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Risk Management

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Risk Management

Walk away from this class with a Risk Management process that can provide immediate impact to your schedule and budget expectations.

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Risk Management can be described as an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.  To a Project Manager, this is a fundamental and core practice within the project life cycle. Every project experiences risk; but how risk is understood, identified and managed can help pave the way to success.

This practical, hands-on program will give you the techniques to understand, define and identify risks to your projects.  You’ll also learn to analyze risk in relation to your projects and forecast outcomes in terms of probability.  You will learn real solutions to handle and mitigate project risk.  If you’re involved in projects, you cannot afford to miss this program.  You’ll gain a fundamental understanding of the Risk Management Process and how it applies to your work.

Learning Points:

  • Ability to properly identify and qualify project risks
  • Understand how risks can affect your projects and identify actions required to minimize negative outcomes
  • Develop strategies for managing project risk
  • Ability to minimize the efforts required to manage high impact events
  • Begin to use a Risk Management process that can provide immediate impact to schedule and budget expectations

Objectives of Project Risk Management


Project Risk Management

  • What is Risk Management
  • Types of Risk
  • Risk Management categories and factors
  • Risk Management planning


The Project Risk Management Process


Classroom Case Study


Risk Identification

  • Inputs / Outputs / Tools / Methods
  • Properly identifying / stating risk
  • Classroom Exercise


Qualitative Analysis

  • Inputs / Outputs / Tools / Methods
  • The Risk Matrix
  • Classroom Exercise


Quantitative Analysis

  • Inputs / Outputs / Tools / Methods
  • Decision Tree (EVM) analysis
  • Standard Deviation analysis
  • Probability analysis
  • Classroom exercise


Risk Response

  • Inputs / Outputs / Tools / Methods
  • Classroom exercise


Risk Monitoring

  • Inputs / Outputs / Tools / Methods
  • Why monitor risk
  • Errors in Risk Management


The Nature of Risk


Lessons Learned

“I left with my appetite whetted and still felt a little unsure of my abilities to perform risk and opportunity assessments. The class did confirm a couple of things we were already doing and perhaps a couple of things we may want to change, so in the end, it was beneficial and helpful. Michael was a very intelligent man, but able to bring the subject down to a beginners level for those like me who were just getting exposed to risk-based project planning, but it was obvious he had the knowledge to talk to those with experience also.”

John Sander, V.P. of Research & Development, Lubrication Engineers, Wichita, Kansas

“Mike Green’s understanding of theoretical project management was coupled with his experience in the real world. His guidance was very helpful.”  

Ryan Tandy, RedGuard, Wichita, KS

“Good instructor, very good breakout exercises and conversation.  Mike was very knowledgeable & provided good examples of real world application. Helped relate new material to material/tools which you may already possess. Condensed class encourages focus to drill into the core concepts and forces you to apply the skills, knowledge being obtained in a friendly environment of peers and local community.  This setting also provides opportunity to build relationships with local business/professionals.”

Ravon Kirkendoll, BG Products, Wichita, KS

“Michael made the content interesting and kept us engaged in discussion. Gave us real life situations to reflect on and discuss. Challenged us to think about risk as something we can plan for.  Enjoyed the experiences he shared with us. Very knowledgeable of the working world of project management.”

2018 participant

This course will benefit those whose role focuses on project management, is dependent on project results, or those who wish to increase their understanding of this key project skill.

Substitutions are free and must be done prior to the start of the class or certificate program.

Cancellations or rescheduling must be received in writing and full refunds will be given up to four business days prior to the start of class.

Any cancellation or reschedule submitted with three or less business days notice is subject to a $35 charge on 1 or 2 day classes and a $75 charge on certificate programs.  

No refunds after the first day of the class or certificate program.

Let’s explore the possibilities of having this program at your facility. Paula.Seiwert@wichita.edu

Materials in this class are based on the A Guide to the Project Management Body of Knowledge, (PMBOK® Guide). 

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