IT Risk Management

 

3 Days – Course No. PM12

 

Target AudiencE:

Project Managers and Business Professionals who want to learn a proactive approach to threat and opportunity-based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management in an IT environment.

 

Prerequisites:

Ideally students should complete Managing IT Projects prior to taking this course.

Note:  Participants taking this course should not take Risk Management.

 

Learn How To:

◦     Use a practical, eight-step process to manage IT project risk

◦     Identify threats and opportunities and weigh their relative value in your project

◦     Develop practical response strategies for common IT project risks

◦     Overcome stakeholder and team member roadblocks to risk strategy implementation

◦     Make risk and opportunity integral components of your next IT project plan

 

course Synopsis:

The unique challenges of IT projects make it mandatory that a successful IT project manager be a skilled risk manager. Risk will always exist in IT projects given the need to deal with challenging requirements and expectations, complex and ever-changing technologies and business needs, and aggressive schedules and budgets to support business success. However, it is not inevitable that risk management will be an impossible task that will result in your being viewed as reactive, or worse, unresponsive.

 

In IT Risk Management, you’ll learn to look at risk management as a way to seize opportunities, minimize threats and achieve optimum results. You’ll work through the proactive approach to threat and opportunity— based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.

 

Using effective tools, including ESI’s highly regarded risk assessment model, you’ll learn how to evaluate and respond to risk at the project and task levels. You’ll apply these tools from the course material to analyze and classify risks, determine how to establish an acceptable level of risk and develop a practical risk response plan.

 

A multi-part case study takes you from a risk overview at the beginning of an IT project through the challenges of ongoing assessment and reassessment of threats and opportunities throughout the project. Included in the participant course material is comprehensive reference material that is specific to each unit of the course.

You’ll leave this course prepared to face the challenges and opportunities of risk management with new practices to apply in your environment and new insights on the implications and advantages of applying risk management well.

 

course Topics:

The Basic Foundations of Risk Management

◦     Definition and characteristics of risk

◦     Elements and factors of risk

•     Event (future occurrence)

•     Probability (uncertainty)

•     Impact (amount at stake)

◦     Types of risk

◦     Components of risk management

•     Identification

•     Quantification

•     Response development

•     Response control

 

Establishing an IT Project Risk Management Process

◦     Risk management planning

◦     Identifying, analyzing, and prioritizing risks

◦     Planning for risk response

◦     Executing the risk response plan

◦     Evaluating risk response

◦     Documenting risk response results

 

Planning and Identifying Risks

◦     Risk identification

◦     Idea generation tools and techniques

◦     Business versus pure risks

◦     Financial risks

◦     Schedule risks

◦     Technical risks

◦     Legal risks

 

Performing Risk Assessment

◦     Determine risk tolerances

◦     Analyzing Risks

◦     Establishing and evaluating profitability

◦     Risk-based financial tools and techniques

◦     Expected-value analysis

◦     Decision trees

◦     Probability analysis

◦     Risks versus opportunities

◦     Prioritizing risks

 

Developing Risk Response

◦     Risk response strategies for opportunities and threats

◦     Risk acceptance

◦     Risk avoidance

◦     Risk mitigation

•     Probability minimization

•     Impact minimization

•     Transference

◦     Establishing reserves

 

Implementing Risk Responses

◦     Communicating risk issues

◦     Documenting risk management practices

◦     Reassessing risk

◦     Decision-making processes

 

Risk Application

◦     Statistical analyses

◦     Risk simulations

◦     Risk tools

 

Other Information:

PMBOK® Guide Knowledge Areas:

◦     Project Time Management

◦     Project Cost Management

◦     Project Risk Management

◦     Project Procurement Management

 

Professional Development Units (PDUs): 22.5