PM-003: Proactive Risk Management Tools and Techniques

Research has proven over and over again that project performance could be improved considerably through the use of Risk Management. This is simply because 70% to 90% of the problems encountered on most projects are predictable and preventable. Risk analyses at the onset of any project will highlight these problems and will increase the chance of completing the project successfully. It will also enable project managers to reduce the time they spend putting out fires.

The Workshop is designed to be delivered in two day. The first day covers general risk approach, followed by two days covering PMI framework for risk management. The forth day focuses on risk and contracts and project delivery systems.

This comprehensive and practical two-day workshop introduces the participants to the concepts, principals, processes, and application of risk management in a construction project environment. The workshop follows the Risk Management principles and practices adopted by the Project Management Institute (PMBoK 2004). It explains the tools and techniques that will aid participants in the implementation of these practices. Participants will be given opportunities apply the tools and techniques learned to an actual construction project’s life cycle. The goal is to minimize risks and maximize opportunities during all phases of the project’s life cycle.

This workshop is an excellent opportunity for new and intermediate Project Managers and project team members. The course is also intended for any one who is involved in the design, tendering and implementation of construction projects who wishes to learn more about principles and techniques of risk management. Participants will learn and experience first hand, some of the tools that will help them to reduce project surprises and meet owner expectations.

The objective of this workshop is to provide an understanding and appreciation of the risk management framework.  The workshop provides participants with techniques and tools that will help them to address their responsibilities and the any associated risks they are likely to encounter while managing any project. Upon completion, participants will be able to actively participate in or lead project teams through various risk management processes. The Tool Box provided will make their job much easier and more manageable.

At the completion of this two-day workshop, participants will gain the confidence to handle and manage risks for any construction project, regardless of size or complexity. These goals include:
•    Develop a detailed risk management plan to guide risk management activities;
•    Develop a risk register that is complete and accurate;
•    Qualify and quantify project risks; and,
•    Prepare risk response strategies to control the risks and maximize the opportunities.

The workshop is delivered though lectures, class discussions, individual and group case studies, and exercises. The topics to be covered include: identifying, classifying, assessing, and prioritizing risks, planning, and creating mitigation strategies for handling the identified risks. Risk communication and risk control will also be addressed in detail. The workshop will help participants to understand and to develop risk management skills, and to apply what they have learned on a real-life design and construction project.