Course Overview
2h 16m | 12 Videos | 81962 Views | 
Beginner Online Project Risk Management Training:
– Project Risk management is inevitable in a business organization when undertaking projects. The project manager needs to ensure that the risks are kept to in a minimal. Project Risks can be mainly divided between two types, one is negative impact risk and another one is positive impact risk.
– Not all the time would be project managers be facing negative impact risks as there are positive impact risks also. Once the risk has been identified, the project managers need to come up with a mitigation plan or any other solution to attack the risk.
– Project risk management managers face many difficulties when it comes to identifying and naming the risks that occurs when undertaking projects. These risks could be resolved through the structured or unstructured brainstorming or strategies. It’s important to understand that risks pertaining to the project can only be handled by the project manager and other stakeholders of the project.
– In the project management Risks, such as operational or business risks will be handled by the relevant teams. The risks that even impact on a project are supplier risk, resource risk and budget risk. Supplier risk would also refers the risks that can be also occur in case the supplier is not meeting in the timeline to supply the resources required.
– Resources risk occurs when the human resource used in the project is not enough or not only skilled enough. Budget risk would refer to risks that can be occur if the costs are more than what was budgeted.
– Project risk management is an important aspect of the project management. According to the Project Management Institute PMBOK Risk management is one of the ten knowledge areas in which that a project manager must be competent. Good Project Risk Management depends on the supporting organisational factors and clear roles and responsibilities and technical analysis skills.
– The principles of the project risk management can be stated very simply. Any project organisation is also subject to risks. One which finds itself in that a state of perpetual crisis, is failing to manage risks properly. Failures to manage the risks is also characterized by inability to decide what to do, when to do it, and whether enough has been done. Risk Management is a facet of Quality and using basic techniques of that analysis and measurement to ensure that risks are properly identified, classified, and also managed.
– Risk management is the systematic process of managing an organization risk exposures to achieve its objectives in a manner consistent with public interest and human safety & environmental factors and the law. It consists of the planning, organizing & leading & coordinating and controlling activities undertaken with the intent of providing an efficient pre-loss plan that minimizes the impact of risk on the organization resources, earnings, and also a cash flows.
– The practical application of Project Risk Management is a key element in the success of any project. The Project Risk Management process should forms a part of the project management routine at all the stages of the Project Life-Cycle.
– All too often though the application of Risk Management can fall by the wayside somewhat during the implementation phase of a project once that done Project team gets into the fast pace of the implementation phase, dealing with the all of the day to day issues that need to be resolved.
Why we need training for Project Planning?
– Project planning documents are also used in many companies, particularly for team projects. An example of a project planning document is a team charter, which outlines the goals & responsibilities and organizational rules of the team. Another example is an issue tree which helps you to break down the major questions facing a project team and the sub-questions that impact the major issues. While some of the organizations rarely used project planning documents, others use of them with virtually every project.
– Project planning documents are a very good way to focus the team or organization on the key elements of a task by forcing the group to sit down and plan out the project on paper. As an issue tree in particular is very beneficial in this respect as it helps to the group understand from a very early stages what type of questions they need to answer and what type of work will likely need to be done.
– A team charter often contains conflict resolution provisions such as how to deal with a team member who is not pulling her weight or how to resolve disagreements on how to tackle a particular element of the project. When conflict arise, then team can look back at their charter, which they all should have agreed to and signed, to use their own prior judgment to solve many disputes.
– Many projects run out of the resources before completion. Resources includes both labor & finances. Planning requires the team to consider that what resources it needs to finish that project and eliminate the potential of suspend the project for lack of the resources.
– Many projects experiences problems at different times before the project completes. These includes losing employees, missing deadlines or running out of funds. By planning the project, the team can practically address problems, reducing their impact on the project.
– Many employees work on multiple projects concurrently. These employees divide their time between the 2 projects and run the risk of having too much or not enough work. Planning allows the project leader to work out a schedule which maximizes the employee’s available time.
– After employees plan their assignments, they can invest time developing there skills to complete their assignments. Some employees have the skills needed and increase those skills at the time of project. Other employees can learn new skills. The company benefits from the growing knowledge base of its employees.
– Companies base decisions is on the assumption that a specific project will be completed on time or within its financial budget. Project teams who spend time planning can reliably predict what it will be the cost in time or money to complete.
– When project team employees plan together, they learn which employees have skills necessary to complete various tasks. These skills may not be appear on the employee’s work history but still its contain value for the company. Without planning each task, the company may not never realize these skills.
– Some projects get started and never finish. Without planning & project team members pursue their own ideas and forget about the project. Planning ensures that the team members know their role and that the project will be completed.
