Course details

Overview ?

Introduction

This seminar will emphasize awareness of project risk management to minimize project cost/schedule overruns & improve project execution.

Project management is all about the management of risks; the ability to seize opportunities, minimize threats and to optimize results. However, risk management is too often treated as a reactive process, or worse, not done at all. In this Project Risk Management course, you’ll work through the proactive approach to both sides of risk: threats and opportunities. The approach is based on a clear understanding of both qualitative and quantitative approaches to risk management.

The highlights of this course are:

Examine both the threats and opportunities facing your projects from both a top-down and bottom-up perspective using a proven six-step risk management process.
Evaluate and respond to risk at the project as well as the task levels.
Anticipate possible causes of cost and schedule overruns, together with poor quality of work. By identifying the warning signs to these as early as possible in the project timely corrective action can be taken to minimize or mitigate the impact.

An issue facing most projects is compliance; with both internal corporate policy and with government regulations. Failure to properly proceed in this area can result in costly schedule and budget problems on a project.

Objectives

The program is designed to provide practicing project managers, program managers, technical leaders and owner/sponsors with the skills and knowledge to successfully manage risk throughout the project cycle.

As such, delegates will:

Get an overview of the Risk Management Process
Learn to identify risks that affect project quality, time & schedule, cost and scope
Apply useful techniques to identify, analyze, mitigate and monitor risks in the project life cycle
Learn how to create an effective risk monitoring plan and risk management strategies.
Use a practical, six-step process to manage project risk
Develop a risk budget based on expected monetary value (EMV)

Training Methodology

The training methodology will incorporate both theory and skill training components, utilizing both traditional lectures, as well as hands-on exercises, group discussions and case studies.

Organisational Impact

Both private and public organizations will greatly benefit from systematic approach to managing project, which will improve the likelihood of on-time and on-budget project completion by focusing on:

Risk management planning in line with project objectives
Proactive identification of risk sources and minimization of their impact
Knowledge of risk compliance issues and practices
Understanding the relationship between risk, scope, cost & time
Knowledge of mathematical techniques used in risk analysis
Evaluating alternative risk strategies and modifying project plans accordingly

Personal Impact

Delegates will:

Identify threats and opportunities and weigh their relative value in your project
Learn how to rank risks based on the amount of exposure to the company
Develop the skill necessary to quantify risks
Employ the concept of Expected Monetary Value (EMV) to prioritise the risk mitigation strategy
Control multiple risks using concise strategies
Make risk and opportunity integral components of your next project plan

Who Should Attend?

This course is intended for individuals who want to develop and refine their project risk management skills.
Professionals, no matter what your industry background are (i.e. engineering, information technology or business), this course will cover both the fundamental principles and modern techniques of project risk management.

SEMINAR OUTLINE

DAY 1

Risk Management Framework and Planning

Introduction

Key definitions
Project Management Body Of Knowledge (PMBOK) - 6 risk management processes
Project risk management goal
Purpose of risk management
Benefits of risk management
Responsibilities in risk management
Integrating risk management into the project management process
Components of risk
Types of risk
Six steps of risk management
- Plan the approach to risk management
- Risk Identification
- Risk Assessment & Quantification
- Risk Response Plan Development
- Risk management plan execution
- Evaluating risk response results

Risk Planning (Step 1)

Plan the approach to risk management
Planning inputs, tools & outputs

DAY 2

Risk Identification Processes

Risk Identification (Step 2)

Identification inputs & tools
Identification guidelines
Risk identification techniques
Risk categories
Risk identification outputs

Review of Cost & Schedule Estimating in Relation to Risk

Cost estimating classes & types
Cost estimating methods
Accuracy, allowances, contingency & management reserve
Work Breakdown Structures (WBS)
Schedule diagramming - critical path method (CPM)
Resource management
Earned value method (EVM)
Baselining

DAY 3

Risk Assessment and Quantification Processes

Risk Assessment & Quantification (Step 3)

Risk analysis inputs
Risk analysis guidelines
Probability analysis
Impact analysis
Risk analysis approaches - qualitative & quantitative
Risk analysis tools & techniques
Statistical sums in risk analysis
Program Evaluation & Revue Technique (PERT)
Monte Carlo simulation
Decision trees
Project risk rating & prioritizing
Risk analysis outputs

DAY 4

Risk Response Plan Development

Risk Response Plan Development (Step 4)

Risk response development inputs, tools & techniques
Risk response strategy guidelines
Response strategies for threats
Response planning & network diagramming
Response analysis
Alternative responses
Reserves - contingency & management
Response planning outputs

DAY 5

Risk Response Control

Risk management plan execution (Step 5)
Risk response control tools
Risk response control guidelines
Risk strategy execution
Evaluating risk response results (Step 6)
Risk documentation

Day 1

Day 2

Day 3

Day 4

Day 5

Training Methodology

Project Risk Management & Compliance

Course details

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