- Introduction to Project Risk Management: Definitions, concepts, and applications, cause and effect diagrams, risk spectrum, individual versus global risk events, risk contingency, critical success factors affecting risk management, stakeholders’ risk attitude, risk utility theory, the role of a PM in risk management (Exercise: Determine Your Risk Attitude- Are You a Project Risk Seeker?)
- Plan Risk Management: Risk management plan and processes, communication needs, risk templates, analytical techniques: EVM, impact scales and probability scales, risk response categories, fishbone diagram, tolerance limits, power/interest grid: stakeholders’ analysis, etc. (Case Study: Examine and Compare Different Types of Risk Management Plans).
- Identify Project Risks: Sources of risks, how to make a proper risk statement, information gathering techniques: SWOT analysis, brainstorming, Delphi, root cause analysis, assumptions analysis; risk breakdown structure, allocation of risks to work packages, and risk register. (Case Study: School Project Risk Identification Scenarios and Developing RBS).
- Perform Project Qualitative Risk Analysis: Risk probability and impact assessment, Pareto-Analysis, probability/impact risk matrix, risk re-categorization, risk data quality assessment, risk urgency assessment, update risk register. (Case Study: School Project Qualitative Risk Analysis).
- Perform Project Quantitative Risk Analysis: Data gathering and representation techniques, quantitative risk analysis and modeling techniques, decision tree analysis, sensitivity analysis, Monte Carlo Simulation, fault and event tree analysis. (Exercise: Expected Monetary Value Analysis and Decision Tree Analysis).
- Develop Project Risks and Plan Responses: Risk response strategies: avoid, mitigate, deflect, and accept, possible secondary and residual risks, other methods: insurance and bonds, privilege clauses, selecting a different project delivery strategy, and
- Monitoring and Control Project Risks: Main inputs, tools and techniques, and outputs.
- Relevant case studies to demonstrate the concepts.
- Carefully selected hands-on training exercises and group work for better practice, and
- Application of a large number of risk management tools and techniques to add to your toolbox.
Upon successful completion of this course, participants will be able to:
- Understand the content of a Risk Management Plan.
- Develop a risk breakdown structure, using different techniques.
- Understand how to identify risks for inclusion in the Risk Register.
- Use risk prioritization techniques to rank project risks.
- Apply quantitative techniques to determine project contingency, and
- Plan Risk Responses & Monitor and Control significant risks and implement proper mitigation strategies.
This seminar is intended for project engineers, consultants, project managers, construction managers, safety engineers, and other professionals involved in planning, executing, and monitoring and controlling projects to help better plan, identify, analyze, control, respond to project risks, and to estimate project contingency. Basic understanding of project management knowledge is encouraged but is not required.
PMP, Project Managment Training Solutions
Dr. Elbarkouky is the Chair of the Construction Management Bachelor Degree Program at the Northern Alberta Institute of Technology (NAIT). He is an expert in the field of risk management and project control. He has more than 17 years of practical experience in his field of practice. He managed and controlled a large number of complex projects in Canada, the U.S., Europe, Africa, and the Middle East. He developed several risk analysis tools for different companies in Alberta. He has extensive experience in oil and gas, power projects, infrastructure, and building construction projects. Dr. Elbarkouky has a Ph.D. in construction engineering and management from the University of Alberta. He is also a Professional Engineer in Alberta and a Project Management Professional (PMP) of the PMI. He is also the CEO of a project management training organization specialized in teaching professional and academic courses in project management, risk analysis, contract administration, scheduling, cost estimation, and project planning and control in Alberta, Saskatchewan, BC, and NWT. Dr. Elbarkouky is a public speaker and he also teaches for the University of Alberta (UofA), NAIT, Global Innovative Campus (GIC), Bredin Centre for Learning, and Canada School of Public Works (CSPW).