Upon completion of this course, participants will be able to:

• Establish a formal project risk management plan tailored to the project's scope and complexity.
• Conduct systematic risk identification across all project phases and work packages.
• Perform both qualitative (e.g., risk matrix) and quantitative (e.g., EMV) risk analysis.
• Develop appropriate **Risk Response Strategies** for threats (avoid, mitigate, transfer, accept).
• Develop appropriate **Exploit Strategies** for opportunities (exploit, enhance, share, accept).
• Master the creation and maintenance of the project **Risk Register** and contingency reserves.
• Implement effective risk monitoring and control processes throughout the project execution.
• Conduct post-project risk audits and utilize lessons learned for future project planning.

• Project Managers and Assistant Project Managers
• Project Team Members and Functional Leads
• Program Managers and Portfolio Managers
• Project Management Office (PMO) Staff
• Stakeholders involved in project oversight and steering committees

• Group Risk Identification Brainstorming and Risk Register Drafting
• Individual Probability & Impact Matrix Scoring and Analysis Exercises
• Team-Based Response Strategy Selection and Contingency Plan Development
• Case Studies on Project Failures Caused by Unmanaged Risk
• Role-Playing Risk Review and Escalation Meetings with the Steering Committee

Unit 1: The Project Risk Management Framework

• Defining project risk, uncertainty, and their impact on scope, schedule, and cost.
• The Project Risk Management process flow (PMBOK® Guide standards review).
• Developing the **Risk Management Plan** (methodology, roles, budget, timing).
• Understanding **Threats** (negative risks) and **Opportunities** (positive risks).
• Determining project risk tolerance and thresholds for mandatory escalation.

Unit 2: Risk Identification and Documentation

• Systematic identification techniques: assumption analysis, checklist analysis, SWOT.
• Creating the **Risk Breakdown Structure (RBS)** for categorization.
• Mastering the format and content of the project **Risk Register**.
• Conducting stakeholder interviews and the Delphi technique for consensus.
• The importance of documenting risk triggers and potential responses.

Unit 3: Risk Analysis and Prioritization

• Performing Qualitative Risk Analysis using the Probability & Impact Matrix.
• Prioritizing risks for further analysis or immediate response action.
• Introduction to Quantitative Risk Analysis: **Expected Monetary Value (EMV)** and Decision Trees.
• Using simple sensitivity analysis (Tornado Diagrams) to identify critical project drivers.
• Developing probability distributions for quantitative schedule and cost risk modeling.

Unit 4: Risk Response Planning

• Developing and selecting response strategies for **Threats** (Avoid, Mitigate, Transfer, Accept).
• Developing and selecting response strategies for **Opportunities** (Exploit, Enhance, Share, Accept).
• Defining **Contingency Plans** (for identified risks) and **Fallback Plans**.
• Allocating time and cost contingency reserves (**Management Reserves** vs. **Contingency Reserves**).
• Defining the responsible risk owner and tracking response action status.

Unit 5: Risk Monitoring and Control

• Implementing risk audits and periodic risk review meetings.
• Using **Reserve Analysis** to monitor the status of contingency reserves.
• Monitoring **Risk Triggers** and implementing contingent response plans when activated.
• Re-assessing and closing old risks, and identifying new, emerging risks.
• Conducting a final project risk review and integrating **Lessons Learned** into the organizational process assets.