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overview
Key Learning Objectives
- Use risk and uncertainty management to help align project planning with the business case
- Improve decision making and the value of project outcomes by applying risk and uncertainty assessment to key project elements
- Optimising the analysis and weighting of project risks and uncertainties
- Apply key techniques of risk and uncertainty modelling, analysis, interpretation and their application on all project phases -with particular emphasis on the front-end of projects where uncertainty is the highest
- Apply computer-based simulation and other techniques to quantify the impacts of major risks and uncertainties on projects
- Design and apply risk response strategies and assess their effectiveness focusing on re-engineering the project and development of breakthrough solutions
- Use risk assessment and decision optimisation principles to re-appraise and realign project plans and strategies as risk dynamics
About the Course
How can you deploy risk management principles to re-engineer a project? How can you successfully steer a project through changes experienced throughout its life, while increasing value to clients and simultaneously reducing exposure to risks?
The answer is through integration of risk management and project planning. Risk and opportunity-based planning will create real opportunities for creative thinking and radical examination of the project concept.
This course will elevate the role of risk and uncertainty management throughout all phases of projects and programs. It will also demonstrate the differing perspectives of the sponsor and the contractor engaged on different phases of a given project and how these can be merged.
The course will begin with a more detailed approach to project risk assessment including analysis of the different stages of assessment, and how each stage should be tackled, in terms of adding value.
The different tools and techniques of applying risk and opportunity management to projects will then be examined, including state-of-the art risk identification, analysis, quantification and resolution within a holistic and dynamic framework, with an emphasis on value adding and improving decision making throughout the project lifecycle.
Who Will Benefit
This course is relevant for all project managers, program managers, project directors, risk managers, risk specialists, general managers, functional managers, engineers, financiers, contractors and all project participants in all industry sectors.
Throughout this course participants will be encouraged to share ideas, compare issues and challenges in their own workplace and participate in general discussion to maximise learning and benchmarking opportunities.
Course Outline
Holistic Project/Program Risk & Uncertainty Management
- Perspectives on project/program risk, uncertainty, threat, complexity and opportunity management
- Why it’s not just about delivering on time and on budget
- Is risk necessarily a bad thing?
- What is wrong with present risk management approaches and why we must change our thinking models and approaches
- Classes of risks and impacts on different parties
- Relationships to project decisions and actions
- Risk, uncertainty and complexity mindset
- Holistic framework and dynamic approach
Pervasive and Elusive Nature of Risks and Opportunities
- Overview of the nature of risks and opportunities
- Case study examination to illustrate pervasive and elusive nature of risks
- Evaluating the different perspectives on the case study, and lessons learnt
- Defining the framework for project elaboration leveraging opportunities, resolving risks and catering for change
A Contractor/Sub Contractor Perspective on Risks, Opportunities and Uncertainty Management
- What is the contractor’s perspective on risk and uncertainty management?
- Developing a project case study
- Opportunity identification (pre-bid stages)
- Risk management versus base case solution (proposal preparation)
- Applying risk management as means of creatively deriving breakthrough solutions
- Re-engineering the project solution and building in added value, over and above delivering on time and on budget
INTERACTIVE SESSION:
Are You Equipped to Effectively Apply Risk Management to Improve Your Project Outcomes? Assessing and Benchmarking Your Competencies vs. Your Peers
- Overview of typical case examples where risk and uncertainty management are effectively/ineffectively applied to the improvement of project outcomes
- Self assessment of individual competencies in risk, opportunity and uncertainty management
- Peer assessment of individual competencies in risk, opportunity and uncertainty management
- Group assessment of the results (current focus, mindsets, competencies, approaches)
- Group debate on needs analysis and personal development
Key Elements of Best Practice, Opportunity and Uncertainty Management
- Holistic process and dynamic feedback
- Risk/opportunity identification
- project related risks
- organisation related risks
- environment related risks
- Risk/opportunity evaluation
- setting up models
- analysing risks
- evaluation and interpretation
- Risk classification
- Major, moderate, minor
- Business, implementation
- External, internal
- Risk and opportunity response planning
- optimum responses
- risk action schedules
- resources & responsibilities
- Risk management documentation
- risk management plan
- action schedules and measures
- Implementation and monitoring
- implementation plans
- contingencies
- apply, monitor, change plan, realign
- Project management framework and information required for the case project
- Critical areas of the case project
- Agreed statement on project management framework for case project and identification of missing information/assumptions
- Define total risk assessment and management framework
- Identify risks, uncertainties, opportunities and threats
- Determine quantification and evaluation techniques
- Formulating a strategy for management of risks, opportunities, uncertainties
- Application of total risk process at preliminary (pre-bid) stage to process opportunities
- Identification of risks and constraints pertaining to base plan/solution (proposal stage)
- Decide on the quantification and evaluation techniques
- Formulating strategy for proposal preparation
- Prioritising Risks for both the owner and contractor
- Major risks to owner and contractor
- Moderate risks to owner and contractor
- Minor risks to owner and contractor
- Formulating strategy for a win-win solution
- The contractor as a project partner
- Examining the business and strategic value to the client
- Setting targets exceeding original targets with regard to project performance on:
- Financial
- End product quality and operability
- Due diligence (legal and statutory requirements)
- Stakeholder management
- Developing a creative approach -reengineering a project from a multitude of dimensions, including:
- Financial
- Organisational
- Contractual
- Environmental
- Market perspectives
- Formulation of strategies to capture value, tap opportunities and resolve uncertainties
- Summarising, key takeaways and proceeding to the next stage
- Setting stretched targets and generation of alternatives
- Re-engineering the base plan and developing breakthrough solutions
- Capturing, refining and presenting the new solution for a winning proposal
- Risk informed decision making and implementation of the project solution post award
CASE STUDY WORKSHOP SESSION
Analysing a Case Project’s Risks -Owner’s Perspective
CASE STUDY WORKSHOP SESSION
Developing a Cross Analysis of the Case Project Risks -Contractor’s Perspective
Combining Case Project Risks and Opportunities
Combined Risk and Value Engineering: A Creative Approach to Achieving Breakthrough Improvements to Project Outcomes
Creative Approach to Contractor Risk Response Planning -Case Analysis
On-site & in-house training
Deliver this course how you want, where you want, when you want – and save up to 40%! 8+ employees seeking training on the same topic?
Talk to us about an on-site/in-house & customised solution.
contact
Still have a question?
Sushil Kunwar
Training Consultant
+61 (0)2 9080 4395
training@informa.com.au