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Project Risk Management | Live Instructor Led Class

Project Management Experts, LLC
Training overview
Professional Course
2 days

Course description

Project Management Overview

The objective of Risk Management is to introduce the students to basic risk assessment and management concepts that can be app lied directly to their projects. Using a discussion and exercise format, the students will learn r isk management following the foundation provided in the Guide lo the Project Management Body of Knowledge ( PMBOK® Guide) established by the Project Management Institute (PMI). Student will perform a risk assessment using project data from a project of their choosing. Upon completing the class students will understand all aspects of risk assessment including risk management planning, risk identification, qualitative and quantitative risk analysis, risk response planning, and implementing and monitoring risks.

Training content


  • Background
  • Definitions
  • Triple Constraints
  • Cost of Rework
  • Management of Expectations
  • Influence of Risk Across the Project Lifecycle
  • Risk Tolerance
  • Role of the Project Manager in Risk Assessment
  • Role of the Project Team and Subject Matter Experts in Risk Assessment
  • Project Management Process Groups
  • Mapping Process Groups and Knowledge Areas


  • Develop Project Charter
  • Contents of the Project Charter
  • Identify Stakeholders
  • Power/Interest Grid
  • High Level Risk Assessment
  • Exercise: Project Charter and High Level Risk Assessment


  • Project Management
  • Plan Project/Product Analysis
  • Project Analysis Checklist and Survey (PACS)
  • Sample Project Management Plan
  • Risk Management Process

Plan Risk Management

  • Risk Management Process
  • Organizational Risk Tolerance
  • Probability and Impact Matrix
  • Impact Matrix
  • Contingency Reserve
  • Management Reserve Risk
  • Management Plan
  • Exercise: Risk Management Plan

Identify Risks

  • Identify Risk Process
  • Risk Identification Techniques Risk Triggers
  • Risk Owners
  • Risk Register Creation
  • Exercise: Risk Identification

Perform Qualitative Risk Analysis

  • Qualitative Risk Analysis Process
  • Probability of Occurrence
  • Impact on Project Objectives
  • Risk Score
  • Risk Register Updates
  • Exercise: Risk Prioritization

Perform Quantitative Risk Analysis

  • Quantitative Risk Analysis Process
  • Expected Monetary Value
  • Contingency Reserve vs. Management Reserve
  • Decision Tree Analysis
  • Simulation Models
  • Risk Register Updates
  • Exercise: Calculating Expected Monetary Value

Plan Risk Response

  • Risk Response Process
  • Risk Response strategies
  • Contingency and Fallback Plans
  • Residual Risks vs. Secondary Risks
  • Risk Register Updates
  • Project Management Plan Updates
  • Exercise: Risk Response Creation and Project Management Plan Updates

Monitoring and Controlling

Implement Risk Response Process

  • Expert Judgment
  • Interpersonal and Team Skills
  • Project Management Information Skills
  • Change Requests
  • Project Documents Updates

Monitor Risks

  • Monitor Risk Process
  • Updating the Contingency Reserve
  • Risk Register Updates
  • Managing impacts on the project
  • Exercise: Risk Register and Contingency Reserve Update

Certification / Credits

  • Define risk management and discuss the importance of risk management from initiating through project closing.
  • Discuss roles and responsibilities of various stakeholders in risk management
  • To develop a comprehensive risk management plan that can be used throughout the project and on future projects.
  • Identify the sources of risks.
  • Discuss the process of risk management including identify activities, perform qualitative and quantitative analysis, plan risk responses, implement ri sk responses, and monitor risks

About PME

Project Management Experts, LLC

Project Management Experts (PME) is just that, a consortium of project management experts with at least 20 years of experience who have re-directed their careers to improving the project management competency of our clients. Our training classes focus on building...

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Contact info

Project Management Experts, LLC

18373 Fairway Oaks Square
18373 Leesburg Virginia

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Average rating 5

Based on 2 reviews.

Federal Government Project Manager
Extremely detailed class that exceeded the expectations on objectives. Well discussed topics and good use of interactive learning. Well Done!
Federal Contractor Project Manager
Loved the interactive hands-on approach. The exercises helped me apply the new found knowledge.
Training reviews
Course rating
Based on 2 reviews.

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