By the end of this programme participants will:
- Identify project-specific risks and uncertainties related to the various project phases, including the project schedule
- Prioritize and rank risks in order to deal with them systematically
- Use qualitative and quantitative methods to assess the exposure of the project to particular risks in real and measurable terms
- 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
DAY 1
Fundamental Principles of Project Risk Management
Description:
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- Definitions of risk
- The triple constraint and stakeholder analysis
- Risk management processes:
- Establishing risk context and criteria
- Identifying risk events, triggers, and receptors
- Analyzing risks qualitatively and quantitatively
- Developing and implementing risk treatment strategies
- Techniques for identifying risk events and triggers
- Risk scenario descriptions
DAY 2
Project Risk Analysis, Assessment & Quantification
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- Risk matrices and ranking
- Risk identification techniques:
- Expert panels
- Brainstorming, Delphi, Nominal Group Technique (NGT), and Crawford slip
- Fishbone diagrams
- Qualitative descriptions of probability and impact
- Qualitative risk analysis matrices
- Risk response strategies
- Progressive risk management plan development
DAY 3
Project Risk Analysis and Outcomes Modelling
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- Detailed risk quantification and prioritization
- Risk characteristics and ranking
- Probability and impact estimation
- Weighted probability-impact ratings
- Expected Monetary Value (EMV) concepts
- Risk quantification and decision-making under uncertainty
DAY 4
Project Risk Strategy Development
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- Risk quantification and EMV scenarios:
- Best case, base case, and worst case
- Strategy development procedures and response matrices
- Financial scenario planning and mitigation
- Forecasting project cash flows over the economic life
Module 5: Project Risk Scenario Planning & Mitigation
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- Advanced scenario planning and mitigation strategies
- Risk response strategies:
- Acceptance, prevention, avoidance, mitigation, and transfer
- Contracting and implementing mitigation strategies
