Project Risk Management

Learn the essentials of managing uncertainties in the projects.

Do you have any questions or like to conduct this program in-house in your company?

About the program

Risk taking is an essential skill for a project manager to achieve project objectives. Every project has certain degree of uncertainty. A project manager having good risk management skill is always prepared to deal with uncertain events to avoid loss and get positive result. Risk management is the art and science of planning, assessing, handling, and monitoring future events to ensure favorable outcomes.
A good risk management process is proactive in nature, and is fundamentally different than crisis management which is reactive. Absence of risk management leads to crisis management which is a resource intensive exercise with limited options.
By attending this workshop, participants will learn to identify and assess project risk, take timely measure to avoid/reduce negative impact and control the risks throughout the project life cycle.


  • The objective of this course is to enhance risk management capability of managers.
  • The course will give participants the confidence to handle the uncertainties more effectively.
  • Participants will be equipped with knowledge & understanding of risk management concepts
  • Get to know the process of identifying and analysing risks in the projects.
  • Get to know tools & techniques to handle risks in a complex projects.
  • Gain practical skills to save the project from negative effects and enhance to explore opportunities.
  • Learn to develop proactive plans to handle the risk well in time to avoid losses.
  • Finely crafted Participants handouts.
  • Post training support to resolve issues and queries (Over internet/phone)
  • A mentor forever to consult in difficult situation.
  • Guidance to develop career in project management.


Good session. Topics covered in the session were detailed and elaborated. I think those who are involved in day to day contract& risk management activities can attend this session to enhance knowledge and understanding.

–  Chandrashekhar Naikare, Project Engineer, Frames Process & Energy Systems

The exercises were good. Excellent and enriching training.

–  Mukesh Sharma, DGM – Program Management, Tata Advanced Systems Ltd.

It was a wonderful session and good learning experience. Replying back to phone discussions… One of my take away.

–  Kunal Adkar, Project Manager

Good Knowledge sharing about Contract & Risk Management especially Risk Management, PBG/ABG and LD. Case Study Discussion about Jasmine Engineering and ABC Pipes, I liked the most. Please do attend such Interactive sessions once in six months.

– Parag Saraf, Project Manager, Frames Process & Energy Systems

Training Mode

Physical Classroom

  • Face to face interaction.
  • More effective communication due to presence of body language.
  • Less distractions due to confined in a classroom.
  • More disciplined as being watched by the trainer all the time.
  • Casual discussion over tea and lunch help make bonding.
  • More personalized as many clarifications are done over casual discussions.
  • Better networking with other fellow participants.
  • Social interactions make things more comfortable.
  • As people are used to this mode of learning, they find it more comfortable.

Virtual Classroom

  • Can join from anywhere – office or home.
  • Need need not to travel to training location. Saving time and avoid traffic manoeuvre.
  • Virtual classroom is not e-learning where you are alone. It is an interactive program led by a trainer similar to physical classroom along with other fellow participants.
  • Recordings of all the sessions to revisit whenever required.
  • Support a greener world – No use of paper – 100% paper free.
  • Comparatively less expensive.

Training Outline

The Project Risk Management Training will cover important aspects of project management.

Project Risk Management Framework

  • Risk Management Process
  • Understanding contents of Risk Management Plan (RMP)
  • Create your Risk Management Plan

Making decisions under uncertainty

  • Psychological factors in decision making
  • Recognizing bias with Utility Theory
  • Practical applications of Prospect Theory

Identify project risks

  • Understand methodologies to identify risks in a project
  • Common sources of project risks
  • Involve stakeholders in risks identification
  • Create a Risk Register

Qualitative Analysis

  • Tools for analyzing identified risks
  • Prioritize and rank risks
  • Identify risks for detailed analysis

Quantitative Analysis

  • Tools to quantify impact of the risks on the project
  • Assess actual monetary impact on the project
  • Calculating required contingency reserves
  • Rank risks by monetary impact

Risk Response Planning

  • Identify and evaluate probable risks responses
  • Prepare a response plan to address each risk

Monitoring and Controlling Risk

  • Re-assess risks in risk register
  • Identify new project risks
  • Identify risk trends
  • Read risk triggers
  • Document lessons learned

Who can attend?

This course is designed for managerswant to learn to manage uncertainties in a proactive and more organized manner and to reduce chances of losses and improve chances of profits.

  • Project Leads,
  • Project Manager,
  • Program Managers,
  • Project Director
  • Project Management Professional (PMP)® want to earn PDUs and enhance their skills in Risk Management
  • Anyone looking to expertise in Risk Management

Trainer’s Profile

Vivek Prakash

Founder and Chief Consultant

Vivek Prakash, The Founder and Chief Consultant at pmwares is a Certified Project Management Professional (PMP) and Microsoft Certified Professional with more than 25 years of experience. He is an active volunteer of PMI since 2003 when he started PMP Club in Mumbai. He led translation of PMBOK® Guide 5th Edition and 6th Edition into Hindi and write for PMI Global Blog “Voice of Project Management”. Currently he is driving Project Manager’s Club of Pune – A not for profit initiative in association with College of Engineering, Pune (COEP)

Passionate about project management, he trains, coaches and mentors project managers, senior managers and leadership team to excel in project management and employ best practices. He provides advisory services to corporate for building strong project management capability, develop robust project management processes, setup effective project management systems and support managers on the job for implementation.

You can know more about Vivek Prakash on linkedin and connect with him.

Read his blog on pmwares: pmwares blog

Read his blog on PMI®:

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