Managing Project Risk | Procept Associates

We live in a world of change and uncertainty. Now, more than ever, the success of a project is dependent on the ability to identify, qualify, quantify, and manage threats and opportunities. Sometimes, organizations view potential undesirable outcomes as something that should not be discussed to avoid negativity or because they do not appreciate the importance of risk management. Other organizations value risk management but they lack the skills and knowledge to be effective in this crucial area of competence.

This course looks at risk identification, qualitative and quantitative techniques to identify the likelihood of a risk occurring and the impact if it does. A variety of risk response strategies are discussed and practiced during workshop exercises. Upon course completion, participants will be more confident in their ability to manage uncertainty.

This course is also known sometimes as “Managing Uncertainty and Opportunities” and “Reducing Risk and Enhancing Opportunities”.

LEARNING OBJECTIVES

Participants will gain practical skills to:

Apply a common framework of risk management
Value the importance of including risk management in project planning and execution
Facilitate team discussions to identify project risks and opportunities and formulate risk responses
Analyse risks and select response strategies appropriate to priorities and an organization’s risk tolerances
Use expected monetary value to assess the reasonableness of risk response strategies

WHO SHOULD ATTEND

This course is appropriate for individuals who are:

Project Managers and team members who already work in a well established project management environment but wish to improve their project risk management processes.
Members of a project team looking to “jump-start” their risk management on a new and risky project.

PREREQUISITE

While there is no formal prerequisite for this course, we recommend that participants have attended our Project Management Essentials course (or its equivalent) or be experienced project managers.

MATERIALS

You will receive a course workbook containing copies of presentation slides, case studies, templates. exercises, and suggested solutions.

WHAT YOU WILL LEARN

Introduction

Workshop - lessons learned
Risk Management Plan
Risk Breakdown Structure

Risk Management Process

Risk identification
Cause and Effect Diagram
Workshop - stakeholders
Workshop - risk identification
Risk quantification
Risk tolerance
Workshop - risk tolerance
Risk response development
Avoidance, mitigation
Transfer, acceptance
Contingency in budget
Contingency in schedule
Contingent response
Workshop - risk responses

Risk Tools

Facilitative tools
Probability & statistics
Expected monetary value
Exercise - payoff tables
Controlling Risk
Workshop – Evaluate Risk Responses

Wrap-Up

Exercise – Why use Risk Mgt.
Wrap-up

TESTIMONIALS

""Provided material at an appropriate level. I have very little PM training, and there were people with a lot of PM training, but I think the course was in..." See more

""Provided material at an appropriate level. I have very little PM training, and there were people with a lot of PM training, but I think the course was interesting to all of us!" " See less

Vicki Lee

Policy Lead, Cancer Care Ontario
""Covered PMI content well and at a great pace. Was also very engaging." "

Gillian Nation

Senior Analyst, Cancer Care Ontario

COURSE INFO

Course ID: 1100

Course Level: Intermediate

Duration: 1 or 2 days

UPCOMING SESSIONS

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Begins June 11, 2025
Instructor(s): Ori Schibi
Starts in 93 days
Register >

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Begins October 23, 2025
Instructor(s): Marcus Hinds
Starts in 227 days
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PMI PDU BREAKDOWN

The following table provides the breakdown of the professional development units (PDUs) for the 1-day version of this course aligned with the PMI Talent Triangle^TM.

	WoW	PS	BA
PMP	6	0	1
PgMP	6	0	1
PfMP	6	0	1
PMI-ACP	6	0	1
PMI-SP	2	0	1
PMI-RMP	6	0	1
PMI-PBA	6	0	1

The three columns in the above table are Ways of Working, Power Skills & Business Acumen.

Other Credits

Other professional (re)certification credits are available, including:

Certified Business Analyst Professionals (CBAPs) earn 7 CDUs (Category 2B)
Certified Software Quality Engineers (CSQEs) earn 1 RUs
CIPS Information Systems Professionals (ISPs) earn 7 Learning Credits
CIPS Information Technology Certified Professional (ITCPs) earn 7 Learning Credits