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PROJECT RISK MANAGEMENT (Level 3)

Overview
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.

Project Risk Management will show you how to 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. You’ll learn how to evaluate and respond to risk at the project as well as the task levels.

As risk can never be eliminated from a project, project managers must be able to 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.

Project scope needs to be clearly defined for budget approval. This requires risk identification, assessment & quantification for determination of cost & schedule contingencies. These are then controlled using risk control techniques.

The seminar content is in line with the Project Body of Knowledge (PMBOK Guide 2000) published by Project Management Institute.

Programme 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.

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

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.  

ORGANIZATIONAL 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.

PERSONAL IMPACT
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
  • Identify threats and opportunities and weigh their relative value in your project
  • Control multiple risks using concise strategies
  • Overcome psychological barriers to risk in stakeholders and team members
  • Make risk and opportunity integral components of your next project plan

Competencies Emphasized

  • Risk management planning in line with project objectives;
  • Proactive identification of risk sources and minimization of their impact;
  • 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; and
  • Ability to make decisions and to select choices with greater knowledge of facts to optimize outputs.

Programme Outline
DAY 1

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

  2. Risk Planning (Step 1)
    1. Plan the approach to risk management
    2. Planning inputs, tools & outputs

DAY 2

  1. Risk Identification (Step 2)
    1. Identification inputs & tools
    2. Identification guidelines
    3. Risk identification techniques
    4. Risk categories
    5. Risk identification outputs

  2. Review of Cost & Schedule Estimating in Relation to Risk
    1. Cost estimating classes & types
    2. Cost estimating methods
    3. Adjustment of cost estimates
    4. Accuracy, allowances, contingency & management reserve
    5. Work Breakdown Structures (WBS)
    6. Schedule diagramming - critical path method (CPM)
    7. Resource management
    8. Earned value method (EVM)
    9. Baselining

DAY 3

  1. Risk Assessment & Quantification (Step 3)
    1. Risk analysis inputs
    2. Risk analysis guidelines
    3. Probability analysis
    4. Impact analysis
    5. Risk analysis approaches - qualitative & quantitative
    6. Risk analysis tools & techniques
    7. Statistical sums in risk analysis
    8. Program Evaluation & Revue Technique (PERT)
    9. Monte Carlo simulation
    10. Decision trees
    11. Project risk rating & prioritizing
    12. Risk analysis outputs

DAY 4

  1. Risk Response Plan Development (Step 4)
    1. Risk response development inputs, tools & techniques
    2. Risk response strategy guidelines
    3. Response strategies for threats
    4. Response planning & network diagramming
    5. Response analysis
    6. Alternative responses
    7. Reserves - contingency & management
    8. Response planning outputs

DAY 5

  1. Risk Response Control
    1. Risk management plan execution (Step 5)
    2. Risk response control tools
    3. Risk response control guidelines
    4. Risk strategy execution
    5. Evaluating risk response results (Step 6)
    6. Risk documentation

  2. Project Environment & Contract Risks
    1. Stakeholder influence
    2. Managing project environment risks
    3. Contracting strategies
    4. Contract risk sharing
    5. Types of contracts and risks




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