Course Schedule

Advanced Project Risk Analysis & Management

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Code Course Title Venue Date Fees Join Now
PM16 Advanced Project Risk Analysis & Management Istanbul - Turkey, 20190422 22 - 26 Apr 2019 $4,750 Register
PM16 Advanced Project Risk Analysis & Management Dubai - UAE, 20190707 07 - 11 Jul 2019 $3,750 Register
PM16 Advanced Project Risk Analysis & Management Dubai - UAE, 20190922 22 - 26 Sep 2019 $3,750 Register
PM16 Advanced Project Risk Analysis & Management New York - USA, 20191118 18 - 22 Nov 2019 $5,950 Register

COURSE OVERVIEW

Effective Project Risk Analysis and Management lies at the very core of successful project delivery. Project failure results in the failure to achieve the organization’s financial and strategic objectives, often with sizable increases in project cost and with substantial financial losses to the organization.

Accordingly, the systematic identification, quantification, and analysis of project risks, as well as the development of detailed risk treatment strategies to mitigate all relevant risks that threaten the intended outcomes of the project, are essential to the achievement of project success.

This 5-day training programme on Project Risk Analysis and Management will enable delegates to apply the tools and techniques of modern project risk management effectively in order to deal with a wide variety of risks and uncertainties related to the project.

IMPORTANT FEATURES

The important features of the Project Risk Analysis and Management training course are:

  • Identify risk categories related to your organization’s operations and projects
  • Identify project-specific risks and uncertainties related to design, planning, operation and maintenance
  • Use a proven set of skills and techniques for the quantification, analysis and mitigation of identified risks, and
  • Develop a systematic and dynamic Risk Management Plan

LEARNING OBJECTIVES

By attending this course, delegates will learn how to:

  • Identify project-specific risks and uncertainties related to the various project phases, including the project schedule
  • Use qualitative and quantitative methods to assess the exposure of the project to particular risks in real and measurable terms
  • Prioritize and rank risks in order to deal with them systematically
  • Apply the concept of expected monetary value to develop adequate contingency levels
  • Employ the six primary risk treatment strategies to develop pro-active responses to potential risks
  • Apply a dynamic risk mitigation process to reduce the risk profile in order to comply with organizational thresholds

TARGET AUDIENCE

The Project Risk Analysis and Management training programme is designed for all staff members responsible for, or involved in project risk management, e.g.

  • Project managers and project leaders
  • Project planners and scheduling staff
  • Project risk management staff
  • Production and operations engineers
  • Other project professionals

TRAINING METHODOLOGY

Delegates will develop advanced project risk management skills and knowledge through formal and interactive learning methods. The program includes individual exercises, team projects, applicable case studies, group discussions and video material that will bring to life the skills acquired throughout the course.

The material has been designed to enable delegates to apply all of the material with immediate effect at the office.

Additionally, the seminar does not assume prior knowledge of the topics covered in the course. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the advanced concepts of project risk management.

Pre & Post course assessments will be used to measure the effectiveness of this training.

COURSE CONTENTS

DAY 1 –Fundamental Principles of Project Risk Management

  • Description:

    A review of the fundamental principles of Project Risk Management.

  • KeyTopics:

    • Definitions – What is risk?
    • The triple constraint & stakeholder analysis
    • Risk management processes & model
      • Establish risk context and criteria
      • Identify the risk events, risk triggers (causes), and risk receptors (effects)
      • Analyze risk events by qualitative or quantitative methods
      • Formulate risk treatment strategies and analyze the effect of each on the risk cost
      • Implement the selected risk strategies
    • Identifying potential risk events
    • Techniques for identifying risk events
    • Identifying triggers, indicators and receptors
    • Risk scenario description

DAY 2 – Project Risk Analysis, Assessment & Quantification

  • Description:

    Various methods used for qualitative and semi-quantitative risk analysis.

  • KeyTopics:

    • Qualitative and semi-quantitative risk analysis techniques
    • Risk matrices and risk ranking
    • Techniques for identifying risk events
      • Regular expert panel meetings
      • Brainstorming
      • Delphi technique
      • Nominal group technique (NGT)
      • Crawford slip
      • Fishbone Diagramming
    • Qualitative descriptions of probability
    • Qualitative descriptions of impact
    • Qualitative risk analysis matrix
    • Risk response strategies
    • Progressive risk management plan development

DAY 3 –Project Risk Analysis and Outcomes Modelling

  • Description:

    More advanced techniques for quantitative risk analysis by estimating probability and impact.

  • KeyTopics:

    • Detailed risk quantification and prioritization
    • Risk characteristics
    • Risk matrices and risk ranking
      • Estimating probability
      • Estimating impact
      • Weighted probability & impact rating
    • Risk ranking
    • Progressive risk management plan development
    • Expected Monetary Value concepts (EMV)
    • Risk quantification and EMV
    • Decisions under conditions of uncertainty

DAY 4 -Project Risk Strategy Development

  • Description:

    Explores the development of risk mitigation strategies aimed at minimizing the potential impact of risk events on the project

  • KeyTopics:

    • Risk Quantification and Expected Monetary Value
      • Best case scenario
      • Base case scenario
      • Worst case scenario
    • Decisions under conditions of uncertainty
    • Risk treatment objectives
    • Procedure for risk strategy development
    • Risk response development matrix
    • Risk strategy development and implementation
    • Forecasting annual project cash flows over the economic life
    • Financial scenario planning and risk mitigation

DAY 5 – Project Risk Scenario Planning & Mitigation

  • Description:

    The relationship between project risk and the financial feasibility of the investment.

  • KeyTopics:

    • Advanced scenario planning
    • Advanced risk mitigation strategies
    • Procedure for risk strategy development
    • Risk response strategies
      • Risk acceptance
      • Risk prevention
      • Risk avoidance
      • Risk mitigation
    • Risk transfer & contracting
    • Implementing mitigation strategies
    • Multiple option decisions
    • Combining risk and cash flow analyses

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