Course Introduction

Some of the most prevalent risks on any project originate from the failure to effectively identify and analyze the day-to-day risks that occur during the delivery of all projects.

This Project Risk Management & Compliance online training course addresses the specific nature of risks that occur during the design & execution phases of all projects. The online training course will provide delegates with the knowledge and skills required to effectively identify and manage project risks through minimizing their levels of uncertainty and maximizing their control. This will, in turn, improve their ability to deliver projects on time, within budget, and with a clear health & safety record.

Due to the dynamic environments in which they exist, projects are exceptionally vulnerable to risk and, in order to successfully deliver projects, a proven and proactive approach is essential to project risk management. By definition, uncertainty is inherent in every risk, and one of the primary objectives of project risk management is to minimize uncertainty so as to improve the likelihood of achieving desired project outcomes. During this online training course, delegates will learn to effectively identify, analyze, respond, and control all risks that may have either a negative or positive impact on project outcomes.

This Oxford Management Centre Project Risk Management & Compliance online training course will highlight:

• Key elements in risk management planning
• The importance accurate risk identification
• How to effectively describe and analyse risks
• The difference between opportunity and threat-based risks
• How to create effective risk response plans

Objectives

This Project Risk Management & Compliance online training course is designed to provide Project Managers, Team Leaders, Engineers, Risk Managers, and Project Support Members with the skills and knowledge to successfully manage risks throughout the project lifecycle. As such, delegates will:

• Learn how to accurately identify and describe project risks
• Develop skills in applying proven risk analysis methods
• Understand different project risk management techniques
• Be able to differentiate between opportunity and threat risks
• Develop techniques to define risks based on project context and risk boundaries
• Learn to distinguish between real and perceived risks

Training Methodology

This online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted online via an Advanced Virtual Learning Platform in the comfort of any location of your choice.

Organisational Impact

The Project Risk Management & Compliance online training course will provide direct organizational benefits through improved project risk management practices. By applying the methods learned and practiced during the online training course, organizations will:

• Reduce time spent managing project risks
• Improve project execution productivity
• Increase risk management efficiency
• Protect project values through accurate risk identification and analysis
• Achieve project objectives through effective risk response planning and control
• Enhance project risk knowledge required for effective Enterprise Risk Management

Personal Impact

Participants will develop additional and valuable project management skills, essential not only to project risk management, but to project management as a whole, including:

• Developing risk management planning skills
• Learning to effectively manage risks in a team environment
• Refining their risk identification skills
• Learning to balance the relationship between threat-based and opportunity-based risks
• Understanding how and when to apply qualitative and quantitative risk analysis techniques
• Developing the necessary skills required to effectively control risks

Who Should Attend?

The Project Risk Management & Compliance online training course is tailored for all personnel who are either involved in, or responsible for, the successful delivery of projects of all types and sizes.

This Oxford Management Centre online training course is suitable to a wide range of professionals but will greatly benefit:

• Project Managers
• Project Risk Managers
• Project Engineers
• Quality Assurance Managers
• Contract Managers
• Project Consultants
• Discipline Engineers
• Technical Assistants

Course Outline

DAY 1

Risk Management Framework and Planning

• Key Definitions
• The PMBOK® Six Risk Management Processes
• Purpose & Benefits of Risk
• Responsibilities in Project Risk Management
• Integrating Risk Management into the Project Management Process
• Risk Management Planning
• Risk Planning Process

DAY 2

Risk Identification Process

• The Effect of Project Macro-Environment on Risk
• The Effect of Project Complexity on Risk
• Risk Identification Techniques
• Managing Risk through Project Estimating
• Managing Risk through Earned Value Management
• Schedule Risk Management – Critical Path Method & PERT

DAY 3

Risk Assessment Process

• Qualitative Risk Analysis
• Bow-Tie Risk Analysis Technique
• Probability/Impact Risk Matrix Technique
• Quantitative Risk Analysis
• Monte Carlo Simulation
• Decision Trees and Expected Monetary Value
• Managing Project Risks through Integrity Assurance

DAY 4

Risk Response Plan Development

• Risk Prioritisation
• Risk Response Strategy Guidelines
• Response Strategies for Threats & Opportunities
• Response Planning & Analysis
• Alternative Responses
• Risk Response Validation
• Contingency & Management Risk Reserves

DAY 5

Risk Response Control

• Resource Management
• Risk Control Guidelines
• Risk Control Inputs
• Risk Control Tools & Techniques
• Risk Control Outputs
• Risk Reporting & Documenting
• Course Summation & Work Session Review