Project Risk Management

Why attend this Masterclass?

Risk Management in projects is not an option. Modern projects are increasingly subjected to uncertainty and thereby exposed to risks. Managing them as potential opportunities that can be leveraged, or as threats that can be eliminated, minimized and controlled, is a crucial skill for the modern project manager. Basic project control is reactive and focuses on the internals of the project. Risk management adds a pro-active layer to this basic control process. It works as a window to the outside world, allowing for threats and opportunities to be anticipated and planned for as no surprises. In this course, you will learn how to practice risk management effectively in line with the latest international standards from the PMI and also aligned with the Recommended Practices from the Association for the Advancement of Cost Engineering (AACE International). The approach adopted is practical and action-oriented, allowing for a close contact with proven tools and techniques. The course provides a rich blend of soft issues related to the strategic management of risks, and hard processes techniques that ensure a formal integrated approach to project risk management.

Top Learning Objectives

  • Discover the nature of risks, threats and opportunities, and their potential causes
  • Know and understand the practical implementation of a Project Risk Management Process integrated with Performance Management (Earned Value) and Asset Management (Cost Engineering)
  • Have a good appreciation of the added value of Project Risk Management
  • Understand and know how to implement a set of core Project Risk Management tools and techniques, including:
    • Risk Register &Risk Breakdown Structure
    • Probability-Impact Matrix and related scoring system
    • Sensitivity Analysis
    • Monte Carlo Simulation
    • Decision Trees
    • Risk Reserve Calculation and Monitoring based on the Expected Value and Risk Thresholds
    • Risk Response Strategies
  • Implement the six steps of the Project Risk Management Process, making use of the right tools and techniques
  • Gain insights on how to convert risks into opportunities
  • Understand and know how to address critical organizational issues for an integrated implementation of Project Risk Management

Who Should Attend?

  • Project Controls Manager
  • Project Risk Manager
  • Project Planners & Schedulers
  • Project Controllers
  • Portfolio Specialists
  • Programme Directors/Managers
  • Project Planners & Schedulers
  • Risk Management Offices Staff
  • Project Management Office Staff
  • Project Team Members
  • Cost Managers
  • Cost Controllers & Engineers
  • Project Sponsors
  • Project Consultants
  • Project Specialists
  • Project Engineers
  • Top Management

Trainer's Background

  • Over 25 years of professional experience in Project Management in different parts of the world.
  • Author, Core Team Member and Leader – PMI Practice Standard for Earned Value Management (2nd & 3rd Ed).
  • One of the Author of the 2nd Edition of the EVM Practice Standard, and of teams that developed the PMBOK® (3rd Ed.) and OPM3 ® (1st Ed.).
  • Founding President of AACE Portugal Section (Present).
  • Coordinator of Technical Commission in Portugal (CT175) for the ISO Working Groups for Project Management (21500), EVM (21508), and WBS (21511) (Present).
  • Founding President of the PMI Portugal Chapter and Mentor of PMI Chapters in Europe.
  • Founding Vice-President of Operations of the College of Performance Management (CPM) of Colombia (Present).
  • Named PM Ambassador in Portugal by the PM Forum International (USA).
  • Named EVM Ambassador in Europe by the Earned Value Management Europe Association.

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Combine this training with 3-Day Advanced Project Planning, Scheduling and Control Course

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“The instructor exposed the key concepts, explained and demonstrated in detail the most important concepts and techniques, formulated problems and stimulated the participants to solve these. My professional experience was considered in the way the course was conducted.”

– North Caspian Operating Company – Kazakhstan