Project Risk Management

Why attend this Masterclass?

Risk Management in projects is not an option. Modern projects are increasingly subjected to uncertainty and thereby exposed to risks. Managing them as potential opportunities that can be leveraged, or as threats that can be eliminated, minimized and controlled, is a crucial skill for the modern project manager. Basic project control is reactive and focuses on the internals of the project. Risk management adds a pro-active layer to this basic control process. It works as a window to the outside world, allowing for threats and opportunities to be anticipated and planned for as no surprises. In this course, you will learn how to practice risk management effectively in line with the latest international standards from the PMI and also aligned with the Recommended Practices from the Association for the Advancement of Cost Engineering (AACE International). The approach adopted is practical and action-oriented, allowing for a close contact with proven tools and techniques. The course provides a rich blend of soft issues related to the strategic management of risks, and hard processes techniques that ensure a formal integrated approach to project risk management.

Session 1 - Overview of the relevant standards for Project Risk Management:

• The PMBOK® Guide Project Risk Management Framework from PMI
• The Total Cost Management (TCM) Framework and the Recommended Practices (RPs) from AACE International
• The ISO 21500 family of standards

 Session 2 - Key concepts and principles

• What are risks?  Risks vs. constraints. Risks and the project objectives
• Overview of the Project Risk Management Process, Tools and Techniques

 Session 3 - Implementing the Risk Management Process: Use of Tools and Techniques

• Risk Management Planning
• Risk Identification
• Qualitative Risk Analysis
• Quantitative Risk Analysis
• Risk Response Planning
• Risk Monitoring and Control

 Session 4 - Integration of the Project Risk Management:

• With Performance Management using Earned Value Management (EVM)
• With Asset Management based on Total Cost Management
• With Schedule Development and Cost Estimation

Session 5 

• Critical Issues for Organizational Implementation
• Final discussion and conclusions