Overview

Managing risks is a crucial part of any project, from the initiation phase to the completion phase. A project with well-managed risks has a higher likelihood of achieving its goals and delivering value. On the contrast, a project with unmanaged risks can face many obstacles and challenges that can jeopardize its success or even cause it to fail. Whether you are managing a project on a construction site or working for an IT start up on the launch of a new app, the SCHSBM’s Project Risk Management Programme will help you to identify the potential project risks that could impact your outcomes and ensure you have an effective plan to tackle these risks. The programme will outline the process of identifying, analysing, and responding to potential threats and opportunities that may affect the success of a project. Establish a risk management framework that defines the roles and responsibilities, tools and techniques, and communication and reporting mechanisms for risk management across the organization.

One of the challenges of project risk management is to scale it according to the size, complexity, and uncertainty of the project. Thus, applying the same level of risk management to every project may result in either overload or underestimation of risks, leading to wasted resources or unexpected outcomes. To address these issues, this programme will explore best practices that can help to tailor the risk management process to the specific needs and characteristics of your project. Additionally, you will develop the skills to ensure that your project objectives are met within the constraints of time, budget, and quality. Moreover, this programme will enable you to develop the most appropriate risk responses to diverse projects. You will examine project risk management procedures and methods to help you maximise on opportunities and minimise any negative impact on your project objectives.

Learning Objectives

The goals of the programme are to:

• Develop an awareness of your project’s risk appetite and tolerance.
•  Scale risk management best practices quickly by applying risk management methods and tools across various projects in a consistent, efficient and adaptable manner.
•  Reduce your project and organisational risk.

On successful completion of the course, participants will be able to:

• Explain the importance of risk management for project and organisational success.
•  Identify the potential sources and types of risks that could affect a specific project or decision.
•  Differentiate the difference between opportunity and threat-based risks.
•  Outline the stages of risk response planning.
•  Discuss the components of a project risk register.
•  Use a risk matrix or a risk register to categorise and prioritise risks based on their probability and impact.
•  Analyse risk using qualitative measures including probability and impact analysis.
•  Assess project risk using quantitative analysis tools including expected monetary value (EMV), three-point estimates and the Delphi technique.
•  Measure project risk using earned value analysis (EVA).
•  Assign appropriate risk responses and owners for each risk.
•  Create a project risk management plan for an ongoing or foreseeable project.
•  Apply risk control measures to mitigate potential project risks.
•  Monitor and control identified and emerging risks based on your risk management plan.
•  Establish clear and efficient communication protocols regarding risk-related issues with internal and external stakeholders.

Programme Curriculum

• Project Risk Management Planning
  •  Types of Risk Management in Project Management
  •  Integrating Risk Management into the Project Management Process
  •  Risk Management Planning
  •  Risk Planning Process
•  Risk Identification
  •  Types of Risk
  •  Risk Identification Techniques
  •  Managing Risk through Project Estimating
  •  Managing Risk through Earned Value Management
•  Qualitative Risk Management
  •  Performing Qualitative Risk Analysis
  •  Probability and Impact Risk Matrix
•  Quantitative Risk Management
  •  Quantitative Risk Analysis
  •  Monte Carlo simulation
  •  Decision Analysis and Expected Monetary Value
  •  Project Cost Risk Analysis
  •  Project Schedule Risk Analysis
•  Risk Response Planning
  •  Risk Prioritisation
  •  The Phases of Risk Response Planning
  •  Response Strategies for Threats and Opportunities
•  Risk Monitoring and Control
  •  Differentiating Monitoring and Controlling Risks
  •  Risk Control Tools and Techniques
  •  Risk Audits in Project Management
  •  Risk Audit vs Risk Review
  •  Risk Reporting and Documenting

Entry Requirements

• Delegates in this programme will be most successful if they have a foundational understanding of traditional project management tools and processes
•  Some experience on formal projects at work or externally is recommended

Programme Highlights

•  Identify project risk and uncertainty
•  Apply effective project risk assessment and management techniques to forecast potential future conditions that might jeopardize your project outcomes
•  Learn how to apply the appropriate risk response to projects
•  Increase the visibility and communication of risks

Who should attend:

• Project Managers, Programme Managers or Coordinators
•  Project Officers, Project Engineers and Product Managers
•  Any Manager or Supervisor of project work done in teams
•  Senior Managers with project outcome accountability, or individuals who have on-the-job project management experience regardless of whether their formal job role is project manager
•  Project Consultants
•  Risk Managers
•  Operations Managers
•  Quality Assurance Managers
•  Contract Managers

Programme content is subject to change.