Effective Risk Management Skills

How often are your projects impacted by an unanticipated event? Do you find yourself constantly ‘putting out fires’ on your projects? Take this course and improve your ability to identify and manage the opportunities and threats on your projects.

Become proactive rather than reactive by learning an effective risk management process including best practices for risk identification, risk analysis and risk response planning. This course will cover the elements of a successful risk management plan. Effective methods for identifying risks will be discussed. Qualitative risk analysis tools and techniques will be presented. Successful planning methods for responding to potential risk events will be reviewed. Application of risk management to project budgets, schedules and contracting strategies will be described using specific examples. This course includes exercises and sample problems to practice the tools and techniques presented during the course. Attend this course and become a skilled manager of risks on your projects!


This course will benefit project managers, project team members, functional managers, and individuals involved with the planning, implementation and control of projects who are looking to become more proficient in managing risks.


This practical course emphasizes the fundamentals of effective risk management. This course mixes instruction, dialog and real-world examples and exercises drawing from the experience of our instructors. Upon completion of this course, you will be able to:

  • Explain the elements of a good risk management plan
  • Utilize the cause-risk-effect method for identify in risks
  • Use a probability-impact risk rating matrix
  • Use risk response tools
  • Explain how to use risk analysis techniques to determine project contingencies

COURSE OUTLINE Risk Management Overview

  • Definition & Nature of Risk
  • Risk Characteristics
  • Risk Management Processes
  • Risk Management Plan

Identifying Project Risks

  • Brainstorming and Checklists
  • Using Cause-Risk-Event-Impacts Method
  • Diagramming Techniques
  • Exercise 1: Identify Project Risks

Qualitative Risk Analysis Techniques

  • Risk Rating Method
  • Exercise 2: Conduct Project Level Risk Analysis
  • Project Risk Analysis Model (PRAM)
  • Scales for Probability and Impact
  • Probability – Impact Matrices
  • Exercise 3: Determine Risk Ratings

Risk Response Planning & Implementation

  • Risk Response Techniques
  • Contingency and Reserves
  • Contractual Agreements
  • Contingency Plans
  • Exercise 5: Prepare Risk Response Plan

Risk Monitoring

  • Reporting Risk Status
  • Risk Review at Team Meetings
  • Exercise 6: Respond to Unexpected Risk


This course addresses the Risk Management knowledge area of the Project Management Institute’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide).