This training serves to help participants with the understanding of project risk management according to the Project Management Body of Knowledge (PMBOK®) Guide. Risk Management Professional (PMI-RMP®) training provides the skills to identify and measure risks in project development and implementation. You learn to quantify risks and create risk response strategies to deliver projects that meet stakeholder expectations. The Risk Management course addresses the project risk management processes of identification, analysis, response development and control.

  • Comprehend Project Management Institute (PMI’s) Philosophy of Project Risk Management

  • Describe the 4 Domains of Project Risk Management

  • Understand the risk management processes

  • Comprehend how Risk Management ties in with other Knowledge Areas

  • Align Risk Management with The PMBOK Guide.

Week-1: Read Chapters 1-3 of both textbooks; complete all questions at the end of chapter

  • Risk Management Overview

  •     Describe PMI’s Risk Management processes

  • Plan Risk Management

  •     Create a plan for handling risk management for the project

  •     Adapt any policies and procedures for risks to the needs of the project

  •     Tailor risk management activities to the needs of the project to make sure the level, type and visibility of the activities are commensurate with:

  • The type and size of the project

  • The experience of the project team

  • The perceived level of project risk

  • The importance of the project to the organization

Week-2: Read Chapter 4 of both textbooks; do the questions at the end of chapter 4

  • Identify Risks

  •     Identify and record list of threats and opportunities for the project and by work package

  •     Arrange risk in a cause-risk-effect format

  •     Comprehend risks

Week-3: Read Chapter 5 of both textbooks; do the questions at the end of chapter

  • Perform Qualitative Risk Analysis

  •     Subjectively evaluate the probability and impact of each risk

  •     Create prioritized list of risks

  •     Describe how to make go/no-go decision

Week-4: Read Chapter 6 of both textbooks; do the questions at the end of chapter

  • Perform Quantitative Risk Analysis

  •     Comprehend how to decide which risks warrant a response

  •     Objectively evaluate the probability and impact of each risk

  • Determine the level of risk the project currently has and whether that level of risk is acceptable for the expected gain from the product of the project

  • Determine how much the project will cost and how long it will take if no further risk management actions are taken to decrease project risk

  • Analyze which risks require response planning

  • Calculate the probability of achieving cost or schedule objectives for the project

Week-5: Read Chapter 7 of all textbooks; do the questions at the end of chapter

  • Plan Risk Responses

  • Determine what can be done to reduce the overall risk of the project by decreasing the probability and impact of threats and increasing the impact of opportunities

  • Comprehend how to maintain Risk Register, including how to analyze activities with the highest score, the most common causes of risk and any individual activities with high risk scores

Week-6: Read Chapters 8 and 9 of all textbooks; do the questions at the end of chapters

  • Monitor and Control Risks

  •     Implement the risk response plans

  •     Comprehend how to manage the contingency and management reserves

  •     Create workarounds

  •     Assess how to control project risks

  •     Perform additional risk identification, analysis and risk response planning

  •     Re-estimate the project

  •     Create lessons learned

  •     Evaluate the risk impact of scope, schedule, cost, and other change requests

  • Risk Governance

  •     Identify roles and responsibilities for risk governance

  •     Develop ability to create and evaluate standards, policies, procedures and practices

  •     Describe methods to manage lessons learned

  •     Comprehend techniques to create metrics