Introduction to Risk Management

7h
0

Course Accredited with ECSA | SAAMA 
Students will earn 1 ECSA | Earn 7 PMI PDU’s

Early Bird Ends:

Early Bird Special Valid Until 12 April 2021

Take advantage of our Early Bird Special - For the month of April - Get this 7 Hour Live Online Course for only ZAR 599 (incl VAT) - Normal Pricing to resume at ZAR 999 (Incl VAT)

R599.00

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About Course

The success of construction & engineering projects depends on how well the uncertainties on the project is managed. Risks in construction projects are the greatest at the earliest stages of the project, and these risks need to be managed throughout the project through the implementation of sound business and construction practices. The value of managing these risks depends on the success achieved with the pro-active efforts to minimize the negative impacts of threats and to maximize the positive impacts of opportunities. The typical steps of planning for risk management, identifying risks, conducting a risk analysis, and planning the appropriate risk responses are of little value if the selected responses are not implemented and monitored throughout the project life-cycle. The course is developed to cater for the needs of the construction professional in South Africa.

Why should you do the course:

  • International Standards: – This course is based on the international best practices included in the Guide to the Project Management Body of Knowledge (PMBOK® Guide), 6th Edition, as well as the PMI Construction Extension to the PMBOK® helping you to apply the generalized project management guidance to construction projects.
  • Practical: – It incorporates practical group exercises that will enable you to link the theory to your own real-life project environment.• Interactive: – There is ample discussions and exercises that create the opportunity for sharing the knowledge that you and fellow delegates have acquired through your work experiences, successes and challenges.
  • CPD points that add value: – Earning CPD points are crucial to retaining your professional designation as well as for your, as well as your business’ success. This course not only provides you with the CPD points needed, but also adds value to your career by delivering practical training that provides you with the opportunity to integrate the knowledge and skills gained in the classroom into real world projects.
  • Objectives: – Whether you take this course because you are looking to sharpen your expertise in managing your projects, or to broaden your knowledge about project management in general, it will benefit you in the long run and you are going to enjoy this course.
  • Certificate of Completion: – During and at the end of the course your knowledge of the training material and the application thereof will be tested. On successful completion you will receive a certificate that not only verifies that you have attended the course, but also that you have obtained the knowledge required to manage your projects successfully.

Requirements

  • There are no requirements for this course - This is an introduction course.

What Will I Learn?

  • Ensure the rapid identification of risks (threats as well as opportunities) that may impact the project, measure it, and control it.
  • Ensure the management of the risks is allocated to the most appropriate party.
  • Provide for the regular review of risks, response strategies, and changes in risk status.
  • Have clear, well defined, risk analysis methods and procedures implemented on the project.
  • Establish a clear process of assessment, action planning, and reporting of the risks identified.
  • Ensure all risk related decisions contribute to sustainable shareholder value.
  • Provide a means of communicating risk-related issues with stakeholders.
  • Give stakeholders the reassurance that the project is being managed professionally.
  • Reduce unexpected and unwelcome surprises and maximize project success.

Course Outline

Session 1 (19:00 – 22:00)

  • Introduction
  • Fundamentals of managing risk on projects.
  • What is project risk?
  • Characteristics of project risk
  • Levels of project risk
  • What is project risk management?
  • Risk management during the project life cycle
  • Risk management as part of Project Management
  • Assumptions, Risks, Constraints, and Issues
  • The elements of Risk
  • Risk categories
  • The Risk Register
  • The role of the risk register
  • The Risk Report
  • Content of the risk report
  • Responsibilities regarding project risk management
  • Risk Exposure, Risk Appetite and Risk Threshold
  • Scalability of project risk management processes
  • Tailoring Considerations
  • Project risk manageability
  • Benefits of project risk management
  • Barriers to project risk management
  • Risk management processes
  • Risk management critical success factors
  • Review questions for Unit 2 Fundamentals of managing risk on projects.
  • Planning for risk management on projects
  • The objectives of project risk management planning
  • Factors Influencing Risk
  • Risk and project objectives
  • SMART project objectives
  • Considerations when performing construction project risk management under collaborative arrangements.
  • Project Risk Management Planning for international projects
  • Inputs required for project risk planning.
  • Tools suggested for project risk planning.
  • The risk management plan
  • Typical Risk Management Plan Content
  • What should the risk register provide for?
  • Critical Success Factors for risk management planning
  • Exercise 1 – Compile a Risk Management Plan
  • Review questions
  • Identifying risks
  • The objectives of project risk management identification
  • Sources of Overall Project Risk
  • Sources of risks on construction projects
  • Inputs for identifying risks.
  • Tools and techniques for identifying risks.
  • The risk statement.
  • Updating the risk register
  • Critical success factors for identifying risks.
  • Exercise 2 – Risk Identification
  • Analysing risks

