log in

Project Risk Management Advanced

Project Risk Management Advanced

If you are interested in the below course, send us an enquiry here.

Course Overview:

The Project Risk Management Advanced course aims to provide delegates with a deeper understanding of project risk management, enabling them to make more informed decisions, have better control over project outcomes and achieve business objectives. The course takes delegates beyond their basic understanding of project risk management by providing them with the necessary knowledge and skills to successfully utilise structured qualitative and quantitative risk management methods for projects.

Course Format:

This training course is presented over two days. The first day focuses on the theory and tools of project qualitative risk analysis and is supported by three worksheets that are completed within teams. The second day focuses on the theory and the tools of project quantitative risk analysis and finishes off with completion of a final worksheet. This is an intensive course that requires the full attention of all delegates to obtain maximum value from the training course and experience.

Course Duration:

This course is 2 days.

Course Objectives:

  • Understand why estimates are almost always inaccurate.
  • Illustrate the drivers and effect of variation in estimates.
  • Illustrate the drivers and effect of uncertainty in estimates.
  • Explain the context of risk qualification.
  • Explain the context of risk quantification.
  • Understand what Monte Carlo simulation is and how it works?
  • Interpret Monte Carlo simulation results.
  • Apply reserves to project budgets and schedules.

Course Benefits:

  • Understand the importance of proper project risk management and how it contributes to successful project management and project outcomes.
  • Clear risk identification, qualitative and quantitative risk analysis, selection of risk response strategies, development and implementation of risk response plans, and monitoring of risks.
  • Development and controlling of realistic project cost and time contingencies.
  • Insight into quantitative risk analysis reports by subject matter experts.
  • Earn 14 Professional Development Units (PDUs) for maintaining a PMI® certification.

Course Syllabus:

This course covers the following topics:

DAY 1

Theory:

  • Principles of Risk Management
  • International Standards
  • Project De-Risking Process
  • Principles of Qualitative Risk Management

Tools:

  • Risk Management Plan
  • Risk Register
  • Risks Influence Diagrams
  • Risk Bowties

DAY 2

Theory:

  • Principles of Risk Quantification
  • Principles of Estimation
  • Statistical Principles
  • Principles of Monte Carlo Simulations
  • Principles of Contingency Allocation

Tools:

  • Decision Trees
  • Monte Carlo Simulations

Course Prerequisites:

Although this course does not include complex mathematical calculations, it is recommended that attendees have at least completed secondary/high school-level mathematics. Experience within Project Management and Project Risk Management is also recommended.

Who should attend this course?

The course is aimed at:

  • PMO Managers
  • Project Managers
  • Construction Managers
  • Project/design Engineers
  • Project Planners
  • Project Controllers
  • Project Team leaders & subject matter experts
  • Individuals wanting to know more about project risk management
  • Managers who want to improve their project stakeholder management skills

 

Physical Address

  • 243 Willem Botha Street
  • Wierda Park
  • Centurion

Postal Address

  • PO Box 52810
  • Wierda Park
  • South Africa
  • 0149

Contact us

  • Phone: +27 (0) 12 660 0010
  • Fax: +27 (0) 12 660 0190
  • Email: sales@projectlink.co.za