Proactive Risk Management: Stakeholder Tolerance Analysis, Buy-In, and Commitment with Bradley Malone

What You Will Learn

Upon completion of this training, learners will be able to:

  • Describe strategic risk management: project selection, opportunity identification, and financial/benefit analysis.
  • Apply several risk management techniques and communicate the results of those techniques to the key project stakeholders.
  • Determine and develop proactive risk responses and control mechanisms. 

Description

Many organizations are beginning to see the value of investing both time and personnel to identify and respond to risks critical to the success of the organization’s projects while keeping the expectations of key stakeholders aligned with reality. Other organizations, however, still expend little effort within their project’s initiation and planning phases in identifying and responding to risks, leaving their project teams in a reactive, firefighting mode of managing projects when issues arise in the execution phase. These organizations often must accept deliverables that don’t meet the performance objectives in a project that is already late and over cost. 

This training is based on numerous project management process implementation efforts and project audits. It will discuss strategies to the seemingly typical response of some organizations to risk management—worried about the outcome, but hopeful that the project team will create a miracle. Through the application of directed discussions and accompanying tools, a project team and organization can begin the movement toward being prepared to respond to project risk events—a proactive approach which can also serve as a learning platform across the entire organization.

  • Overview of Risk Management
  • Definition of Risk Versus Uncertainty 
  • Risk Process (PMBOK® Guide) 
  • Stakeholder Identification 
    • Understanding tolerances and appetites 
    • Establishing thresholds and triggers 
    • Understanding organizational/departmental/
  • individual attitudes 
  • The Risk Management Environment 
    • Risk as it relates to the other project elements (scope, quality, time, and cost)
    • Risk management as it relates to project element prioritization
    • Risk management as it pertains to the project life cycle
    • Organizational risk factors
    • Organizational risk maturity
  • The Risk Management Plan—Typical Contents
  • Risk Identification: Purpose and Selected Tools 
    • Stakeholder analysis
    • Brainstorming 
    • SWOT 
      • Threat and opportunity identification
    • The Delphi technique 
    • Affinity diagramming (work breakdown structure)
    • The Six Thinking Hats 
    • Mind mapping
  • Risk Register—Common Types/Usage
  • Risk Analysis—Qualitative
    • Establishing probability and impact scores
    • Understanding stakeholder tolerance of probability and impact 
    • Considering urgency and frequency 
    • Setting priority/rating structure 
  • Risk Analysis—Quantitative
    • Establishing the right values 
    • Establishing probabilities intelligently 
    • Decision tree diagramming—Expected monetary value 
    • Monte Carlo simulation
  • Risk Response Development 
    • Opportunity strategies 
    • Threat strategies 
    • Secondary risks 
    • Residual risks 
    • Contingency versus management reserve
  • Risk Monitoring and Control 
    • Risk tracking and control
    • Developing escalation paths—Realized risks versus issues
    • Project change control
    • Project revisions-based project life cycle
  • Evaluating Outputs for Business Decision-Making 
    • Portfolio management—Based on project life cycle
    • Lessons learned

PDU Allocation Table

The table below displays the number of professional development units (PDUs) awarded for each PMI® credential, as they align to the PMI Talent Triangle®. Power Skills and Business Acumen PDUs apply evenly across all credentials and Ways of Working PDUs apply only to specific credentials. PDUs will be added in full to all eligible credentials. *Please note that the asterisked row below applies to the PMI® Agile Certification Journey and includes Disciplined Agile® Scrum Master (DASM), Disciplined Agile® Senior Scrum Master (DASSM), Disciplined Agile® Coach (DAC), and Disciplined Agile® Value Stream Consultant (DAVSC) certifications.
Ways of Working Power Skills Business Acumen Total
CAPM® / PMP® / PgMP® 11 0 3 14.00
PMI-ACP® / Agile* 0 0 3 3.00
PMI-SP® 0 0 3 3.00
PMI-RMP® 11 0 3 14.00
PfMP® 2 0 3 5.00
PMI-PBA® 0 0 3 3.00
Ways of Working Power Skills Business Acument Talent Triangle

Instructor(s)

Bradley

Bradley Malone PMP

Bradley A. Malone, president of Twin Star Consulting Company, a project management and corporate transformation consulting company, has managed numerous large hardware, software development, and integration projects. He has directed many project management process implementation, and improvement efforts for major corporations. He develops and instructs training courses in basic and advanced project management skills, team building, and facilitation skills. He leads project management audit teams for commercial and government clients, and consults with a wide variety of customers on project and quality management implementation issues. Mr. Malone holds the Project Management Professional (PMP)® certification from Project Management Institute and is a certified Master Practitioner of Neuro-Linguistic Programming[tm].

Training Information

PDUs
14
Level
Core
Dates
17 - 18 April 2023
Length
2 Days

Price

Member Price
US$1535.00
(US$1385.00 before 6 March)
Nonmember Price
US$1760.00
(US$1585.00 before 6 March)
Government Price
US$1385.00
Student Price
US$679.00

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