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RM01 Introduction to Project Risk ManagementCourse Précis
The course provides a comprehensive introduction to effective project risk management. Attendees will be taught the basic skills and techniques necessary to produce meaningful quantitative cost and time risk analysis. They will also be shown how to use this analysis to manage and reduce project risk, and so bring projects in on time and to budget. Attendees will also be introduced to the various commercial packages available for risk analysis. The course is primarily based on project management within the construction industry; but will be applicable to the management of any complex, time constrained project.
Learning Outcomes:
- Understand basic probability theory as appropriate to risk analysis
- Understand how to identify and define risks
- Be able to produce a risk register and risk management plan with qualitative and quantitative risk assessment
- Be able to use the plan for active risk reduction
- Understand the concepts behind time / schedule risk, and their particular importance to overall project risk
- Understand the concept of Monte-Carlo risk analysis, when it is appropriate to use Monte-Carlo analysis, and the limitations of Monte-Carlo analysis
- Be able to make a meaningful judgement of which risk analysis software is appropriate for their needs.
Audience:
The course is specifically aimed at all personnel who are directly involved with the management of complex projects, ie: Project Managers, Contract managers, Commercial Managers, Programme Managers, Planners, Construction Managers, Site Agents, QS's, etc, within Contracting, Consulting and Client Organisations. The course is taught by project management professionals; with an emphasis on effective techniques and a minimum of complexity.
Prerequisite:
Basic understanding of project management and/or construction management processes, working knowledge of Excel, basic understanding of planning/programming.
Length: 2 days
Course Content:
- Introduction to risk & probability
- Defining risk
- Information sources
- Risk planning and management
- Quantitative cost risk assessment
- Quantitative time risk assessment