Wouldn’t it be great if you could get to better ideas faster? If you learn to master just two thinking skills, you can! Many of the PMI supported tools have origins in creativity. As such, these tools are best leveraged when you apply divergent thinking (to generate) or convergent thinking (to narrow). This session will explore the principles of divergent and convergent thinking and provide examples of techniques to maximize their power in decision making, problem solving and performance feedback.

1. OCTOBER 19th
11AM PDT | 2PM EDT
www.invensislearning.com
Webinar - Managing Risks for Project Managers
With - Carla R Jenkins
MBA, PMP, CSM, ITILv3

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About Invensis Learning
Invensis Learning is a pioneer in providing globally-recognized certification training courses for
individuals and enterprises worldwide. Our training methodology coupled with high-quality courseware
has enabled organizations to achieve high-impact learning with increased knowledge, competence,
and performance. We offer courses in various categories such as IT Service Management, Project
Management, IT Security and Governance, Quality Management, Agile Project Management, DevOps,
and Cloud Courses. Invensis Learning certification training programs adhere to global standards such
as PMI, TUV SUD, AXELOS, ISACA, DevOps Institute, and PEOPLECERT.

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Housekeeping
 The webinar will last up to 60 minutes
 You can ask questions throughout the Webinar, using the Chat panel on the right
hand side of the slide. These will be answered during the Q&A towards the end.
 Post webinar, the recording will be sent to your email

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Presenter Profile
Carla R Jenkins
MBA, PMP, CSM, ITILv3
Carla R Jenkins possesses over 10 years of experience
helping private and public sector businesses increase
their profits and productivity while decreasing their
costs. Businesses have benefitted from her strategic
leadership and cost calculations to streamline their time,
money and people towards greater project success. She
is a Project Management Expert, Certified Scrum Master
and IT Infrastructure Library (ITIL) licenses.
Carla is also Chief Blogger of PM.Expert, a project
management blog. Moreover, she is a Bestselling Author
on Amazon for “Expand Your Personal Brand: 20 Top
Business Lessons that Every Professional Should Know
to Achieve Branding Success”.

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“Managing Risks for Project Managers”
Presented by: Carla R Jenkins - MBA, PMP, CSM, ITILv3

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Session Objectives
 The goal of this dynamic and exciting session is to learn how to plan, identify, assess,
respond, implement and monitor risks throughout the project.
 This webinar will help you to understand project complexity; risks associated with the
project and put a stop to unsuccessful projects.

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Introduction
 Managing Risks
 Risk Management Basics
 Standard Risk Management Tools and Techniques
 Specific Risk Management Tools and Techniques
 Risk Management Strategies
 Recap

8. Managing Risks

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Managing Risks for Project Managers
A recent study on project risk management trends, 92% of CEOs agreed that information
related to risk is important to long-term success. But only 23% of them believed that they
have comprehensive information about risk towards their business.
Risk planning is not a one-time event confined to the risk management plan. With every
change request, next phase and domain, new risks spring up. Project managers need to
be able to identify, assess and respond to these risks so that they don’t derail the project.
Yet, risk is something that most project managers fear because they don’t feel that
they’ve properly planned for them. This webinar on ‘Managing Risk for Project Managers’
will help you learn how to plan, identify, assess, respond, implement and monitor risks
throughout the project.

10. Risk Management Basics

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Risk Management Basics
 Risk – an event that it is uncertain and has a probability of occurrence. That occurrence
can yield either positive or negative impact upon your project.
 Risk vs Issue – Risk is an event that has not happened yet. An issue is an event that
has happened.
 Risk management plan – the plan that helps you manage your risk assessment,
responses, implementation and monitoring.
 Risk Register – a record keeping track of all of the risk management activities and
responses.

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Risk Management Basics
 Risk Report – a report that captures all of the project risks throughout the project.
The risk report should be updated throughout all of the domains. The risk report also
summarizes individual risk and overall risk.
 Risk Breakdown Structure – a hierarchical (similar to an organizational chart) for
risks.
 The RBS is a great communication tool for the team, management and stakeholders.
It shows them the risks, who owns the risk and the responses.

13. Standard Risk Management Tools and
Techniques

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Standard Risk Management Tools and Techniques
 Expert Judgment
 Data Gathering
 Data Analysis
 Meetings
 Interpersonal and Team Skills

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Data Gathering
 Brainstorming
 Checklists
 Interviews

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Data Analysis
 SWOT Analysis
 Root Cause Analysis
 Stakeholder Analysis
 Simulation
 Sensitivity Analysis
 Decision Tree Analysis
 Influence Diagram

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SWOT Analysis
SWOT Analysis – a tool used to examine the project’s strengths, weaknesses,
opportunities and threats.

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Root Cause Analysis
Root cause analysis – used to find the underlying cause of the problem.

