Risk Management

Learn how to take a proactive approach to threat and opportunity.

Course Overview

Project management is opportunity management. It is the ability to seize opportunities, minimise threats and achieve optimum results. Too often risk management is seen as reactive, or worse, unresponsive. Nothing could be further from the truth. During Risk Management, you will work through the proactive approach to threat and opportunity. This will be shaped by a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.

This course examines threat and opportunity from both a top-down and bottom-up perspective using ESI's proven eight-step risk management process which includes the PMI seven-step process. Using effective tools, including ESI's highly regarded risk assessment model, you will learn how to evaluate and respond to risk at the project and task levels.

You’ll end the course with new practices to apply in your environment and new insights on the implications and advantages of applying risk management well.

Course Topics

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1. Introduction to Risk
   1. Definition and characteristics of "risk"
   2. Elements and factors of risk
      • Event (future occurrence)
      • Probability (uncertainty)
      • Impact (amount at stake)
   3. Types of risk
   4. Components of risk management
      • Identification
      • Quantification
      • Response development
      • Response control
2. Risk Management Planning and Identifying Risks
   1. Risk management planning
   2. ESI’s Risk Assessment Model
   3. Risk identification
   4. Idea generation tools and techniques
   5. Delphi Technique
3. Analysis Fundamentals
   1. Probability and impact
   2. Presenting risk
      • Narrative
      • Qualitative
      • Quantitative
   3. Probability analysis
4. Analysing and Prioritising Risk
   1. Determining risk tolerances
   2. Analysing risks
   3. Establishing and evaluating profitability
   4. Risk-based financial tools and techniques
   5. Expected-value analysis
   6. Decision trees
   7. Prioritising risks
5. Risk Response Planning
   1. Risk response strategies for opportunities and threats
   2. Risk acceptance
   3. Risk avoidance
   4. Risk mitigation
      • Probability minimisation
      • Impact minimisation
   5. Transference
   6. Establishing reserves
6. Execution, Evaluation and Update
   1. Risk Response control
   2. Execute risk strategies
   3. Contingency plans and work-arounds
   4. Risk evaluation
   5. Reassessing risk
   6. Risk documentation