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Merit Career Development > Courses > Identifying and Managing Project Risks

Identifying and Managing Project Risks

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Risk Management is designed to provide participants with a practical, in-depth understanding and use of risk management methodologies and best practices. The content covers key concepts, components, and tools that are required to develop effective measures for monitoring and controlling project risks. Participants prepare risk response plans with associated "triggers" to execute the plan(s). Participants will be presented with techniques for identifying, assessing, monitoring, controlling, reporting and analyzing project risks, and their impact on project quality, costs and schedules.

Learning Objectives

  • Define the purpose and importance of risk management
  • Explain risk terms and concepts
  • Define the four components of risk management
  • Apply risk identification tools
  • Differentiate between risks, issues and opportunities
  • Implement a risk management process
  • Describe and identify risks and risk categories
  • Apply a risk matrix
  • Analyze risks qualitatively and quantitatively
  • Employ risk probability impact
  • Build avoidance, mitigation, and contingency approaches to manage risks
  • Recognize the economic impact of risk and risk solutions
  • Practie monitoring risks, triggers, and controls
  • Describe risk ownership and reporting approaches
  • Document risk plans and communicate risks to stakeholders

Topics & Content

  • Risk impact analysis
  • Risk management
  • Scenario Planning methodolgy
  • Pre-mortem technique
  • Reduce "Group Think"
  • Document lessons learned
  • Case studies and other exercises
  • Common Risks Checklist
  • PM tools and techniques
  • Probability analysis

Course Information

Course Code: PM403
Duration: 2 days
Targeted Audience: Project managers, general managers, team leaders and individuals responsible for risk management

  • CBRN - 14 CEU(s)
  • OPM - 14 CLP(s)
  • PMI - 14 PDU(s)

Course Feedback

What parts of the workshop were most valuable and/or beneficial to you?


Case study.

Customizing to local processes and issues.

Discussion/practical examples.

Exercises and debrief of exercises.

Exercises and discussions.

Group activities - would suggest changing group membership to allow for learning and seeing different perspectives.

Group exercise and discussions. Examples and scenarios.

I thought all parts of the workshop was valuable. I especially liked how the instructor integrated the practical exercises into the lecture.

Identify risk, managing risk, monitoring and controlling risk.

Mix of exercises and lecture was a good blend good mix of attendees and involvement.

Risk analysis.

Risk register and risk response.

Scenarios were very applicable to the material.

Small group discussions with additional possibilities by the instructor.

Taking the time to work on/practice the methods/ideas we learn; input from instructor's experience.

Team exercises.

The group activities and sharing of occurrences.

The group exercises.

The group joint exercises and real-world examples.

The instructor's explanation of the project lifecycle and incorporating risk management into it.

The practical exercises that covered the topics.

The visual charts.

What improvements should be made to the workshop?

Can't think of any.

Excellent general processes, possible examples relative to military/government.

Excellent workshop and group exercises.

Include determining the risk factor by multiplying the probability and impact rankings.

Maybe adding more on the calculations of risk to formulas; however for our current processes in my command the course was suitable!

None, good course.


Not one thing! Outstanding course and instructor!

Possibly more detail or references in the handout.

Short discussion at beginning on definitions of project management, i.e., What is a project?

Some of the items were not necessarily applicable to us

Working on a project start to finish and presenting risk, impacts and mitigation strategies.

Comments and suggestions for the facilitators

Extensive knowledge of material and friendly and casual interaction with trainees.

Great delivery. I really enjoy the instructor - student dialogue.

Great job!

I appreciate the instructor's knowledge, sharing and ability to adapt. I enjoyed the class and believe others can benefit as well.

I would like to have him teach the decision-making course he recommended.

Instructor was excellent!

Instructor was one of the better ones we've had - great personality and presentation!

Keep up the good work!


Provide overview to executive leadership on definitions of the course.

Tailor style information to our specific issues.

Imagine that a coworker asks: what was the workshop like for you? How will you respond?

Beneficial and recommended.

Enjoyed and informative.

Excellent! Very well needed for what we do here.

Good learning experience and enjoyable.

I think it was a great workshop in the instructor was knowledgeable and helpful. The workshop is very beneficial to the command.

Informative and enjoyable.


Introduces the need for risk management in a project and concepts and methods to identify and mitigate.

It is a great course, and very much needed for team collaboration.

It was beneficial because we discussed actual projects being performed with in our unit.


One course.

The workshop provided me with a much clearer vision of risk, especially project risk, and help provide a path for me to tie in a number of process parts to streamline our project management methodology.

Very good, fast-moving and educational.

Very informative and hands-on application in a laid-back environment.

Very informative and helpful.

Very informative, kept class interesting.

Very valuable and well done.

Worthwhile - go to it.

Worthwhile as a first-time introduction and as a refresher.

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