Managing Risk in Project Cost and Control

It’s clear that not all projects succeed. Some don’t meet their targets, and some fail completely. This is a poor outcome for organisations, as it wastes resources and reduces income and profit. Common problem areas are badly managed cost, overspend and poorly controlled execution.

In today’s ever more competitive markets, managing project cost is critical. Many projects fail to achieve their cost targets, but much of the time, this need not happen, especially if we can identify and then effectively respond to the risks that push a project over budget. Similarly, when a project gets underway, it is vital that we maintain control over delivery, progress and other parameters, spotting variation from baseline plan and then dealing effectively with this before the project gets into trouble. Integrating project controls with risk management is a powerful way of dealing with threats or even finding ways to accelerate the schedule.

One way of enhancing our performance in these areas is to ensure that they are integrated with good project risk management. All projects are subject to risk, but we are not helpless victims of it. We manage risk effectively precisely so that we can limit threats and also to capitalise on opportunities present in the project and its environment. The result is that if we are proficient in the above, this puts us in a much better place not only to meet our project targets, but also to surpass them.

Delegates should emerge from the course with a high degree of knowledge and a good set of tools and practices to apply in real-life project work.

The sessions are full of practical techniques and examples, with the intention of turning knowledge into practical benefit. The worked examples, case studies and exercises given are intended to help you to apply the knowledge you have gained.

Finally, the instructor will include opportunities to discuss the real-world problems and issues and questions that are affecting you in your own projects and working life, so that you can implement improvements and solutions as soon as you return to your desk. Often, helpful advice can be gained from the experience of other delegates, and the course setting provides opportunities for you to do this.

Top Learning Objectives

  • How and why risk management means reduced threat and increased opportunity
  • How to identify and analyse risks particular to cost and project controls
  • Effective response strategies for these risks
  • Knowledge of key risk management tools and techniques
  • How human and organisational factors influence risk management
  • How to set up and sustain an effective risk management function
  • Risk management in agile projects

Who Should Attend?

Projects are inherently risky things. And two areas that often contain considerable risk are project cost management and project control in execution, especially schedule control. If we deal effectively with the threats that may arise here and take advantage of the opportunities, we give ourselves a much better chance of delivering our project within its parameters, and thereby producing the outcomes and benefits that we desire. This course will give you knowledge, tools and techniques for understanding, identifying and dealing with risks that occur in each of these areas.

  • Project managers
  • Project team members
  • Project planners and schedulers
  • Project controls staff including cost management specialists
  • Project Management Office (PMO) Staff
  • Project commercial and contract management staff

Trainer's Background

  • He has more than 30 years’ experience of managing projects in a variety of sectors, including oil and gas, IT, power delivery, water and broadcast industries
  • He is an experienced course instructor, delivering a variety of project management-related courses
  • He is a Reviewer of national project management apprenticeship scheme. He is a founding member and past chair, Association for Project Management (APM) Aberdeen
  • He is a Member Offshore Project Management Steering Group (UK North Sea). He leads on UK ECITB Project Management Mentoring Scheme. He conducts and commissions active research in the project management field

EVENT SCHEDULE

Face-to-Face Masterclass
Date: 1st – 3rd July 2024
Time: 8:30 AM – 4:30 PM
Location: Makati, Philippines

Combine this training with Project Contract Negotiation and Management

SEE THE DETAILS

“The trainer was very knowledgeable in the area and shared some insightful experiences. His manner of speaking was relaxed and animated enough to compensate for the wordy slides. I was engaged the whole time and learned a lot.”

– Shell Philippines Exploration B.V

 

“The trainer was able to address the questions competently and he was also able to present information that is up to date with the present industry standards and practices”

– The Philodrill Corp.

 

“Trainer’s knowledge and experience about the subject is undeniable.”

– National Grid Corporation of the Philippines