This is a workshop that provides you with an integrated risk management tool (PRISM), a Project Risk Management template, and a template to establish the “Terms of Reference” for Risk Management Committee. This process teaches you how to identify and manage project risk, reviewing its likelihood and taking action.Discussion about top 10 risks associated with information technology project.

Objective

·  Master the art of managing project risks with hands-on learning experience using a risk management tool called “PRISM”.

·  Learn the process of managing risk following PMBOK® risk management framework, register major risks, evaluate risks, assess its impact, plan for contingencies, define provisions, capture liabilities, and many more.

·  Ability to analyze risks easily and make informed decisions based on financial impact of these risks to project budget.

·  Develop your project Risk Management Plan using the risk data captures in PRISM.

·  Adopt PRISM as your enterprise wide standards in risk reporting and project communication.

What is PRISM?

PRISM is a business-friendly risk management tool that provides you with a facility to capture all possible risks that you have identified and translates these risks as an important component that contributed toward the entire project cost.

Ø  PRISM allows you to define potential risk and your strategy in responding to each risk.

Ø  PRISM allows you to define the likelihood of each risk happening and its impact on the project expenditure.

Ø  PRISM allows you to easily define provisions and liabilities and other user-defined provisions.

Ø  PRISM capture labor and effort incurred and compute the total cost incurred.

Ø  PRISM keeps track of product licenses including third party licenses and it allows you to allocate risks associated with them.

Ø  PRISM allows you to make provisions on inflation charges to project primary expenditure.

Ø  PRISM will automatically computer the total project expenses and reflected on the project summary form.

Ø  PRISM provides project managers with detail information on project expenditure to help them to manage project within the budgeted project cost.

Ø  Outputs can represented in the form of graphs or charts and ported easily into other applications where appropriate.