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Develop the knowledge, skills and confidence to identify, assess and manage project risk effectively
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Descriptions
Who is this course for
The course is designed for people who contribute to risk management within a project, including:
- Project Managers and project team memebers
- PMO, planning and project control staff
- Engineers, estimators and commercial leads whose judgements shape plans and budgets
- Holders of APM’s PFQ or PMQ looking for a specialist next step
The certificate sits alongside APM’s PFQ and PMQ qualifications. It complements organisation-wide risk frameworks such as MoR (now PRINCE2 Risk Management): MoR sets an organisation’s overall approach to risk, while this course equips the people who carry out risk management on projects.
Purpose of the course
The purpose of this course is to provide delegates with a solid foundation in project risk management, enabling them to understand uncertainty, identify threats and opportunities, assess risk exposure, implement appropriate responses and apply risk management throughout the project lifecycle. The course also prepares candidates for the APM Project Risk Management Certificate examination.
You will learn how to
- Define project risk management, project risk and risk events.
- Distinguish between threats, opportunities, issues and uncertainties.
- Explain the benefits of effective risk management and the threats to it.
- Describe each phase of the PRAM process and how it applies across the project life cycle.
- Explain how project risks are identified, assessed and prioritised.
- Describe the response options for threats and for opportunities.
- Describe the purpose and content of the risk management plan, risk register and risk reports.
- Explain key risk management roles, responsibilities and governance arrangements.
- Recognise how risk attitudes, biases and group dynamics affect risk decisions.
- Describe the main identification, qualitative and quantitative assessment techniques and what each is used for.
- Describe how to introduce risk management into an organisation and gain buy-in.
- Prepare effectively for the APM Project Risk Management Certificate (level 1) exam.
Benefits for you as an individual
By completing this course, you will gain a recognised understanding of project risk management principles and techniques that can be applied immediately within projects. You will improve your ability to identify and evaluate uncertainty, make more informed decisions, communicate risk information effectively and support successful project delivery. In addition, you will enhance your professional credibility and be well prepared to undertake the APM Project Risk Management Certificate examination.
Benefits for your organisation
Organisations benefit from improved decision-making, more realistic schedules and budgets, enhanced stakeholder confidence and a more consistent approach to managing uncertainty. Effective risk management supports proactive identification of threats and opportunities, improves communication and governance, strengthens project controls and increases the likelihood of achieving strategic objectives while reducing avoidable disruptions and costs.
Prerequisites
There are no formal prerequisites. APM designed the certificate to build on the knowledge gained in itsProject Fundamentals Qualification (PFQ) or similar project management qualifications, so delegates will
benefit from project management knowledge at that level, or from practical experience of working on
projects, programmes or change initiatives
Module 1: Introduction to Project Risk Management
- Definitions of project risk management, project risk and risk events.
- Project risk versus individual risk events.
- Threats, opportunities and uncertainty.
- Common misconceptions and examination pitfalls.
Module 2: Benefits and Challenges of Risk Management
- Hard benefits and measurable outcomes.
- Soft benefits and behavioural improvements.
- Threats to effective risk management.
- Improving risk management effectiveness.
Module 3: Risk Management Principles
- Threats and opportunities.
- Managing positive and negative risk.
- Cause, risk event and effect structure.
- Project risk exposure and stakeholder impact.
Module 4: The PRAM Risk Management Process
- Initiate.
- Identify.
- Assess.
- Plan Responses.
- Implement Responses.
- Manage Process.
- Iterative risk management throughout the project life cycle.
Module 5: Organisational Framework and Governance
- Risk management plans.
- Risk management organisation and governance.
- Roles and responsibilities.
- Risk registers and risk reporting.
- Risk reviews, audits and lessons learned.
- Contingency and management reserve.
Module 6: Behavioural Influences on Risk Management
- Risk attitudes and behaviours.
- The risk attitude spectrum.
- The Triple Strand model.
- Individual cognitive biases.
- Group dynamics and decision-making.
- Cultural influences on risk perception.
Module 7: Applying Risk Management in Organisations
- Introducing risk management.
- Achieving management commitment.
- Building organisational buy-in.
- Risk maturity considerations.
- Resources, infrastructure and implementation.
Module 8: Risk Identification Techniques
- Assumptions analysis.
- Constraints analysis.
- Checklists and prompt lists.
- Interviews and brainstorming.
- SWOT analysis.
- Delphi technique.
Module 9: Qualitative Risk Assessment
- Probability and impact assessment.
- Proximity analysis.
- Risk meta-language (cause, risk event and effect).
- Risk Breakdown Structures (RBS).
- Risk prioritisation and escalation.
Module 10: Quantitative Risk Assessment
- Probability distributions.
- Mean, median, mode and variance.
- Monte Carlo analysis and interpretation.
- Criticality indices and correlation.
- Pre- and post-mitigation assessment.
- Decision trees.
- Sensitivity analysis.
- Expected value calculations.
Module 11: Risk Response Strategies
- Threat responses: avoid, reduce, fallback, share and accept.
- Opportunity responses: exploit, enhance, share and accept.
- Response planning and implementation.
- Residual and secondary risks.
- Monitoring and control.
Exam Preparation
- Exam technique.
- Timing strategies.
- Common exam traps and pitfalls.
Additional Exam Information
The APM Project Risk Management Certificate (Level 1) exam assesses a candidate’s knowledge and understanding of project risk management at foundation level, across the learning outcomes in APM’s Level 1 syllabus.
- One-hour duration.
- 60 multiple-choice questions, all compulsory.
- Closed-book examination.
- Pass mark of 60%.
- Successful candidates receive an APM certificate (PDF) and a digital badge.
Exams are run exclusively online using APM’s exam system, Surpass. For a remotely invigilated exam, delegates will need:
- A laptop or desktop computer (not a tablet or phone) with a webcam and microphone.
- The latest version of Google Chrome, with the ProctorExam extension installed.
- A smartphone or tablet to act as a second camera.
- A reliable internet connection.
- Photo ID, such as a passport or driving licence.
Reasonable adjustments, such as extra time or rest breaks, must be requested at least 12 working days before the exam. More information is available on APM’s Online examinations: what to expect page.
Delegates receive their exam results directly from APM.
Pre-Coursework
There is no mandatory pre-course work for this course. However, delegates will benefit from spending some time reviewing their current project environment and considering how risk management is applied within their organisation.This preparation will help delegates relate the course content to their own projects and maximise the value of classroom discussions, practical exercises and examination preparation activities.
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