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Managing Project Risk

Course Description: 

Achieving the objectives in the presence of uncertainty is a requirement of most projects. In projects involving research, new technology, aggressive deadlines, or changing staff, the uncertainty is greater and the stakes are often higher. Project risk management involves the processes of identification and analysis of risk events, and the development of response and control plans to deal with these events. Through a combination of lectures, exercises, and case studies, the SOMOS Managing Project Risk Course provides an in-depth examination of the management of risk in pro­jects. The basics of risk manage­ment are covered, and the application of these general concepts in a project environment is illustrated. Different risk management method­ologies, tools, and techniques are pre­sented, and their strengths and weaknesses are compared.

Objectives: 

After completing the Managing Project Risk course, participants will be familiar with basic risk management theory, concepts, and principles. They will learn some techniques for identifying and analyzing risk along with standard techniques for managing risk. Participants will learn about the PMBOK® framework for Risk Management and the SEI framework for Continuous Risk Management. The course also prepares participants to write the Project Risk Management component of the Project Management Professional (PMP®) examination of the Project Management Institute (PMI®).

Duration: 

2 days

Course Outline: 

Day 1

  • Course Introduction
  • Introduction to Project Risk Management
  • Risk Management Planning
  • Risk Identification
  • Qualitative Risk Analysis

Day 2

  • Quantitative Risk Analysis
  • Risk Response Planning
  • Risk Monitoring & Control
  • Course Review
Class Size: 

SOMOS experience has shown the optimal class size to be between 14 and 20 students. This enables proper interaction between the participants and the instructor.

Course Materials: 

Course participants will be provided with the following course materials:

  • Course notes
  • Exercise Book
Target Audience: 
  • New and experienced project managers
  • Senior technical personnel
Prerequisites: 
  • Basic scheduling experience or
  • Introductory project management is recommended
Registration Information: 

This course is offered to groups of 15 or more .

If you would like to discuss your organization's management development needs with a SOMOS account executive, please click here or call 613-592-5050 x229.

Refer to course code 2RSK00 - Managing Project Risk.