– While planning the project team reviews the results of past completed projects. The team evaluates its successes and failures from past projects. This allows the team to keep the successful processes and eliminates the failures.
Course goal and objective –
– In the project risk management total 29 lectures are included.
– In this course you can identify risk identification
– Planning risk response
– To perform qualitative risk analysis
– To perform quantitative risk analysis
Target Audience for Project Risk Management –
– Project Manager
– Risk Managers
– Contract Managers
– Project Leaders
– Business owner
Pre-requisites for Project Risk Management –
– Basic understanding of Risk
– Basic understanding of Project Management
– A Knowledge of computer with Internet is Must
Advantages for Project Risk Management –
The advantages of implementing a systematic risk management process are both long-term and short-term. In fact, each phase of the risk management effort, right from identifying risks, assessing project risks to coming up with mitigation strategies, has its own benefits and they are listed as follows.
1. Risk Identification Benefits/advantages : – Identifying risks is by far the most crucial phase of the risk management process. The most obvious benefits is that all the time risks that are identified at the time of start of a project are considered in the mitigation strategies. This in turn, implies all risks that are identified are most likely to be potentially resolved in a planned manner without affecting to the another objectives of the project and finally the end result. The second way of benefit of risk identification is that all assumptions are listed down and that can be analyzed also. Analysis of the assumptions is an important step in a removing potential inaccuracies and also inconsistencies at the start of the process itself. Now the risk management need not always be negative its also includes Positive risks (opportunities that were not a part of the original project plan) are also often shuffle upon during the identification of phase and you can carry out appropriate actions to make the most of the occurrence of these “opportunity” risks. This will be in-turn have a positive impact on the full project or business.
2. Risk Assessment Benefits: – This is the phase entails focusing on the each identified risk and also estimate its impact on the project or business. The measures planned to eliminate or minimize the project risks access, are also gives a result of a constructive debate or discussion among the various stakeholders. The greatest advantage of this process is that it serves to bring the various views onto the table and the process of finalizing the potential solution of project risk mgt, everyone is brought to the same page. This is in-turn brings forth a sense of liability in all stakeholders (including external vendors, contractors, etc.), which is one of the goals of risk management. Participation in the risk assessment activity also serves to promote an organizational culture where everyone is “risk aware” and able to appreciate how their performance is going to be measured and rewarded. In addition, as a result of the cost-benefit analysis and also authorized procedures can be revised for pricing terms, deadlines etc. project risk management is based on the assessed risk factors.
3. Risk Analysis and Evaluation Benefits:- It is a subset of the risk assessment process, where each of the risk is also described along with its attributes such as significance and likelihood of the occurrence, recommendation to minimize risks and stakeholder profiles, etc. Each risk management is also mapped to a business function or process which also results in allocation of ownership of the risk. To changes the policy and also setting up contingencies etc., which are the beneficial to the successful analysis and also evaluation of exercise.
4.Benefits of risk treatment:- Once the risk profiles have been finalized, graded, prioritized and evaluated, the next step is to implement the plan. Through the internal controls (including the policy decisions) and also compliance regulations the mitigation strategies are also brought into the action. Negative risks or “threats” are not met with shock or surprise and opportunity risks are not forsaken due to lack of preparation and planning. The benefits of operational ability and advantage are also realized upon the successful treatment of risks in this phase.
5. Risk Treatment Benefits: – Once the risk profiles have been finalized, graded, prioritized and evaluated, the next step is to implement the plan. Through the internal controls and assent regulations the mitigation strategies are brought into action. Negative risks or “threats” are not met with shock or surprise and opportunity risks are not forsaken due to lack of preparation and planning. The main benefits of operational efficiency and advantages are realized upon successful treatment of risks in this phase.
6. Monitoring the risk and benefits of project risk mgt:- Risk management is also not a one-time activity. Continuous risk monitoring of the project and reviews of risk treatment plans underpin a successful business strategy. This is the activity provides long-term benefits in terms of lessons learned for better in future risk mgt staratergy and the effectiveness of the risk treatment measures, which will undoubtedly come in handy for subsequent projects.
– Introduction
– Plan Risk Management
– To Plan the Risk Management(Tools & Techniques)
– To Plan Risk Management(Output)
– To Identify the risks in the project
– Identify Risks(Input and output)
– Identify Risks sample questions
– Perform qualitative Risk Analysis Inputs and outputs
– Perform qualitative Risk Analysis Sample Questions
– Plan Risk Response(Inputs)
– Plan risk response(Tools and Techniques)
– Plan Risk Response key point(Sample Questions)
– Risk Management control risk
