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Managing Project Risks

Companies are demanding products and services faster and cheaper. Understanding and managing risks to delivering quality products is key to customer satisfaction. Review tools and processes that help mitigate risk and increase quality.

This course can be applied to the Project Management Certificate.

Who Should Attend

  • Working Professionals – apply tools and templates to advance your career
  • Recent College Grads – learn how risk management fits into new job requirements
  • Career Changers – increase your effectiveness in applying concepts and tools of risk management

Benefits and Learning Outcomes

  • Align teams around high-risk decisions and buy-in of stakeholders
  • Minimize uncertainty in risky decisions and avoid project ‘land mines’
  • Learn ways to integrate quality and risk management into project work plans
  • Practice defining and delivering stakeholder satisfaction

Course Outline/Topics

Course Outline

1)    Getting Started

  • Workshop objectives and expectations
  • Activity: cite examples of successful projects
  • Definitions review

2)    Planning for Quality

  • Brief history of quality in corporate America, Malcolm Baldridge Award, ISO Standards
  • Discussion: review processes and tools used in successful projects
  • Securing requirements from project stakeholders
  • Quality assurance vs. quality control
  • Developing a quality management plan
  • Activity: create a quality management plan

3)    Quality vs. Risks

  • Balancing tradeoffs of time/cost/quality
  • Project level balancing
  • Business case balancing
  • Organization level balancing
  • Determining risk management strategies
  • Risk management strategies
  • Quality control checklist for starting projects
  • Activity: cite examples of unsatisfactory deliverable or unhappy clients

4)    Risk Road Map

  • Project risk management overview
  • Risk management plan contents review
  • The role of project teams in risk and quality management
  • The value of Risk Breakdown Structures (RBS)
  • Samples of RBS
  • Review of tools for identifying risks: fishbone diagrams, mind maps, SWOT analysis

5)    Targeting Project Risks at the Business Case, Project Charter and Project Schedule

  • Identifying risks at the business case with questionnaire
  • Activity: identify risks at business case level – case study
  • Identifying risks at the project charter level with questionnaire
  • Activity: identify risks at the project charter level – case study continued
  • Checklist for identifying risks at the project schedule level
  • What is a risk register?

6)    Stakeholders and Risk Assessment

  • Evaluating stakeholder risk sensitivities
  • Activity: assess your personal risk tolerance
  • Risk bias
  • Qualitative risk assessment
  • Risk assessment tools: impact & probability worksheet, risk assessment matrix
  • Activity: assess risk – case study continued
  • Quantitative risk assessment

7)    Developing a Risk Register

  • Elements of the risk register
  • Risk strategies for preventive actions
  • Defining risk triggers and thresholds
  • Defining reactive actions
  • Activity: develop a risk register – case study continued
  • What to do with these risks: integrating risk actions into the project schedule
  • Activity: reducing risks in the project management plan
  • Using the Risk ID Checklist

8)    Balancing Quality vs. Risk

  • Integrating quality and risk into the project management plan
  • Activity: ways to shorten the schedule
  • Activity: review key takeaways, course debrief

This course was set up for just the right amount of time to learn the objectives for working student. The homework is not overwhelming but challenges the student to stay on top of the work, stay interested and learn.

— 2015 online participant

Thank you so much for the templates and the knowledge shared in the F2F class. I used the risk register in a meeting today and it worked perfectly!

— Susie Hallett, IEWC

All sessions are Face-to-Face unless otherwise noted.

Online, course available Dec. 14, 2015-Jan. 15, 2016

Location: Online

Instructor: Barbara Farmerie MBA, PMP

Fee: $845

CEUs: 1.4, PDUs: 14

Program Number: 5025-8564

Registration Deadline: Mon., Dec. 14

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Thu.-Fri., Mar. 10-11, 2016


Location: UWM School of Continuing Education

Instructor: Barbara Farmerie MBA, PMP

Fee: $845

CEUs: 1.4, PDUs: 14

Program Number: 5025-8605

Registration Deadline: Thu., Mar. 10, 2016

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Online, course available May 16-June 10, 2016

Location: Online

Instructor: Barbara Farmerie MBA, PMP

Fee: $845

CEUs: 1.4, PDUs: 14

Program Number: 5025-8609

Registration Deadline: Mon., May 16, 2016

Register Now