Risk Management Training for Projects and Operations Professionals

This course can be taught at your site. This is cost effective if you have four or more people to train. Please Contact Us.

Every project or operational activity would be on time, on budget and successful if nothing went wrong. You will learn how to anticipate what can go wrong, assess the impact, define backup plans, and keep everything under control when and if these risks hit you. We will discuss opportunity risks: how to maximize positive uncertainties.

The course is based upon the Project Management Institute® (PMI®) standard Project Management Body of Knowledge, Treasury Board of Canada Continuous Risk Management policies and other industry standards. This workshop includes hands-on exercises and group work using case studies. The knowledge gained will help the attendees run a project or operational business without a hitch. We will learn how to anticipate risks, eliminate them if possible; otherwise, reduce the probability or impact, or devise contingency plans. We will learn how to calculate the amount to add to estimates, sell the risk costs to the client, and stay in control without stress.


Executives, operations managers, project managers, team leaders, business managers and anyone who is affected by anything going astray due to risks.

Workshop Sections

The five processes of Risk Management:

  1. Risk management planning, getting familiar with the environment, writing a Risk Management Plan
  2. Risk identification, including tools to foresee the risk items that can occur
  3. Risk assessment, including qualitative and quantitative methods to evaluate the probability and impact of the risks
  4. Risk reaction, including defining immediate action or contingency plans to reduce the risk probability and impact
  5. Risk control, including monitoring and controlling risk events and implementing the planned reaction
  6. Risk as an opportunity
  7. Factoring risk into schedules and costs
  8. Communicating risk management processes to all the stakeholders


  • Logistics, Introductions
  • Objectives

STEP 1. Risk Planning

  • Risk (definitions)
  • Risks versus Issues/Problems
  • What is the Basic Source of Risk?
  • Common Sources of Uncertainty
  • Risk Inter-Relationships
  • Five Processes (steps) of Risk Management
  • How does Risk Management fit into Project Management?

STEP2: Risk Identification

  • Becoming familiar with the environment
  • Inputs: Work Breakdown Structure/risk questionnaire
  • Class Exercise 1: Work Breakdown Structure/Risk Questionnaire
  • Risk checklist
  • Risk Taxonomy (Categorization)
  • Risk Categories, or Affinity Diagram
  • Sources of risk: Historical Information
  • Develop a Risk List
  • Class Exercise 2: Risk Identification

STEP 3: Risk Analysis

  • Qualitative Risk Analysis
  • Risk table
  • Quantitative Risk Analysis – Probability and Impact
  • Qualitative Risk Analysis – Probability and Impact
  • Class Exercise 3: Risk Analysis

STEP 4: Risk Response

  • Risk Response Strategies: Take action immediately, Take action when the risk seems imminent, Take action when the risk occurs
  • Contingency Planning
  • Acceptance and Tolerances
  • Risk Description Formats
  • Risk Log/Risk Database
  • Response Analysis Matrix
  • Updating the Cost Estimate for Risk: EMV (Expected Monetary Value)
  • Using EMV to calculate potential Opportunity Profit
  • Management Reserve
  • Risk Management Plan
  • Class Exercise 4: Risk Response

STEP 5: Risk Control

  • Controlling the Fires
  • Risk Log Format
  • Post Project Review
  • Class Exercise 5: Risk Control

Using Risk Management

  • When NOT to do the Project
  • How to Say ‘NO’ when there is too much risk
  • Selling risk management to the client
  • The perception of risk (how to allay the fear)