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. 

Who Should Attend

Program managers, project team members and project team leaders who need strategies, skills and techniques to better manage and mitigate the impact of project risks. 

How You Will Benefit

• 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 

What You Will Cover

• 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