Project Risk Management

Project Risk Management

Date/Time: Date(s) - 26/09/2022 - 28/09/2022( 8:00 am - 5:00 pm )
Location: Malaysia, Kuala Lumpur


Overview

One of the biggest shortcomings in project risk management is that the project risks are often developed and managed without giving due consideration to the necessity of accurately defining, quantifying, and mitigating risks that could significantly affect both the execution and outcome of a project. In addition, the responsibility of managing project risks are delegated to managers or engineers who have not had the benefit of professional project risk management training and, unless they have a proven track record in efficiently managing project risks, this can easily result in excessive man-hours being spent logging and mitigating risks which are either ill-defined or not relevant to the outcome of the project.

We offer this comprehensive training course which is designed to provide Risk Managers and Engineers with the necessary tools and skill sets to efficiently manage project risks. We consider one of the most efficient means of risk management is to define risk as a combination of a threat and an event triggered by that threat, which results in consequences to either the project itself, or to the stakeholders of that project. Therefore, this training course applies risk matrix and risk analysis methodologies.

Objectives

  • Accurately identifying and describing project risks
  • Applying proven risk analysis methods
  • Understanding different risk management techniques
  • Differentiating between opportunity and threat risks
  • Defining risks against project context and risk boundaries
  • Distinguishing between real and perceived risks
  • Evaluating risk probability and impacts
  • Defining appropriate risk impact categories
  • Applying optimum risk control techniques
  • Mastering the process of efficient risk management

Who Should Attend?

Project Directors, Asset Managers, Project Managers, Project Risk Managers, Quality Assurance Managers, Contract Managers, Procurement Managers, Project Engineers, Discipline Engineers, Technical Assistants, Project Management Professionals

Outlines

Risk Management Planning, Identification & Analysis
  • Introduction to Project Risk Management Techniques
  • Risk Definitions & Common Terms
  • Management Planning
  • Describing Risk
  • Risk Attitude
  • Planning Inputs, Tools, Techniques & Outputs
  • Risk Management Planning Exercises
Risk Identification
  • Risk Source
Risk Analysis & Evaluation and Risk Response Management
  • Risk Analysis & Evaluation
  • Risk Response Planning, Implementation & Control
    • Response Strategies for Threats & Opportunities
    • The S.M.A.R.T. Rule
    • Risk Control Inputs
    • Risk Control Tools & Techniques
    • Risk Control Outputs
    • Risk Response Exercises
Applied Project Risk Simulation
  • Project Risk Setup & Management
    • Project Selection
    • Risk Identification
    • Risk Occurrence Timeline
    • Probability of Occurrence
    • Impact Identification
    • Impact Ranking
    • Probability Mitigation Identification
    • Impact Mitigation Identification
    • Mitigation Implementation & Control

Training Methodology

  • Case Studies.
  • Individual and group discussions and exercises.
  • Intensive training by using templates, diagrams and charts.
  • Planning activities and presentations.
  • Self assessments.
  • Action plan.

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