Project Risk Management & Compliance

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 seminar 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.

Course 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).

Who Should Attend?

This seminar 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.

Course 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
• Compliance issues
• 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
• Homologation and compliance
• 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 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

Course Methodology

A variety of methodologies will be used during the course that includes:

• (30%) Based on Case Studies
• (30%) Techniques
• (30%) Role Play
• (10%) Concepts
• Pre-test and Post-test
• Variety of Learning Methods
• Lectures
• Case Studies and Self Questionaires
• Group Work

Course Fees

This rate includes participant’s manual, Hand-Outs, buffet lunch, coffee/tea on arrival, morning & afternoon of each day.

Course Certificate

International Center for Training & Development (ICTD) will award an internationally recognized certificate(s) for each delegate on completion of training.

Course Timings

Daily Course Timings
08:00 - 08:20       Morning Coffee / Tea
08:20 - 10:00       First Session
10:00 - 10:20       Coffee / Tea / Snacks
10:20 - 12:20       Second Session
12:20 - 13:30       Lunch Break & Prayer Break
13:30 - 15:00       Last Session