PDU Of The Day Editor’s Choice Pick #5

Online Webinar  – Recorded May 26th, 2016
Activity Type: Education – Online or Digital Media 1 Hour 1 PDU
Provider: Gartner Webinars

The pressure to build and sustain a successful risk management program is rapidly increasing, especially for companies seeking to execute their new digital business strategies.

In this webinar John A. Wheeler (LinkedIn profile)  will describe the 10 critical elements that companies must address to integrate their enterprise risk management (ERM) framework with their governance, risk and compliance (GRC) technologies to create a risk-aware culture within the new digital business.

Discussion Topics:

• Why comprehensive risk management programs are needed today
• How to build a successful risk management program
• What is most important to the sustainability of a successful risk management program

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10 Critical Elements For
Successful Risk Management Programs

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Online Webinar  – Recorded April 12th 2016
Activity Type: Education – Online or Digital Media 1 PDU – Free
Provider: Simplilearn.com (Rep #3147)

In this webinar Susanne reviews the two dimensions of risk and a 9 step risk management process to use with your projects.

The two dimensions of Risks:

• Probability – How likely or unlikely is the risk to happen?
• Impact – What is the effect on the project’s objectives in case it happens?

Risk management matters for avoidance of issues, improve success rate and leverage opportunities.

The 9 Step Risk Management Process:

1. Identify risks and opportunities
2. Analyse root cause
3. Determine impact
4. Assign owners
5. Decide on risk response
6. Determine probability
7. Document risks
8. Communicate risks
9. Regularly review

Susanne believes that a great project manager is first and foremost able to manage his or her own state of mind and that project management success is as much about managing people as it is about managing tasks, plans and resources.

As a result she helps people to look inwards and become a better leader; someone who sets a great personal example, who is excellent at inspiring and focusing the team and who also understands how to liaise with the client and senior stakeholders to deliver that which they really need

Presenter:

Susanne Madsen (LinkedIn Profile @SusanneMadsen) Program Director, Project Leadership Coach, author of “The Power of Project Leadership: 7 Keys to Help You Transform from Project Manager to Project Leader” & the Project Management Coaching Workbook: Six Steps to Unleashing Your Potential. Susanne has years experience in managing and rolling out large change programs.Susanne’s big passion is helping project managers get to the next level – and to help organisations set-up coaching and mentoring programmes to enable that.The majority of her experience stems from working with investment banks such as JPMorgan Chase, Citigroup and Standard Bank.Susanne is a PRINCE2 and MSP Practitioner and a qualified Corporate and Executive coach. She is also a member of the Association for Project Management (APM).

Click to view on YouTube:
Risk Management For Project Leaders

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Online Webinar  – Recorded December 24th 2012
Activity Type: Education – Online or Digital Media 1 PDU – Free
Provider: ProjectManagement.com/Gantthead (REP #2488)
Once viewed your PDU Will automatically Be recorded with PMI®

ProjectManagement.com / Gantthead premium content
Is available to PMI® members.

This webinar continues a series by Vijay Kanabar PMI Mass Bay Chapter, PMP, for beginning practitioners who seek to learn more about the PMBOK® Guide Knowledge Areas.

Vijay covers project risk management and reviews the 5 elements of the project risk management planning process.

Presenter: Dr. Vijay Kanabar is a council member of the PMI New Practitioners Community of Practice and the director of project management programs at Boston University. Vijay has presented at PMI conferences and authored two books on project management including The Art and Science of Project Management  and MBA Fundamentals Project Management.

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Project Management Processes For The True Beginner:
Risk Management Planning

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Online Webinar  – Recorded September 20th 2015
Activity Type: Education – Course or Training  1.75 Hours 1.75 PDU
Provider:  3FOLD Education Centre  (Rep# 3073)

This hour and a half Project Risk Management recorded course is based on the 5th Edition PMBOK® Guide: Chapter 11

This course from the 3Fold Education Centre is normally a 3 – 5 hour course for the participants with Q&A and individualized attention for the participants.

Selvan (Tamilselvan Mahalingam) (LinkedIn profile) – the instructor for 3Fold (LinkedIn profile, @3foldedu) has compressed the course to an hour and a half and still covers the entire PMBOK® Risk Management Chapter fairly well albeit reasonably quickly 🙂

In this session Selvan covers:

Click to watch on Youtube:
Project Risk Management

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Online Webinar – Recorded September 19th 2013
Activity Type: Education – Online or Digital Media 1 PDU Free
By: ProjectManagement.com / Gantthead (REP #2488)
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ProjectManagement.com / Gantthead premium content
Is available to PMI® members.

Identifying the root causes of project schedule and cost risk requires that the risk to the project schedule is clearly and directly driven by identified and quantified risks.

In the Risk Driver Method the risks from the Risk Register drive the simulation.

As a side note, Risk Registers are not complete – during the interviews to collect risk data the interviewees introduce important risks that are, surprisingly, missing from the Risk Register.

The Risk Driver Method differs from older, more traditional approaches in which 3-point (low, most likely and high) estimates of the activity durations are applied directly to activity durations.

The traditional 3-point estimate represents, often, the influence of several risks that impact the activity if they happen.

• Therefore the importance of each risk cannot be individually distinguished and kept track of.
• Also, since some risks will affect several activities, we cannot capture the entire influence of a risk using traditional 3-point estimates of impact applied to specific activities.

• The Risk Driver method allows us to specify the risks by their probability of influencing the schedule as well as the uncertainty of their impact if they do occur, and to assign the risks to all detailed tasks they influence.

3-point estimates have no clear way to represent the probability of a risks’ occurring so they miss one of the two important characteristics of the risks.

Correlation between activity durations is important in determining the possible date of completion if the organization wants a fairly conservative estimate, say at the 80th percentile (P-80).

With traditional 3-point estimates the correlation coefficients have to be estimated (guessed at) and applied between pairs of activities.

Using the Risk Drivers method correlation between activities’ durations is created during simulation based on a common risk (or common risks) affecting the activities. We no longer need to estimate the correlation coefficients with the possibility that the coefficients determine an inconsistent correlation matrix.

The basic benefit of the Risk Driver approach comes from the ability to identify, and hence prioritize the importance of risks (as distinguished from the importance of activities or paths in the traditional 3-point estimate approach). Hence Risk Drivers facilitates risk mitigation.

We do not mitigate activities or paths
We mitigate risks.

In order to determine which risks to mitigate we need to be transparent about which risks drive the results, hence the Risk Driver Method.

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Risk Driver Method In A
Monte Carlo Simulation Of A Schedule

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Live Webinar November 15th, 2016 – 12:00 pm – 1:00 pm  EST
Activity Type: Education – Course or Training  1 Hour  1 PDU
Provider:ProjectManagement.com / Gantthead (REP #2488)
Once viewed your PDU Will automatically Be recorded with PMI®

ProjectManagement.com / Gantthead premium content
Is available to PMI® members.

Risk Management is believed to be an important part of the program management process, so much so that there are hundreds of consultants and software products focused solely on this.

There are many ways that the risk management process activity is measured, but none that measure whether the process actually provides value to the project.

In this webinar Charles Weis (LinkedIn profile) will follow on to the first one, which tackled how to measure identification of risk.  This second webinar will take on how to measure the management of risk.

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Registration for this session is close to being full. If the registration is closed they are at maximum capacity for the live webinar.

An on-demand recording will be available at the link below
within 72 hours of the live session.

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Risk Management Process Measurement

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