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Project Risk Management
 

Project Risk Management is one of BMC’s enhanced skill area courses.  It includes a brief review of world-class project management techniques, but it is a specialty course dealing with identification, assessment, mitigation and contingency planning of risk in projects.

Projects are inherently risky ventures. If there is no risk, the activity may not be a project. In this course, participants will learn that risk is identified, assessed and minimized in the project planning exercise.  A project plan consists basically of six things, project objectives (requirements, SOW), a work breakdown, (WBS), a project organization (OBS), a project schedule, project baseline (budget) and risk management.  The model for project planning (and the behaviors created by doing them) is shown below. This model is easy to learn and reduces the likelihood of costly omissions, incorrect scope or feature creep. It also avoids unnecessary and time wasting micro-management that may happen when one doesn’t completely know what their job is. This simple model, for example, is used throughout Airbus Industries, where BMC is the Strategic Advisor in Project Management for the aircraft company.

 

FOR WHOM IS THE SEMINAR INTENDED
This course is targeted at new and experienced project managers who need effective, but simple techniques for risk management in projects.  In the two-day format, it is fast-moving and focused.  It is intended for people who want a review of applied methods and techniques to handle risk in daily project work. 

 

OBJECTIVES
The broad learning goals of Project Risk Management include:

  • Implement Effective Planning and Control
  • Create Interactive Project Teams
  • Plan, Identify and Manage Risk

 

METHODOLOGY

Lecture with presentation slides, workshops, group discussions.

MATERIALS

Presentational slides notes and workshop results.

DURATION

2 days.

LANGUAGE

The seminar is conducted in english.

NUMBER OF PARTICIPANTS

The maximum number of participants is 20.

 

TOPICS OF THE SEMINAR

Project Risk Management is designed with the outline and behavior objectives as shown below.

Introduction to Project Risk
  • Unique features of a project
  • Risk management planning
  • Organizational ingredients for effective project management and risk management
  • Five basic functions of project management
  • Role of the project and risk manager

Effective Project Planning

  • Five basic project planning elements and “behaviors”
  • Project clients and stakeholders
  • Defining project objectives “agreement”
  • Developing work breakdown structures (WBS) “task control”
  • Project organizations, “accountability/ownership”
    Workshop: Structuring & organizing projects for low
  • risk
Scheduling and Budgeting a Project
  • Developing realistic schedules:, “communications”
  • Differences in phasing and paralleling (fast tracking)
  • Using Gantt charts and modern networking techniques
  • Use of Gantt charts (e.g. MS Project) in management reports
  • Allocating and balancing resources
  • Establishing performance baseline budgets, “control”
  • The performance baseline
Project Control Techniques:
  • Principles of progress monitoring
  • Controlling risk in quality, schedules and budget
  • Activity based performance measurement, earned value
  • Variance control
    Workshop: Controlling a project. Forecasting risk of completion time and cost at the end of the project

Project Risk Management

  • What do we mean by “risk”?
  • What is the process?

Risk Management Planning

  • The PMI® Model
  • The risk process
  • Risk identification
  • Analysis approaches
  • Risk as a tradable resource
  • Risk response planning
  • Methods to handle risk

Risk Monitoring and Control

  • Exercise
    Workshop: Identifying and resolving risk
     

LECTURER

George Merguerian

 

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