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Responding to and Controlling Project Risk

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• Description: Life is fraught with uncertainties. Knowledge of situations or conditions that may or may not occur is imperfect and incomplete, and this uncertainty affects decisions and outcomes. Whenever decisions must be made without perfect knowledge--which is nearly all the time--there is risk. Contrary to popular opinion, however, risk is not always negative; uncertainty results in positive risk (also known as opportunity) as well. It is the project manager's job to assess and control risk, to avert or minimize its adverse effects, and to capitalize on its positive effects over the life of a project. In this course, the project manager will learn about the last two processes in the Project Risk Management knowledge area, as described in "A Guide to the Project Management Body of Knowledge" (PMBOK® Guide) - Third Edition. The learner will learn how to plan effectively for responding to risk, and how to monitor and control risk over the life of the project. This course is aligned with "A Guide to the Project Management Body of Knowledge" (PMBOK® Guide) - Third Edition, published by the Project Management Institute (PMI®), Inc., 2004. Copyright and all rights reserved. Material from this publication has been reproduced with the permission of PMI®.
• Target audience: Project managers who are seeking to further their project management skills to more advanced levels and project managers who are preparing for PMI® Project Management Professional (PMP) certification or need to fulfill continuing education requirements for maintaining PMP status
• Estimated Duration: 3.0 hours
• Lesson Objectives: Risk Response Planning
  • identify reasons why it's important for the project manager to understand the Risk Response Planning process.
  • match components of the Risk Management Plan with examples of how they are used in Risk Response Planning.
  • match components of the Risk Register with examples of how they are used in Risk Response Planning.
  • match techniques for dealing with negative risks with examples.
  • match techniques for dealing with positive risks with examples.
  • match the techniques of acceptance and contingent response strategy (used for both threats and opportunities) with examples.
  • match outputs of the Risk Response Planning process with examples.
  Risk Monitoring and Control
  • identify reasons why it's important for the project manager to understand the Risk Monitoring and Control process.
  • identify the inputs of Risk Monitoring and Control.
  • match inputs to the Risk Monitoring and Control process with examples of how they are used.
  • match tools and techniques for Risk Monitoring and Control with examples.
  • determine how to apply the earned value technique in a given scenario.
  • match the outputs of the Risk Monitoring and Control process with examples.

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