The foundation of any successful project risk management endeavor is identifying the right risks that can potentially impact a project. This is where the risk identification course is helpful. The course explains how to use the ten recognized methods for risk identification. These are checklist and survey, flowchart and insurance policy review. Others are physical inspection, compliance review, procedures and policies review and contract review. Others are experts, financial statement analysis and loss data analysis. Mastery of these ten methods is required in order for one to exhaustively identify risks to a project so that these risks can be planned for and handled accordingly.
Qualitative and quantitative project risk analysis are done in tandem to exhaustively analyze the impact of risks on a specific project. Qualitative risk analysis assesses the impact and likelihood of the identified risks by evaluating the priority of risks, giving consideration to the impact on the project's cost, schedule, scope and quality objectives. It provides a foundation for a focused quantitative analysis or risk response plan. Typical tools used in performing a qualitative risk analysis are risk probability and impact assessment and probability and impact matrix. Others are risk data quality assessment, risk urgency assessment and risk categorization. The course details the techniques used in the proper application of these methods.
Qualitative methods heavily rely on statistical methods such as various interviewing techniques, probability distribution, sensitivity analysis, expected monetary value, decision tree analysis and modeling and simulation in order to quantify the impact risks to the overall project status.
A course in risk response planning focuses on studying the process of developing options to minimize threats and maximize opportunities. A risk response plan is done after all the risks are laid out and analyzed. It should be done in line with the significance of the risk and bearing in mind whether the proposed mitigation actions are cost-effective and practical.
Project risk control and monitoring courses teach efficient means of keeping the various stages of project risk analysis in check and making sure that developed risk response plans are implemented as designed. The process of risk control and monitoring requires risk owners to track identified risks, reveal new risks, implement risk response plans and gauge the risk response plans' effectiveness.