Risk Management & Compliance for Public Sector Projects

Course Overview

This seminar will emphasize awareness of project risk management to minimize project cost/schedule overruns & improve project execution.

Project management is all about the management of risks; the ability to seize opportunities, minimize threats, and to optimize results. However, risk management is too often treated as a reactive process, or worse, not done at all. In this Project Risk Management course, you’ll work through the proactive approach to both sides of risk: threats and opportunities. The approach is based on a clear understanding of both qualitative and quantitative approaches to risk management.

Course Objectives:

At the end of this course, the participants will be able to:

Get an overview of the Risk Management Process
Learn to identify risks that affect project quality, time & schedule, cost and scope
Learn how to rank risks based on the amount of exposure to the company
Apply useful techniques to identify, analyze, mitigate and monitor risks in the project life cycle
Develop the skill necessary to quantify risks
Learn how to create an effective risk monitoring plan and risk management strategies.
Use a practical, six-step process to manage project risk
Develop a risk budget based on expected monetary value (EMV)
Examine both the threats and opportunities facing their projects from both a top-down and bottom-up perspective using a proven six-step risk management process.

Course Content:

Unit 1: Risk Management Framework and Planning:

Key definitions
Project Management Body Of Knowledge (PMBOK) - 6 risk management processes
Project risk management goal
Purpose of risk management
Benefits of risk management
Responsibilities in risk management
Integrating risk management into the project management process
Components of risk
Types of risk
Six steps of risk management
Plan the approach to risk management
Risk Identification
Risk Assessment & Quantification
Risk Response Plan Development
Risk management plan execution
Evaluating risk response results

Unit 2: Risk Identification Processes:

Identification inputs & tools
Identification guidelines
Risk identification techniques
Risk categories
Risk identification outputs

Unit 3: Cost & Schedule Estimating Concerning Risk:

Cost estimating classes & types
Cost estimating methods
Accuracy, allowances, contingency & management reserve
Work Breakdown Structures (WBS)
Schedule diagramming - critical path method (CPM)
Resource management
Earned value method (EVM)
Baselining

Unit 4: Risk Assessment and Quantification Processes

Risk analysis inputs
Risk analysis guidelines
Probability analysis
Impact analysis
Risk analysis approaches - qualitative & quantitative
Risk analysis tools & techniques
Statistical sums in risk analysis
Program Evaluation & Revue Technique (PERT)
Decision trees
Project risk rating & prioritizing
Risk analysis outputs

Unit 5: Risk Response Plan Development:

Risk response development inputs, tools & techniques
Risk response strategy guidelines
Response strategies for threats
Response planning & network diagramming
Response analysis
Alternative responses
Reserves - contingency & management
Response planning outputs

Unit 6: Risk Response Control:

Risk management plan execution
Risk response control tools
Risk response control guidelines
Risk strategy execution
Evaluating risk response results
Risk documentation