Project Risk Management and Compliance Essentials

Introduction:

This seminar on project risk management and compliance focuses on enhancing awareness of project risk management to reduce costs and schedule overruns while improving project execution. Effective project management involves managing risks, opportunities, threats, and results. However, risk management is often implemented reactively. This course emphasizes a proactive approach to both threats and opportunities, using both quantitative and qualitative risk management methods.

Objectives:

At the end of this project risk management and compliance course, participants will be able to:

• Acquire an overview of the Risk Management Process.
• Identify risks affecting project quality, time, cost, and scope.
• Rank risks based on exposure to the company.
• Apply techniques to identify, analyze, mitigate, and monitor risks throughout the project lifecycle.
• Quantify risks effectively.
• Develop a risk monitoring plan and management strategies.
• Use a practical six-step process for project risk management.
• Develop a risk budget based on Expected Monetary Value (EMV).
• Assess threats and opportunities using a proven six-step risk management process.

Training Methodology:

• Real case studies
• Hands-on workshops
• Team dialogues
• Simulation exercises
• Creative situations
• Risk assessment tools
• Drama

Course Outline:

Unit 1: Structures and Strategies of Risk Management

• Key terms.
• PMBOK and the 6 risk management processes.
• Purpose and advantages of risk management.
• Responsibilities in risk management.
• Integration within the overall project management process.
• Elements and classes of risk.
• Phases: Risk management plan preparation, identification, evaluation, treatment plan preparation, implementation, and review.

Unit 2: Process for Identifying Risks

• Definition of inputs and tools.
• Guidelines and tools for risk identification.
• Types and benefits of risk identification.

Unit 3: Cost & Schedule Estimating in View of Risks

• Types and methods of cost estimating.
• Accuracy, allowances, and management reserve.
• Work Breakdown Structures (WBS).
• Networking teams: Utility Appropriation Network (UAN), bar charts, and Critical Path Method (CPM).
• Resource management.
• Earned Value Management (EVM).
• Planning and Monitoring.

Unit 4: Risk Management, Risk Analysis, and Risk Assessment

• Risk analysis input requirements.
• Probability and impact assessment.
• Qualitative and quantitative risk assessment methods and tools.
• Statistical principles.
• Program Evaluation and Review Technique (PERT).
• Decision tree technique.
• Risk assessment and ranking.
• Evaluation findings.

Unit 5: Risk Response Plan Development

• Inputs, tools, and techniques for risk response development.
• Risk response strategy framework.
• Threat response strategies.
• Planning and network diagramming.
• Analytical analysis.
• Alternative solutions.
• Management and contingency reserves.
• Purpose of response planning.

Unit 6: Risk Response Control

• Management plan execution for risk management.
• Risk response control tools and observations.
• Execution of the risk management plan.
• Assessment of outcomes from response strategies.
• Risk-related documentation.