Project Risk Management domain introduces participants to the ISO 31000 and FAA Safety Risk Management (SRM) standards, principles, and processes. 

The domain incorporates Project Risk Management principles and practices adopted by the Project Management Institute (PMBoK), ISO 31,000, ISO 9001 (2015) along with examples of public and private risk management frameworks such as those of the FAA, and IBM.  The domain explains the tools and techniques that will aid participants in the implementation of project risk management frameworks, principles, practices and tools.  Participants will be given opportunities to apply the project tools and techniques learned to actual project risk examples. The goal for participants is to be able to minimize scpe, schedule, cost, and quality risks and maximize opportunities during a project’s life cycle.

Quality + Engineering risk management experts will introduce participants to critical risk management regulations (ISO, NIST, DOE, FDA, FAA, etc.) and employment opportunities that are arising in many professions.

Upon completion, participants will be able to lead and/or actively participate in project teams and evaluate risks in operational and supply chain projects.  Participants will learn and apply project risk management frameworks, processes, techniques, and tools.  Participants will learn how to develop project risk registers, project heat maps, project risk control templates, project risk strategies, etc.

Learning Objectives

• Understand the nature of risk and be able to develop a detailed risk management plan to guide project risk management activities.
• Learn how to identify risk tolerance for project scope, schedule, cost, and quality risks and develop appropriate risk tools including register, risk plans, & tactics.
• Understand the elements of the FAA project risk management process.
• Be able to practice risk management across the system and program lifecycle.
• Learn how to develop a risk register that is complete and accurate.
• Learn how to quantify project risks including cost, schedule and scope.
• Learn how to apply cost, schedule, scope, and quality project controls.
• Learn how to prepare risk response (treatment) strategies to mitigate risks, control risks and maximize opportunities.
• Develop a ‘Next Steps Strategy’ to implement project risk management.

Domain Outline

• Introduction to risk and risk management.
• PMBOK project risk framework.
• Triple project constraints (plus quality).
• ISO 31000 framework.
• ISO 31000 framework: establish the context.
• ISO 31000 framework: identify the risk.
• ISO 31000 Framework: analyze the risk.
• ISO 31000 Framework: treat the risk.
• ISO 31000 Framework: communicate & consult.
• ISO 31000 Framework: monitor & review.