Identification Tools such as Scenario Analysis, Assumptions Analysis, Constraints Analysis, Checklist Analysis, and Nominal Group Technique. The students will use the SWOT Analysis to separate the issues from risks. They will then make an assessment as to whether they identified a sufficient number of Opportunities for the project team to pursue. This typically falls short and students are asked to identify additional Opportunities.

Finally the students learn how to rank the Opportunities and Threats from highest to lowest so that precious project resources can be applied to the risks that best support project success. After the participants rank the risks, they will learn how to develop SMART Risk Response Actions to capitalize on Opportunities and deal with Threats. The class will wrap up by developing an action plan for going forward and applying what they learned to their projects.

Who Should Attend

Project managers, Project team members and Risk team members who want to identify risk by using Qualitative Analysis Tools and develop Risk Response Strategies.

Learning objectives include:

Provide students with an overview of their Corporate Risk Management Program and Procedures as well as the Industry Best Practices for Project Risk Management. Students will learn to identify project risks by applying the following risk identification tools:

  • Scenario Analysis that can be used for Risk Analysis and Team Building as early as the Project Kickoff Meeting
  • Assumptions and Constraints Analysis
  • Checklist Analysis Geared to the Industry of the Project Managers
  • Brainstorming / Nominal Group Technique
  • Document Review focusing on which documents and the scope of review
    Independent Review of selected project documents

Students will participate in a facilitated discussion on Lessons Learned and Corrective Action Program and how to use them in determining where a project may be at risk.