Module 8: Unearthing and Tailoring the PRINCE2 Risk Practice

Lesson 1:  8.1 The Risk Practice

You will learn how the risk practice aims to identify, assess, and control uncertainties that would affect the project's objectives and as a result, improve the project's ability to succeed All projects encounter uncertainty when trying to achieve their objectives, and risks can have a negative or positive impact on objectives if they occur You will grasp that all projects involve some degree of risk-taking, they need to manage risk in a way that supports effective decision-making, and the risk practice provides a disciplined environment for proactive decision-making

Members Only 8.2 Risk Guidance and Concepts

"Risk Guidance and Concepts" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. You will learn effective risk management provides confidence that the project can meet its objectives, and that the business justification remains valid You will grasp the key criteria for risk management to be effective, and the key risk concepts such as risk owner, risk action owner, risk probability, impact, velocity, proximity, exposure, appetite, budget and risk tolerance.

Members Only 8.3 Risk Planning and Analysis

You will learn how Risk planning and analysis Techniques such as PESTLE (political, economic, social, technological, legal, and environmental) analysis and SWOT (strengths, weaknesses, opportunities, threats) analysis can be used to analyse the internal and external context for risks Learn how risks can be negative threats or positive opportunities and be able to apply both qualitative and quantitative risk assessment.

Members Only 8.4 Risk Control Responses - Part ONE

"Risk Control Responses - Part ONE" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. You will learn that the risk practice purpose is to identify, assess, and control uncertainty, and as a result, improve the ability of the project to succeed, and that the best actions to respond to risks will depend on the situation and type of risk Different responses may be appropriate for threats and opportunities, and in part one you will understand how to avoid a threat/Exploit an opportunity, reduce a threat/enhance an opportunity, transfer the risk or share the risk.

Members Only 8.5 Risk Control Responses - Part TWO

You will learn the risk control response activities of accept the risk (threat or opportunity), prepare contingent plans, avoid a threat/exploit an opportunity, reduce a threat/enhance an opportunity, share the risk, accept the risk pr prepare contingent plans

Members Only 8.6 Risk Roles Culture and Bias

You will learn when controlling risks, it is essential that the risk owner, the risk action owner and their responsibilities are clearly identified You will understand why the risk management approach should define, control and access to the risk budget, including a provision for unknown risks and risk culture, as essential to decision-making while considering various human biases such as optimism bias, loss aversion, groupthink, proximity. Understanding and overcoming these are vital when identifying risks and potential responses.

Members Only 8.7 Risk Management Technique - Part ONE

"Risk Management Technique - Part ONE" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. You will learn and understand the repeatable steps of the PRINCE2 risk management technique. In part one, you will grasp identifying the objectives and threats and opportunities, along with the assess steps of prioritizing risks and assessing the combined risk profile.

Members Only 8.8 Risk Management Technique - Part TWO

"Risk Management Technique - Part TWO" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. Here in part two of the risk management technique steps, you will learn and understand the repeatable steps of the PRINCE2 risk management technique. In part two, you will grasp the remaining steps of plan, implement, and communicate.

Members Only 8.9 Risk Management Technique - Part THREE

"Risk Management Technique - Part THREE" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. Here in part three of the risk management technique steps, you will learn and understand examples of additional techniques that support the PRINCE2 risk management technique. These will include cause and effect diagrams, horizon scanning, and PESTLE/SWOT analysis,

Members Only 8.10 Risk Management Technique - Part FOUR

"Risk Management Technique - Part FOUR" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. Here in part four of the risk management technique steps, you will learn and understand examples of additional techniques that support the PRINCE2 risk management technique. These will include cause and effect diagrams, horizon scanning, and PESTLE/SWOT analysis, pre-mortem, the Swiss cheese model, and the use of data

Members Only 8.11 Applying Risk Management

"Applying Risk Management" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. Here in applying risk management, you will learn and understand the application of risk within the organizational context, and the commercial context. To help achieve this, you will understand an assessment tool such as the Agilometer when applying PRINCE2 Agile, can answer the question, 'How agile can we be on this project?'

Members Only 8.12 Risk Delivery Sustainability and Scale

Here in applying risk management, you will learn and understand that the approach to managing risk must work with and support the project's chosen delivery method appropriate for the format and pace of the project A project's business case will incorporate specific sustainability targets and tolerances, which should be assessed for risks you will learn this sets out the approach to managing risks relating to the sustainability of the project product. You will understand the importance of incorporating the cost of responding to sustainability risks into the risk budget and documenting specific risk register sustainability risks and including them in regular risk communications. Finally, you will understand why it is essential that the risk management approach is appropriate for the project's size, scale, complexity, and likely risk impact

Members Only 8.13 Risk Management Principles

"Risk Management Principles" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. Here in applying risk management, you will learn and understand how the risk practice contributes to the adherence to each of the seven PRINCE2 Principles across the project lifecycle. You will understand how this contributes to achievement each principle and what is the resulting outcome.

Members Only 8.14 Risk Practice Documents

"Risk Practice Documents" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. Here in looking at the two risk practice documents, you will learn how the risk management approach (forming part of the PID), describes how risk will be managed on the project, and includes the specific procedures, techniques, standards, and responsibilities to be applied. In addition, you will learn the purpose of the risk register is (it is part of the project log), and how it maintains a record of identified risks related to the project, including their status and history.

Members Only 8.15 Risk Practice Roles

"Risk Practice Roles" involves adapting the PRINCE2 methodology to effectively manage risks specific to a project’s unique nature, scale, and risk level. You will learn how the business layer, project executive, senior user and senior supplier, project manager, team manager, project assurance and project support roles, supports the PRINCE2 risk practice.