Advanced Project Management Training

Advanced Project Management Training

Date/Time
Date(s) - 16/04/2024
8:30 am - 11:30 am

Categories


This Oxford advanced project management training course is designed specifically for those students undertaking the PMI-PMP exam

The core of any effective and successful project management training is to teach management to assess risks and create and implement risk control programs to reduce them. Managing risks becomes progressively more important the longer a project goes on. At the start of a project, there are usually no risks that would affect the success of the project.

There are four different types of risk – namely: financial, non-financial, human and internal – that are essential to managing any project, and in particular the most complex projects. These four categories of risk will be covered in detail in the advanced project management course. Other risks such as environmental, social and legal are also covered and discussed, but are usually treated as ‘observational’ or ‘ethical’ risks rather than ‘business-relevant’ or ‘risk-related’. The latter three categories represent a wide range of business risks, including:

These risks should be considered when starting a project. If a risk assessment is not carried out, a manager can’t plan for the effects of these risks in any way, because they aren’t ‘business-relevant’ or ‘risk-related’. A lack of risk assessment leaves a manager with the problem of ‘how to manage risk, without managing risk.’ It therefore follows that the manager won’t be able to plan effectively for these problems and will be more likely to be unsuccessful.

The first step in managing risk is to understand what the risk is. The risk can be classified according to the potential impact on the project on the business – or its stakeholders – if it were to occur, and the expected effect on that business in the circumstances in which it is likely to occur. For example, a risk might be of a direct or indirect nature. The direct risk refers to something that affects the project and the business directly – for example, damage to a company’s production processes – whilst the indirect risk refers to a situation in which there are indirect impacts, which influence the project, yet don’t directly impact the business. {aspects of the project. A risk analysis should identify which type of risk has the largest effect on the project and should be prioritised accordingly.

Once the risk has been identified, an action plan should be prepared, which identifies the actions required to reduce or eliminate the risk. If the risk is not solvable in isolation, then the plan should include a mitigation strategy that minimises the effects of the risk on the project. Mitigation strategies may include: reducing the impact on the business; identifying the reasons why the risk is likely to occur; determining the best and cheapest possible method to prevent or minimize the risk; improving the security of data and information; preparing for a contingency plan that takes the risk into account before it occurs. In addition to this, a mitigation strategy should consider methods of controlling the risk, such as the implementation of a contingency plan or other business process controls. Risk management also needs to have a detailed plan to evaluate the effectiveness of a planned mitigation strategy, such as identifying the success of the plan and how to improve its effectiveness.

When you complete your Oxford advanced project management training, you will learn about how to manage risk by understanding the concept, and application, of risk. A well-developed risk policy will include a definition of what causes the risk, its cause and its effects, a plan of attack against it, and any corrective action and the steps involved to reduce its effects. If the project manager believes there is a high likelihood of a risk occurring, the plan will identify and measure the probability of the risk occurring. If there is any uncertainty as to the risk’s probability, then the plan will include an appropriate plan of action to address this risk. Finally, the plan will include a mitigation strategy to minimize the negative effects of the risk, including the introduction of a contingency plan.

A risk manager will also need to ensure that the risk mitigation strategy includes a risk control plan, where the risk is being managed as well as mitigating. It will also include an assessment of the severity of the risk, and an assessment of the extent and impact of the risk to business. The plan will also identify any alternative measures that will minimise the effects of the risk, if necessary. The plan will be developed by using the risk model and risk analysis techniques that are used in a risk control strategy.

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