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Project Risk Management Principles
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Project Risk Management Principles

3-Day Training Course. An intensive course providing participants with the knowledge, tools & techniques, & best practices to successfully manage a project from initiation to final closeout. Fulfil the goals of your project, organisation & customers while balancing the demands of time, cost & scope

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Key Learning Objectives

  • Develop project plans using proven techniques
  • Identify project tasks by creating work breakdown structures
  • Use scheduling techniques to create achievable schedules
  • Employ different estimating methodologies for calculating required resources
  • Develop a project risk management plan to identify, assess and mitigate project risks
  • Communicate project status to stakeholders, team members and managers
  • Establish baselines, monitor progress and handle changes in project scope to keep on track
  • Closeout a project and capture essential lessons learnt for repeatable project success

About the Course

Project management as a discipline is recognised as one of the fastest growing professions in today’s service, product development, and industrial based industries. While it is becoming a required area of expertise for career advancement, it is rarely taught in traditional business programs or at universities.

As projects continue to grow in complexity, scope and size, a broad understanding of the concepts of project management is needed to ensure an organisation’s success in the marketplace.

This course is designed to develop the basic knowledge base of persons working as project managers and project personnel who perceive project management as their career path.

The course focuses on basic principles across the breadth of the project management body of knowledge. It covers the key concepts in managing a project from its initiation to final closeout discussing the project management processes in an organised framework The course is consistent with the knowledge areas of the Project Management Institutes’ Guide to the Project Management Body of Knowledge, 3rd Edition (known as the PMBOK® Guide). Recommended pre-reading is Harold Kerzner’s Project Management: A Systems Approach to Planning, Scheduling, and Controlling, Eighth Edition.

Participants will be able to

  • Develop project plans
  • Prepare a project charter
  • Develop project Work Breakdown Structures (WBS)
  • Employ scheduling techniques
  • Identify advantages and disadvantages of project organisational structures
  • Discuss the roles and responsibilities of project stakeholders
  • Manage project conflicts
  • Use different estimating methodologies
  • Identify, assess, and mitigate project risks
  • Develop a risk management plan
  • Establish baselines
  • Manage changes to project scope throughout the project life cycle
  • Use earned value techniques
  • Monitor progress and update the project plan using multiple techniques
  • Close a project and capture lessons learned


This course brought together a lot of knowledge I had but now will give me the ability to act more confidently in my role in contracts.
Contracts Specialist, Woodside

Course Outline

Topics to choose from

The topics below are designed to run as a 3-day program. However, they are modularised, so you are free to choose from these options.

As the training is offered online only, the sessions are traditionally shorter and can be broken up into segments over a number of weeks.


Key concepts


  • Objectives
  • Project Management Trends
  • Definitions
  • Triple Constraint
  • Project Management Body of Knowledge Overview
  • Project Processes
  • Project Life Cycle
  • Project Management Benefits
  • Project Success


Activity: Project Management Issues

Project initiating

  • Objectives
  • Initiation Process
  • Project Selection Methods
  • Preliminary Scope Statement
  • Project Statement of Work
  • Developing Requirements

Establishing Objectives

  • Project Charter
  • Assigning the Project Manager
  • Constraints and Assumptions

Activity: X-Files Case Study

Project planning

  • Objectives
  • Planning Processes
  • The Importance of Planning
  • Planning Tools and Techniques
  • Define Scope
  • Work Breakdown Structure

Activity: WBS Construction / WBS Dictionary

Activity: X-Files Case Study

Project scheduling

  • Objectives
  • Project Network Diagram
  • WBS and Schedule Networks
  • Guidelines in Preparing Schedule Network Diagrams
  • Diagramming and Scheduling Tools
  • Precedence Diagramming Method

Activity: Precedence Diagram

Hand out review questions for Day One


Project scheduling (continued)

  • Schedule Dates
  • Scheduling in PDM
  • Computing the Forward and Backward Pass
  • Total float or Slack
  • Types of Float
  • Critical Path
  • Precedence Relationships
  • Lag and Lead Times
  • Imposed Dates
  • Beta Distributions
  • Using Beta Distribution for Task Duration
  • Determining the Standard Deviation for a Path

Project organisations

  • Objectives
  • Organisational Planning
  • Organisational Structures
  • Functional Organisation
  • Projectized Organisation
  • Project Expeditor
  • Project Coordinator
  • Matrix Organisation
  • Project Stakeholders
  • Roles and Responsibilities
  • Project Stakeholders
  • Roles and Responsibilities
  • Professional Responsibility
  • Team Charter
  • Building a Winning Team
  • Individual Activity: Conflict Management
  • Conflict Resolution
  • Human Resource Planning Outputs

Activity: Organisational Issues

Project risk management

  • Objectives
  • Individual Activity: Approaching Risk
  • Project Risk Management Processes
  • Primary Risk Components
  • Risk and the Project Life Cycle
  • Risk Management Planning
  • Risk Identification
  • Qualitative Risk Analysis
  • Quantitative Risk Analysis
  • Categories of Decision Making
  • Risk Impact (Assessment)

Activity: Risk Analysis

  • Risk Prioritisation Techniques
  • Risk Response Planning Outputs
  • Risk Response Strategies
  • Threats
  • Opportunities
  • Threats and Opportunities
  • Transferring Risk Between Buyer and Seller

Hand out review questions for Day Two


Project risk management (continued)

  • Risk Monitoring and Control

Activity: Risk Management

Cost estimating

  • Objectives
  • Estimating Guidelines
  • Estimating Pitfalls
  • Estimating Methodologies
  • Cost Estimating Outputs
  • Cost Budgeting

Project monitoring and control

  • Objectives
  • Project Control Processes
  • Baselines
  • Project Reporting
  • Project Reviews
  • Variances
  • Earned Value

Individual Exercise: Earned Value

Earned Value and Progress Reporting

Individual Exercise: Calculating Earned Value Measures

Project monitoring and control (continued)

  • Re-planning
  • Managing Change
  • Requirements Management
  • Change Control Board

Activity: Establishing Project Controls – X Files

Project closeout

  • Objectives
  • Contract Closeout
  • Administrative Closure
  • Closeout Objectives
  • Stakeholders Involved
  • Project Manager Responsibilities
  • Guidelines for a Successful Closeout
  • For Future Success

Activity: Lessons Learned

Activity: Three Levels of Action

Course Instructional Methods

A combination of instructional methods is used. The course uses lecture and facilitated discussion techniques followed by exercises. The latter are designed to illustrate the theory and its application to pragmatic problems.

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.


Still have a question?

Sushil Kunwar
Training Consultant
+61 (0)2 9080 4395

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