Companies need to execute their projects successfully, finish on time, within budget and deliver the required performance and quality. A failed project can impact heavily on the bottom line of the company and in the worst case lead to retrenchment, financial loss, reputation loss and even cause a take-over. This online course is about determining and quantifying the uncertainties in a project, and developing controls and action plans to reduce these uncertainties to increase the chances of success.
Having completed this course, delegates will be able to:
- List the steps of a project risk management process (typically the PMBoK process or Smith & Merritt process), and explain the meaning of each step
- Apply various techniques (i.e. brainstorming or Delphi techniques) to identify risk events for projects in his or her work environment
- Quantify risk events in terms of probability, consequence and risk value
- Map or sort risk events to enable selection of the critical risk events for the project
- Develop effective responses or controls to reduce the risk for the critical risk events
- Estimate the effectiveness of risk treatment actions
- Explain how risk should be monitored and controlled during project execution
The course is divided into 8 themes.
The first theme is an introduction and background to risk and risk management. Concepts about risk and the interpretation of risk are discussed as well as aspects concerning risk models and the change in risk during execution of a project and the different life-cycle stages of a project.
The second theme deals with an understanding of the difficult concepts of ‘probability’, random variables, random experiments and probability distributions.
The last six themes of the course discuss each of the six steps or phases of a typical risk management process like the AS/NZS 4360 process or the ISO 31000 process that superseded the Australian process.
These steps are:
Planning for risk management
Identifying risk events
Monitoring and control
The overall objective of this course is to obtain the required theoretical knowledge of project risk management, with an emphasis on the tools, techniques, procedures and processes to manage risks within any project. Having completed this module the learner should be able to formulate a risk response plan for any type of project, given a project scope and work breakdown structure.
Project and Risk Management
Who Should Attend:
This course provides an introduction to the field of risk management in projects through theory and practical application and should enable newcomers in this field to apply the risk management process successfully to his or her project.