Advanced Project Management and Risk

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Overview

This course is a combination of our two popular courses Advanced Project Management and Risk Management for Project Managers, which are also available separately. Days 1-3 - Advanced Project Management Initially we focus on taking seasoned project managers to the next level by exploring the knowledge and skills necessary to successfully manage increasingly complex project issues to meet desired goals and objectives. Assuming a mastery of project planning, this workshop extends skills to the remaining project management processes covering areas such as avoiding mistakes when executing and controlling a project, dealing with evolving stakeholder expectations and using trend analysis to measure, control and react to project performance, thereby improving project outcomes. Days 4 and 5 - Risk Management for Project Managers It could be argued that the difference between a great PM and a brilliant PM is how they manage risk in their projects. Whether you agree with this or not there is no denying that following an effective risk management process will increase your chances of success in that project. In this section we aim to assist participants in better managing uncertainty and threats. Comprehensive in scope and designed for all stakeholders who want to proactively mitigate the effects of risk, this course covers all the fundamental aspects related to risk management, including planning, identification, assessment, quantification, analysis, mitigation and tracking & reporting. A wide spectrum of risk management tools and techniques will be explored, along with the disciplines of psychology and human interaction to decrease the risk of stakeholders not committing to your project.   Industry Association Recognition This course is aligned to the Project Management Body of Knowledge (PMBOK®) and is endorsed by the Project Management Institute (PMI) and the Australian Institute of Project Management (AIPM). Project Management Institute (PMI)® Contact Hours: 35 hours Professional Development Units (PDUs): 35 PDUs Australian Institute of Project Management (AIPM) Continual Professional Development (CPD) points: 20 points

Objectives

Discover how to:

  • Identify key stakeholders, assess project feasibility, and solicit authorisation.
  • Communicate weekly tasks that are scheduled for completion with a focus on critical tasks.
  • Update plan components, manage team and stakeholder expectations, and communicate progress and status consistently and predictably.
  • Manage cost, scope, time, risk, quality, and project change according to a set of processes.
  • Use project metrics and process documentation to learn how to manage projects better.
  • Analyse projects and the project management process continually.
  • Understand how risk can impact a program.
  • Understand all of the steps of a comprehensive risk management approach.
  • Identify various tools and techniques to employ for risk management.
  • Be able to determine which risk mitigation approach to choose using the concept of risk reduction leverage.
  • Discuss and explore ideas, concerns and issues related to risk management.

Competencies

  • Initiation
  • Scope Verification
  • Quality Control
  • Project Plan Execution
  • Scope Control
  • Performance Reporting
  • Quality Assurance
  • Schedule Control
  • Risk Monitoring and Control
  • Information Distribution
  • Cost Control
  • Closing Process
  • Integrated Change Control
  • Earned Value Management

Project Management Knowledge Areas

  • Integration Management
  • Scope Management
  • Time Management
  • Cost Management
  • Quality Management
  • Human Resource Management
  • Communications Management
  • Risk Management

Audience

Anyone looking to advance their skills in Project Management, Risk Managements and their application.

DDLS is a Registered Education Provider (REP) for the Project Management Institute (PMI) ®

We can also deliver and customise this training course for larger groups saving your organisation time, money and resources. For more information, please make a note when you enquire.

Prerequisites

Syllabus

Project Selection and Initiation

  • Initiating projects
  • When do projects start? Defining the project life cycle.
  • Tips for defining the start of a project
  • Considerations for initiating projects
  • Key elements of the initiating process
  • Guidelines for project initiation

Project Execution Methodology

  • Starting project work
  • Getting work done
  • Capturing progress and status
  • Forecasting future work

Project Variance and Control

  • Performance metrics
  • Understanding what causes variance
  • Taking corrective action to overcome variance
  • Managing change, quality, and risk

Project Closure and Learning

  • The challenge of project closure
  • When and how to learn from projects
  • Project closure reporting and archiving process.

Risk Management Overview

  • Proactive risk management and its key elements
  • Definitions, including the different faces of risk: opportunity and threat
  • Three key risk components involved in the nature of risk
  • Risk categories including the use of the Risk Breakdown Structure (RBS)
  • Risks versus Issues
  • Goals of risk management
  • Nature of risk and why risk identification is difficult
  • How risk can impact your project
  • Life cycle truths that drive early risk management efforts
  • Psychology of risk

Risk Management Planning

  • Key inputs for planning risk management
  • How to build the plan
  • Essential content

Risk Identification

  • Stakeholder risk tolerances and thresholds
  • SWOT Analysis
  • Internal/External risks
  • Multiple approaches to uncovering risks on the project
  • Effective risk statement documentation
  • Importance of the risk register

Qualitative Risk Analysis

  • How to perform a qualitative risk analysis
  • How to perform a risk data quality assessment
  • How to determine overall project risks
  • How to prioritize those risks that must be managed

Quantitative Risk Analysis

  • Calculating expected loss
  • Calculating expected opportunity
  • Use of probability distributions
  • Sensitivity analysis
  • Decision Trees

Monetary Value Analysis

  • Modelling and Simulation

Risk Response Planning

  • Techniques for dealing with risk
  • Techniques for dealing with opportunities
  • Cost analysis of responses using Risk Reduction Leverage
  • Risk Response Matrix
  • Tips and Advice on Risk Responses
  • Risk Triggers
  • Risk Owners: roles and responsibilities
  • Residual risk
  • Risk exit criteria
  • Contingencies and reserves in risk management

Risk Monitoring and Control

  • Tracking Fundamentals
  • Tools and Techniques
  • Dealing effectively with new risks
  • Risk Reporting
  • Tips on having a successful risk management effort

Training provider

Teaching mode: Classroom - Instructor Led
Duration: 5 days
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