Conventional project risk management assumes the project risk decreases with time and progress. A proper risk analysis must identify and analyse the potential strategic and tactical risks. A well-planned risk analysis should typically involve estimating the impact of risks on project objectives. Despite the growing acceptance of project risk management, there remain a number of common pitfalls that Project Managers should avoid. Among these pitfalls is the inability to identify and quantify the project risks to develop a better estimate and a schedule without misuse of contingency funds while developing both proactive and reactive mitigation strategies to deal with both strategic and tactical risks. This course will provide an overview of such expertise and knowledge to develop an integrated framework of risk management and simulation.
Topics covered will include the following:
- Introduction to Risk Management (3 hours)
- Structured Risk Analysis Method (5 hours)
- Risk Response and Management (2 hours)
- Integrated Risk Analysis and Monte Carlo Simulation (3.5 hours)
- Other analytical Tools to Assess Risks (1.5 hours)
- Defining the terms and fundamentals of risk, uncertainty, risk analysis, risk management, and simulation;
- Outlining the success stories of projects with high risks;
- Explaining how alignment of the team brings project success;
- Explaining a structured method to properly identify, qualify, quantify, and respond to risks;
- Explaining how risk management is linked to Monte Carlo Simulation;
- Demonstrating the impact of risks on schedule and estimate; and
- Explaining how to develop a risk-based schedule and estimate.
- Understand the principles and fundamentals of risk and uncertainty management;
- Learn the concepts of strategic and tactical risk management;
- Follow a structured process of risk analysis and management; and
- Learn basics of simulation tools for estimating and scheduling to link the impact of risks and uncertainties to the schedules and estimating, and to mitigate risk and uncertainties.
This course has been designed for those who wish to become familiar with the project execution processes at a high level, specifically those practitioners who already are or wish to pursue the careers of project management, engineering management, project controls, or construction management. Engineers at any level are encouraged to attend this course.
“The in class activities help to understand materials.”
“The interactive aspect of the course was great. Presenter was very clear and engaging.”
Vice-Provost International and Professor of Project Management, University of Calgary
Dr. Janaka Ruwanpura is a Professional Engineer registered in Alberta. Professor Janaka Ruwanpura is the Vice-Provost - International (VPI) at the University of Calgary. He was a full-time Professor and Canada Research Chair (CRC) in Project Management Systems (2007–2013) in the Schulich School of Engineering at the University of Calgary, Canada before he became the VPI. He is the Founding Director of the Centre for Project Management Excellence at the University of Calgary and has been the Director of Project Management since 2005. He earned his Bachelor of Science (Honours) in Quantity Surveying from the University of Moratuwa, Sri Lanka in 1992, a Master of Science in Construction Management from Arizona State University in 1997, and a PhD in Construction Engineering and Management from the University of Alberta in 2001. Professor Ruwanpura joined the University of Calgary as an assistant professor in 2001.
Prof. Ruwanpura, a former US Fulbright scholar, has developed many best practices and tools that have been successfully implemented in the construction industry for productivity improvement, project management, project planning, construction management, risk management, decision analysis, and sustainability. He has published over 175 technical papers in refereed journals and conference proceedings. Prof. Ruwanpura has also been recognized with many national and international awards for teaching, research, service, graduate education, and internationalization. This includes the “Industry Partnership Award” in 2012 for his contribution to the Canadian Construction Industry in terms of collaboration, innovation, and transformation, Walter Shanly career award for construction engineering from the Canadian Society for Civil Engineering, and the Brian D. Dunfield Education Service from the Association for the Advancement of Cost Engineering in 2012.
As the recipient of the University of Calgary’s International Achievement Award in 2006, Prof. Ruwanpura’s passion for international activities grew up over the years and the University of Calgary appointed him as the Vice-Provost (International) to lead the realization of the University’s international strategy. Prof. Ruwanpura had agreed to give up his second term of the Canada Research Chair appointment to lead the Internationalization efforts of the University due to his passion and interests in this area. Prior to being appointed as Vice-Provost (International), his involvement in international activities is comprehensive, including teaching, training, research, administration, and service activities. He has led negotiations and successfully implemented two teaching contracts that offered the University of Calgary’s M.Eng. degree program in project management to students working for the National Iranian Oil Company in Tehran in 2005, and serves as the convener (from 2010) and co-leader for the International Institute for Infrastructure Renewal and Reconstruction, a multi-university consortium of over 20 universities around the world, which has collaborative research in disaster planning and management.
During his three years as Vice-Provost (International), he has brought new initiatives to the University of Calgary. This includes developing and implementing collaborative degree models for undergraduate and graduate levels, offering customized training and capacity building programs, co-developing Global Research Initiatives and Sites, and promoting new opportunities for students’ international experience.
He is a licensed professional engineer (P.Eng.) in Alberta and a professional quantity surveyor (PQS) in Canada. He is also a Professional/Chartered Member of the Royal Institution of Chartered Surveyors, UK (MRICS).