Project Risk Management & Compliance
Course Code: PJ15
►Course Objective
- 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)
►Target Audience
- managers
- senior buyers
- project managers, civil engineers
- construction managers
- contractors, sub-contractors
- site engineers, senior management
- government agencies
►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
- 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
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