A Model to Develop and Use Risk Contingency Reserve
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Duration: 1 day
Description: Are you aware of the benefits of risk contingency reserve but unsure how to start? Do you know what an adequate level of contingency reserve is for your project? If you want answers to such questions about contingency reserve and more, this course is for you. As an attendee, you will take away knowledge of a model to develop risk contingency reserve using Expected Monetary Value that you can use to benefit your projects.
The contingency reserve is a critical part of project risk management. With a contingency reserve, project managers can address risks, communicate the level of risk exposure to stakeholders, and increase the predictability of project outcomes. Using the risk register and Expected Monetary Value (EMV) technique, project managers can easily develop a contingency reserve for their project and begin realizing the benefits of this powerful tool.
This course is an overview of project risk management with emphasis on developing and using the contingency reserve. You will learn more about how contingency reserve fits into the overall risk management process, how to calculate and use the contingency reserve, and how to communicate the contingency reserve to stakeholders to increase organizational participation in risk management. You will leave with a better idea about contingency reserve and the role it plays in keeping the projects on track. You will also walk away with tools and templates to effectively implement contingency reserve for your projects.
Course Objectives: After completing the course, you will be able to
- Understand how to create a risk contingency reserve using Expected Monetary Value.
- Communicate risks to stakeholders and team members using the risk contingency reserve.
- Use risk contingency reserve to improve predictability of your project outcomes.
Who Should Attend: This course is ideal for project managers, PMO leads/directors, and anyone performing risk management on projects in their organizations.
PDUs: 7 PDUs (Strategic: 0, Leadership: 0, Technical: 7)
Course Delivery: Variable
Course Material: RefineM will prepare and provide the necessary training course material for all attendees.
About RefineM's Instructors: RefineM's instructors are experienced and certified in project management and Agile and bring real-world experience to their instruction. Our instructors not only teach concepts, we also provide insights and hands-on experience. And we don’t waste time. Our training is focused and hard-hitting. We offer practical targeted training in just the key topics that will make the most impact.