Improving project Success through Project Risk Management

Overview

The project Management Institute found that projects with a sound risk process have:

  • 15% higher success rate
  • 17% increase in cost efficiency
  • 15% increase in schedule efficiency

90% of the project problems can be foreseen through institutionalising a sound project risk management techniques. Unfortunately, Project Risk Management has not got the attention and resource it deserves. Proactively identifying and controlling risk greatly improves compliance to Scope, Schedule and Budget as well as reduces the firefighting time.

Companies in the top 20% of RM maturity generate 3X EBITDA of those in the bottom 20%.

Source: “Turning Risks into Results: – a study by Ernst & Young(E&Y)

Project Risk Management is too important to ignore, it is a direct addition to bottom line of the company.

Course Objectives:

This course focuses on improving the participant’s risk management expertise, from initial planning through project closure. Participants will apply all course principles to a work-related case study taken directly from their work environment. At course completion, participants will be able to identify, analyse, respond to, and control project risks.

Course Content

Risk Management Overview

  • Risk Management Benefit and Uses
  • Project Risk Management
  • Project Management Life Cycle

Risk Management Life Cycle

Plan Risk Management

  • Scope Risks
  • Schedule Risks
  • Resource Risks
  • Risk management Methodology

Identifying Risks

  • Identify Risks
    • Delphi Technique
    • Subject Matter Expert Input
    • Brainstorming
    • Fishbone Diagrams
    • Process Analysis
  • Risk Breakdown Structure (RBS)
  • Risk Register

Analyse Risks

  • Perform Qualitative Risk Analysis
    • Probability and Impact Assessment
    • Probability and Impact Chart
  • Perform Quantitative Risk Analysis
    • Expected Monetary Value (EMV)
    • Monte Carlo
  • Plan Risk Responses
  • Risk Response Strategies
  • Overall Project Risk
  • Checklists

Executing, Monitoring and Controlling

  • How, What & When
    • Control Risks
    • Project Monitoring

Closing Risk Management Process

  • Closing Process Group Overview
  • Post-Project Risk Assessment

 

Who Should Attend

This course is designed for all project managers and project team leaders, Finance Lead, Risk managers.

What are the benefits of attending the workshop?

After the workshop the participant will be equipped to do

  • An Objective assessment of Project Risk management Process
  • Proper accounting of project risks and uncertainties
  • An evaluation of investment decisions
  • Contingency planning
  • Create Risk Response

Methodologies

The Course delivery will be interactive. It will have a blend of live examples, Case studies, Scenarios, Videos, Surveys & Games to facilitate effective learning

  • Experiential Learning
  • Experience Sharing
  • Insightful Sessions