Session 2 (19:00 – 22:00)

  • The objectives of project risk management identification
  • Sources of Overall Project Risk
  • Sources of risks on construction projects
  • Inputs for identifying risks.
  • Tools and techniques for identifying risks.
  • The risk statement.
  • Updating the risk register
  • Critical success factors for identifying risks.
  • Exercise 2 – Risk Identification
  • Analysing risks
  • Two approaches to risk analysis
  • Probability of occurrence
  • Risk impact
  • Qualitative vs. Quantitative Risk Analysis
  • From Qualitative to Quantitative Risk Analysis
  • Qualitative Risk analysis tools and techniques
  • Quantitative risk analysis
  • Quantitative risk analysis Tools and Techniques
  • Exercise 3 – Qualitative Risk Analysis
  • Responding to risks
  • Risk response planning
  • Risk response strategies
  • Contractual provisions usually negotiated by the parties.
  • Multiple threat response strategies
  • Applying Risk Response Strategies to Overall Project Risk
  • Residual risks
  • Secondary risk
  • Contingency Reserve
  • Management Reserves
  • Fallback Plan
  • Workaround
  • Integrating risk responses into project
  • Updating the risk register and the project management plan
  • Executing risk responses
  • Critical success factors for risk response planning
  • Exercise 4 – Define Response Strategies
  • Monitoring and controlling risks.

Topics for this course

7h

About the instructors

4.90 (101 ratings)

15 Courses

127 students

Dave Fourie

Freelance Trainer

Having been a practicing consultant in project management for more than twenty five years, Dave Fourie’s long career in program and project management brought him in contact with various project management methodologies and best practices in private as well as public organizations. This includes PMBOK, Method 123 as well as PRINCE2 environments in the fields of software development, service delivery, quality and general management. ​His experience also includes providing training in project management, quality management, and business analysis since 1999. As a freelance trainer, he has obtained invaluable experience on the best training practices utilized by various national and international training providers. This includes training entry level to experienced project managers (including PMP certification preparation) in project management and related specialist aspects such as project risk management, project quality management, project contracting and project scheduling. Dave brings his theoretical knowledge linked to vast practical experience into the training environment with a genuine desire to assist delegates in becoming practicing project management professionals. Valuing a relaxed and enjoyable learning experience, he loves sharing his passion for project management through actual examples dished up with a touch of humor. ​Certified as a Project Management Professional (PMP) since 1998, he also holds several other portfolios, program and project management certifications such as certificates in Portfolio, Programmed and Project Offices (P3O), Managing Successful Programs (MSP) and in PRINCE2. He also holds certifications in IT Service Management (ITIL) and Total Quality Management (TQM).
4.90 (101 ratings)

9 Courses

80 students

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Disclaimer: Tacit Skills reserves the right to reschedule the course if a minimum of 8 delegates are not met.

Material Includes

  • Live Accredited Webinar Course
  • Certificate of Completion
  • 1 ECSA CPD Point from ECSA
  • 7 PDU's from PMI
  • Recordings of Live sessions for review
  • 1 year access to recordings
  • 1 year access to resources
  • 3 Month 1 on 1 Trainer Support

Target Audience

  • Construction project managers
  • Project staff in the construction and engineering environment.
  • Regulatory agencies.
  • Local government groups.
  • Environmental groups.
  • Community groups.
  • Risk management specialists.
  • Civil engineers.
  • Architectural and engineers.
  • Geotechnical experts.
  • Financial specialists.
  • Contractors.
  • Construction industry tradesmen and professionals.
  • Other stakeholders in the construction process, from land acquisition through design, construction, and occupancy.