Managing Risk and Uncertainty in Projects

The truism about best-laid plans going astray can easily be applied to projects. Even in the most carefully planned projects, unforeseen challenges can arise that might affect the outcome. When developing a project plan, it’s therefore crucial to identify potential risks—and strategize possible solutions to any “if/then” scenarios that can be anticipated. Unfortunately, there will always be occurrences that can’t be predicted, which is why PMBOK classifies uncertainty as its own performance domain, including general uncertainty, ambiguity, complexity, volatility and risks. 

Attend this course to explore and learn strategies and tactics you can apply when managing projects in uncertain circumstances. Build the skills and techniques you need to effectively identify, plan, mitigate and manage risks and their potential impacts, both on the project and the team—and be able to recognize unforeseen opportunities. 

• Explore uncertainty in terms of behavior, systems and other project components  
• Gain strategies to plan more effectively for risks, and identify strategies for responding to them            
• Distinguish between risks that threaten the project and those which could present opportunities 
• Define the status of risks and effectively communicate vital updates to stakeholders  
• Develop a realistic understanding of costs and how to schedule reserves 
• Utilize documentation and response strategies to help manage stakeholders’ reactions to disruptions 
• Manage a range of project impacts without major disruption to the delivery 

• Exploring the Uncertainty Performance Domain and risk management 
• Discussing general uncertainty and its effects 
• Differentiating between conceptual and situational ambiguity 
• Delineating where complexity arises from human behavior, system behavior or ambiguity 
• Defining volatility in project management  
• Developing an awareness of environmental impacts: technical, social, organizational 
• Determining what risk indicators to watch for— and their impact on scope, time and cost 
• Analyzing ways to estimate risk probability rather than plausibility 
• Identifying the interdependencies of project variables 
• Applying planning strategies for contingency response 
• Rating strategies for responding to threats 
• Prioritizing reactions to project risks 
• Constructing a reporting process and stakeholder communication plan  
• Exploring risk governance and response 
• Utilizing simulation strategies to increase flexibility of response 

Learning Objectives

• Explain the Uncertainty Performance Domain and Relate Risk Management to Project Management
• Define Risk and Risk Management
• Identify Sources of Risks and Opportunities and Risk Identification Tools and Techniques
• Apply Frameworks to Analyze and Evaluate Risks
• Develop Strategies and Apply Better Practices to Mitigate Risk Impacts on Project Development and Delivery
• Demonstrate How to Effectively Monitor and Report on Project Risks in an Organizational Context

Uncertainty and Project Management

• Understand the Uncertainty Performance Domain as Defined by the PMBOK^®
• Explore Volatility, Complexity, Ambiguity as Aspects of Uncertainty
• Define Risk and Apply Risk Meta Language
• Distinguish When Risks Are a Threat and When They Are an Opportunity

Identifying Risks

• Apply Risk Identification Methods and Tools
• Build an Awareness of Environmental Impacts on Projects: Technical, Social, Organizational
• Determine Which Risk Indicators to Watch for Impact on Scope, Time and Cost

Measuring and Evaluating Risks

• Demonstrate Methods for Risk Assessment and Risk Analysis
• Identify Ways to Estimate Risk Probability Rather than Plausibility
• Explore the Interdependencies of Project Variables and Risk Impacts
• Describe Risk Identification Methods for Agile Project Management

Exploiting or Mitigating Risks

• Develop Strategies for Responding to Threats and Risk Treatment
• Assess Responses to Realize Opportunities
• Prioritize Responses to Project Risks
• Describe Risk Management Methods for Agile Project Management
• Apply Planning Strategies for Contingency Response

Risk Reporting and Monitoring

• Explain Risk Governance and Reporting in Organizations
• Develop a Risk Strategy Approach and Governance for Projects
• Apply Cost and Schedule Reserves
• Document and Communicate Lessons Learned to Enhance Future Risk Management Methods and Techniques

Download Extended Seminar Outline PDF