Professional Course

Managing Project Risk

1 or 2 days
1 or 2 days
This provider usually responds within 48 hours 👍

Course description

Managing Project Risk

This 2-day course explores quantitative and qualitative techniques to identify and analyze project risk factors (risk event, event probability, and event impact). A variety of risk response choices are discussed, and risk identification and risk response are practiced in workshop groups. Quantitative techniques are applied to problems, but don’t worry, advanced mathematics is not used!

Who should attend?

The Managing Project Risk course is appropriate for individuals who are:

  • Project Managers and team members who already work in a well established project management environment but wish to improve their project risk management processes.
  • Members of a project team looking to “jump-start” their risk management on a new and risky project.


3-day Project Management Essentials (or its equivalent).

Training content


  • Risk factors
  • Workshop - lessons learned

Risk Management Process

  • Risk identification
  • Workshop - stakeholders
  • Risk classification systems
  • Workshop - risk identification
  • Risk quantification
  • Risk tolerance
  • Workshop - risk tolerance
  • Risk response development
  • Avoidance, mitigation
  • Transfer, acceptance
  • Contingency in budget
  • Contingency in schedule
  • Contingent response
  • Workshop - risk responses
  • Risk management plan

Risk Tools

  • Facilitative tools
  • Video & discussion - groupthink
  • Workshop - affinity diagram
  • Probability & statistics
  • Monte Carlo simulation
  • Software demonstration (Risk +)
  • Expected monetary value
  • Exercise - payoff tables
  • Decision trees
  • Exercise - decision tree
  • Critical path network
  • Workshop - candidate responses


  • Exercise - project environments
  • Wrap-up

Certification / Credits

Credits: 7 or 14 PDUs/CEUs

Learning Objectives

Participants will gain practical skills to:

  • Apply a common framework of project risk management of the Project Management Institute.
  • Value the importance of including risk management in project planning and execution.
  • Facilitate team discussions to identify project risks and opportunities, and formulate risk responses.
  • Use expected monetary value.
  • Describe other techniques such as decision trees, Delphi method, and Monte Carlo simulation, and when they are applicable.
  • Analyze risks and select response strategies appropriate to priorities and organization risk tolerances.

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Procept Associates Ltd.

Procept Associates Ltd.

Since 1963, Procept (and its subsidiaries) have trained over 1 million people from over 17,000 organizations. We focus on developing competencies in project management, change management, agile management, leadership, business analysis, IT and data management, as well as soft skill...

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