Managing Project Risk (PMP 0406)


Phone: 703-993-2109

Fax: 703-993-2121

Projects, regardless of scope, contain many unknowns. Risk is concerned with an event, the probability of the event occurring and the significance of the consequence of that occurrence. Project risk involves understanding potential problems and opportunities that might occur in a project and how they might impede project success. Risk management can be viewed as either a form of insurance or as an investment. Project failure may lead to significant financial impact or physical injury and often can be on a large scale. Therefore, managing project risk from the beginning of a project is a critical part of successful project management.

In the Managing Project Risk class participants learn various techniques for assessing and managing risk, and learn how to "Crash" (i.e., accelerate) a project. In addition to standard techniques, such as Risk Severity matrix, participants learn how to effectively apply advanced concepts such as Monte Carlo simulation. Simple, but comprehensive, matrices identifying potential risk events are provided as a guide. In addition, the participants learn how to develop backup and recovery plans.

PMI, PMP, PMBOK, and the PMI Registered Education Provider logo are registered marks of the Project Management Institute, Inc.
Topics discussed during the two-day workshop include:

  • When to start, and how to plan, high-risk projects
  • Defining project scope, requirements and deliverables
  • Approaches to reduce the risk of complex projects
  • Defining what makes the project so complex
  • The five common elements of high-risk, complex projects
  • Developing recovery plans and management metrics
  • Selecting internal and subcontract resources
  • Unique financial management aspects of complex projects
  • Leading high-risk projects, and why normal management fails
  • Avoiding the cascade effect of small problems growing larger
  • Managing media coverage of high-risk projects
  • Developing cost-at-completion models
  • Creating and applying performance metrics
  • Negotiating subcontracts in a high-risk situation
  • Applying change control to an always changing environment
  • Documenting project status at completion
  • Obtaining stakeholder involvement and support
  • Working with the politics of complex projects
  • Securing project information from misuse
100% attendance and participation are expected from participants.
George Mason University is a PMI® Global Registered Education Provider.

PDU Credits:
  • Four-day courses are recommended for 28 PDUs
  • Three-day courses are recommended for 21 PDUs
  • Two-day courses are recommended for 14 PDUs
  • One-day courses are recommended for 7 PDUs
PMI- Project Management Institute- Registered Education Provider
No Prerequisites or Advanced Preparation Required. Level: Intermediate

Managers and mid-level professionals who are faced with increasing pressures to improve organizational performance should take this course. This course is also intended for individuals who aspire to be project managers and recently assigned project managers. For existing managers, the course provides a refresher course on the state-of-the-art of project management. Course participants should have had some exposure to project management processes and techniques.
Please click here for a list of our instructors.

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