Project Risk Management
 
 
Overview
 

In project and program management it is inevitable that something can and will go wrong. This gets worse in complex and difficult project. The difference in successful project management is adequately assessing the risks and then executing a successful risk response. Organizations must have solid project risk management best practices in place in order to deliver projects within specified time frames, budgets, and quality requirements.

 

Studies suggest that 90% of project problems can be foreseen through the application of proper project risk management techniques. Proactively identifying and controlling risk greatly increases the accuracy of the project’s scope, schedule, and budget, as well as reduces the amount of time the team spends putting out fires.

 

This course will focus on improving the project manager’s risk management expertise from initial planning through project closure, with the introduction of important tools and techniques that can tackle both, complex and simple projects. It based on Project Management Institue (PMI®) standard and best practises. Participants will apply all course principles to a work-related case study taken directly from their work environment. At course completion, participants will be able to identify, analyse, respond to, and control project risks.

 

 

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Objectives

Upon completion of this course, participants will be able to plan, identify, assess and validate and improve project control measure through project risk management processes, determine appropriate contingency and proactively facilitate the developing prevention/ corrective action for better decision making.

 

As some of the project scope, costs and schedules are established without adequate engagement, this course will train the participants to control these triple constraints in any level of complexity of a project.

 

Among others of this training objectives are as follows: -

  • Train the participants to validate project information
  • Train the participants to foster clear understanding of challenges ahead
  • Train the participants to improve project communication
  • Improved customer satisfaction
  • Encourage lesson learned



Course outline/content


Day One


1 – Introduction to Project Risk Management

  • Definition of Risk
  • Dual Nature of Risk
  • What is a Project Risk Management?
  • Major types of risk
  • How Risk Management is done in a Project
  • Project Constraint
  • Project Influence


2 - Schedule and Cost Risk

  • Stakeholder Identification and Assessment
  • Project Charter Creation
  • Collect Requirements
  • Define Scope
  • Create WBS
  • Define Activities
  • Sequence Activities
  • Estimate Activity Resource Duration
  • Develop Schedule
  • Estimate Cost
  • Determine Contingency and Management Reserve


3 - Identify Risk

  • How to find risks?
  • Brainstorming session
  • Delphi Technique
  • Interview
  • SWOT analysis
  • Root Cause Analysis
  • Assumption and Constraint Analysis
  • Risk Breakdown Structure (RBS)
  • Risk Even Statement
  • Risk Register Development

 


4 - Perform Qualitative Risks Analysis

  • Qualitative Risk Rating Guidelines
  • Source of Impact Data
  • Project Cost Impact
  • Project Schedule Impacts
  • Analyzing Schedule Risks
  • Project Scope Impact
  • Risk Appetite- Likelihood
  • Risk Appetite – Impact
  • Risk Probability and Impact Matrix

 

Day Two


5 - Perform Quantitative Risks Analysis

  • Sensitive Analysis
  • Quantitative Risk Rating
  • Expert Judgement
  • Expected Monetary Value (EMV)
  • Monte Carlo Analysis
  • Decision Tree
  • Comparison of approaches

 


6 - Plan Risk Response

  • Risk Response Strategy
  • Escalation
  • Avoidance
  • Mitigation
  • Acceptance
  • Contingency Reserve
  • Management Reserve

 


7 - Implement Risk Response

  • Identify Risk Owner
  • Risk Trigger
  • Exercise Influence
  • Updating risk register

 


8 - Risk Monitoring

  • Risk monitoring and controlling
  • Monitor Risk Triggers
  • Workaround
  • Risk Assessment
  • Audit
  • Reserve Analysis
  • Technical Performance Analysis
  • Closing inapplicable risks
  • Update Risk Register

 

Who should subscribe for this training

  • Project Managers
  • Project Services/Control Managers
  • Planners/Cost Control
  • Project Engineering / Engineering leads
  • Supply Chain personals/ Construction Management Personals
  • Contract/Proposal Managers
  • Program Managers/Sponsors
  • IT Project Management
    Or any team members who are part of the risk identification and addressing process and want to learn to quantify risk systematically to deliver projects that meet stakeholder expectations.

 

 

Course Details:

Trainer: Rosli Bakri, PMP, PRINCE, MPM

 

Click HERE to request for more information

OR

Call +603-2333 8854

 

*HRDF Claimable

* Ask your HR Manager or Training Coordinator to contact us at: This email address is being protected from spambots. You need JavaScript enabled to view it.  or call: +603-2333 8854 for HRDF claimable training.

*Course Cancellation/Reschedule Policy 
We reserve the right to cancel or re-schedule the course due to unforeseen circumstances. If the course is cancelled, we will refund 100% to participants. Note the venue of the training is subject to changes due to class size and availability of the classroom.

 


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