Recognizing and Managing Project Risk
Open Enrollment Course Dates: TBA/on-site
Course Length: 1 day
Course Fee: $395
Course Hours: 8:30 a.m -4:30 p.m.
Who should attend?
This course is perfect for people who work engineering projects although all project managers will benefit from attending. This includes engineers, designers, project managers, planners, schedulers, and implementation personnel. It is well suited for new construction, refurbishment and repair project.
We can customize this course for your team to include in-house tools you may already be using such as MS Project and MS Excel.
You will never have enough funding to eliminate all of your project risks. In its purest sense, risk is uncertainty. The level of risk in a project is highest early in the life cycle when uncertainty is highest. The level of risk then tends to decrease over the project life cycle as we gather more information. The successful project team must learn to identify the risks and establish strategies for dealing with them as early in the project as possible but, then delay implementing those strategies until they are needed. This conserves precious resources in an uncertain environment. This is a hands-on course where students learn to apply the lessons through exercises. In this course the student will learn:
- Risk Identification Techniques -Risk identification is a routine process that you will use throughout the project life cycle. To keep the process fresh and the team engaged, you need to mix it up and use different risk identification techniques. In this class we’ll cover Document Reviews, Nominal Group Technique, Scenario Analysis; Risk Questionnaires, and Interviewing Techniques.
- Qualitative Risk Analysis – Stop using a generic Probability and Impact Matrix. Learn to develop a Probability and Impact Matrix that meets both your company and your project risk tolerance and risk thresholds so your Qualitative Risk Analyses are more meaningful.
- Risk Response Actions – Learn to use a Bow-Tie Analysis to develop effective, efficient Risk Response Actions.
- Risk Urgency – All risks are important but some are more urgent than others. Learn to establish strategies for delaying risk response actions as long as possible to conserve resources without jeopardizing your project.