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Poll
1. Which standard data analysis tool or techniques do you use the most?
• SWOT Analysis
• Root Cause Analysis
• Constraint Analysis
• Stakeholder Analysis

20. Specific Risk Management Tools and
Techniques

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Specific Risk Management Tools and Techniques
 Prompt Lists
 Risk Categorization
 Project Management Information System
 Risk Audits

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Specific Risk Management Tools and Techniques
 Prompt List- a predetermined list or risk categories that might give rise to individual
project risks and that could also act as sources of overall project risk.
 Risk Categorization – a metric organized by these categories: Risk, Area of the
project most affected, Any other useful category
 Project management information system (PMIS): a system containing all of the
project management tools used. It can be hardware, software, services and products.
 Risk Audit – audit conducted to consider the effectiveness of the risk management
process and responses.

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Poll
1. Which specific risk management tool and/or technique do you use the most?
• Prompt Lists
• Risk Categorization
• Representations of uncertainty
• Project Management Information System
• Risk Audits

24. Risk Management Strategies

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Risk Management Strategies
 Strategies for Threats
 Strategies for opportunities

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Poll
1. Which risk management strategy do you use the most?
 Strategies for Threats
 Strategies for opportunities
 Contingent response strategies
 Strategies for overall project risk

27. Risk Strategies for Threats

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Risk Strategies for Threats
 Escalate
 Avoid
 Transfer
 Mitigate
 Accept

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Risk Management Strategies for Threats
 Escalate - You escalate risks when the threat is outside the project’s scope. You
escalate the risk to the appropriate manager or department. As procedure, you still
write the risk down in the risk register but you no longer monitor it.
Example - the project’s communication system interferes with the accounting
department. You escalate that risk to the accounting department.

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Risk Management Strategies for Threats
 Avoid - With avoidance, you either change the direction or remove something
completely. The goal is to reduce the risk probability to zero (Remember, the
definition of risk is an event that is uncertain with the probability of occurrence). Avoid
the risk eliminates the probability to zero.
Example - you and your team avoiding certain suppliers and resources in order to reduce
or eliminate project threats.

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Risk Management Strategies for Threats
 Transfer - Transfer is mostly used for insurance. It is also used with bonds and
warrants. You are transferring project risk to another party.
Example - If you have an oil rig project in the Gulf of Mexico, you will purchase hurricane
insurance to protect you from any damage during hurricane season.
 Mitigate - You take action to reduce the probability of occurrence and/or impact of a
threat. With this risk strategy, you build a prototype (model, demo, etc.) as a test.
Example - On agile projects, you would do a live software demo presentation to
management to see how the software performs. Another example is confining your
software rollout to one department to work out the kinks.

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Risk Management Strategies for Threats
 Accept - There are two types of risk acceptance: passive and active. Passive risk
acceptance is mostly used for low risks. You periodically (daily, weekly, biweekly, etc.)
review these low risks to make sure that they don’t become bigger risks. You and
your team determine what frequency you review these risks (daily, weekly, biweekly)
in the risk management plan.
 Passive risk acceptance – routinely monitoring risks to see if they’ve better bigger.
 Active risk acceptance – creating a contingency reserve to hold you over just in
case a known risk increases in size.

33. Positive Risk Strategies

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Positive Risk Management Strategies
 Escalate - when the team or sponsor agrees that an opportunity is outside the scope
of the project or that the proposed response would exceed the project manager
authority.
Example – your software installation project results can benefit the company beyond the
IT department. You would escalate that positive opportunity to the functional manager.
 Exploit – selected for high-priority opportunities where the organization wants to
ensure that the opportunity is realized you want ensure that it happens, increasing
the probability of occurrence to 100%
The opposite of exploiting positive risks is avoid negative risks.
Example – your best worker finishes his work twice as fast as everyone else. You put
him on the my longest task to accelerate the project schedule.

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Positive Risk Management Strategies
 Share – transferring ownership to a third party so that it shares some of the benefit if
the opportunity occurs. It is important to select the right partner. Risk sharing involves
a paid risk premium to the third party for agreeing to take the risk with you.
Share is the opposite of transfer.
Example – Nike agreeing to sell on Amazon if Amazon remove all of the fake Nike
listings.

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Positive Risk Management Strategies
 Enhance – to increase the profitability and/or impact of an opportunity. With this risk
strategy, you look to enhance your opportunity early on the project. Enhance is the
opposite of mitigate.
Example – adding more people and resources to a task to finish early. That extra time
could be allocated towards something else.
 Accept – accepting an opportunity acknowledges its existence but no proactive
action is taken. Two types of risk acceptance for opportunities: passive and active.
Example - Passive risk acceptance is doing nothing. There’s no monitoring like negative
passive risk acceptance. Active risk acceptance is the contingency reserve.

37. Recap

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Recap
 Introduction
 Risk management basics
 Risk management tools and techniques
 Specific risk management tools and techniques
 Risk management strategies

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PMI & AXELOS Major Update
PMI Update: PMP® Syllabus is changing from 5th Edition to 6th Edition
AXELOS Update: PRINCE2® Syllabus is changing from 2009 Edition to 2017 Edition
The change is here, don’t delay further! Get PMP &
PRINCE2 Certified before the exam changes by the end
of 2017.
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Upcoming Webinar

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Questions
 Now the Session is open for Question and Answers
 Please drop your questions in the Q & A panel

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Thank you for joining us...
Thank
you!

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