About the course
This two-day virtual course helps prepare you for the APM Project Risk Management level 2 examination, which is designed to determine your knowledge, understanding and capability in the subject and if it is sufficient to allow you to undertake formal project risk management.
What is virtual classroom training?
ILX’s virtual instructor-led training combines the personal teaching experience of a classroom, with the ease and flexibility of a virtual environment. Our virtual courses are interactive and engaging, allowing participants to communicate with both the instructor and each other in a collaborative manner.Please review our FAQs for more information relating to virtual learning, including the technical specifications.
This is an intensive two-day course. The training is conducted via a virtual training environment. You need to ensure that you can satisfy the technical requirements that can be found on our website here.
By the end of this course, you should:
- Benefits - Be able to explain benefits of risk management and how they apply at different levels within an organisation and explain possible threats to effective risk management
- Principles - Be able to explain the concept of risk as threat and opportunity and explain the differences between risk events and project risk
- Process – Be able to demonstrate understanding of the PRAM process and apply it to a case study and demonstrate the application of scaling project risk management to a case study
- Initiate – Be able to identify the project objectives, scope, and success criteria , define success criteria and carry out stakeholder analysis.
- Identify – Be able to identify risks from a case study in the form cause, event, and effect.
- Assess - Be able to explain the difference between qualitative and quantitative risk assessment and when they should be applied. Be able to assess risks qualitatively and assess risks quantitatively. Be able to explain the need to prioritise project risks.
- Plan responses - be able to suggest assignment of risk owners based on a case study. Plan response strategies for differing threats and opportunities identified from a case study and calculate cost/benefit analysis of risk responses.
- Risk identification techniques - be able to explain the different identification techniques their advantages and disadvantages and use appropriate risk identification technique for the situation.
- Qualitative risk assessment – Be able to define project specific probability and impact scales and use a 5 X 5 probability grid to prioritise risks.
- Quantitative risk assessment - Be able to explain probability distribution functions and demonstrate their use. Explain the uses and benefits of risk assessment techniques. Explain the theory behind Monte Carlo Analysis and its application on projects. Interpret data from a Monte Carlo analysis. Calculate mean, median, mode, variance. Explain criticality and cruciality. Explain net present value (NPV) and internal rate of return (IRR) in risk assessment. Use a decision tree to decide the best option. Use sensitivity analysis to determine key risk drivers. Calculate expected value of threats.
- Risk response: Be able to suggest the most appropriate responses for a variety of threats and opportunities.
- Organisation and control: Be able to produce a risk management plan. Explain, and distinguish between, the differing roles in project risk management. Create a risk register. Explain the importance of continued risk ownership and regular risk reviews. Explain methods for determining levels of contingency on projects. Explain the importance of post-project reviews, lessons learnt, and how to obtain information for future risk management.
- Behaviour: Be able to explain how human factors (individual and group risk attitudes) could generically have an effect on the stages of the PRAM process and the effectiveness of risk management. Explain how situational assessments, heuristics, feelings/emotions and/or group biases can have an effect on the risk management process and how they can be overcome. With reference to a case study.
- Application - Be able to describe ways to introduce risk management to a project, including getting buy-in from senior management.
This is an intensive two-day virtual course that includes:
- All accompanying course material
- The cost of the APM Risk 2 examination (must be taken online via remote proctor within 12 months of purchase)
- The official manual (APM PRAM Guide)
There is mandatory pre-course work that must be undertaken prior to attending this course. You will be sent full instructions prior to the event. In addition, whilst attending the course there will also be some exam preparation evening work.
Exams are taken online via remote proctor. Two weeks prior to course commencement ILX will arrange for an exam voucher to be issued. You will then be able to book a suitable time after your virtual classroom event has finished to undertake your exam.
Note: You are responsible for booking your own exam(s).
- Three hours and 15 minutes
- You must answer three questions
- Question one is compulsory; you then have a choice of two further questions from a selection of four
- Open book examination, you are permitted to take a copy of the APM PRAM guide