Managing Project Risk (Half Day)

Procept Associates Ltd.
Training overview
Professional Course
Self-paced Online
Half Day Course

Start dates

Course description

Managing Project Risk (Half Day)

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”. 

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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.


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.

Training content


  • 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


  • Exercise – Why use Risk Mgt.
  • Wrap-up

Course delivery details

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

About Procept

Procept Associates Ltd.

Since 1963, Procept (and its subsidiaries) have trained over 1 million people from over 17,000 organizations. We focus on developing competencies in project management, change management, agile management, leadership, business analysis, IT and data management, as well as soft skill...

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