Duration
3 days
Overview
The workshop content focuses on how to risk-plan projects within the client's contexts. Emphasis is on identifying potential project problems and issues, rank the risks, risk responses, study impact of risks and using computerised Monte Carlo Simulation – sensitivity analysis and tornado charting), evaluate risk response feasibilities, and track/control risk response implementations.
Participants are encouraged to bring their projects to the session. Project Risk Management checklists, templates, and Palisade @Risk for MS Project are used to model a participant’s project. Ample case studies, examples and interactive individual/group exercises are provided.
Objectives
- To instil the habit of anticipation with regard to identifying possible project problems, uncertainties, and contingencies.
- Using techniques like Brainstorming, Affinity Technique, Cause-Effect, Why-Why, and Monte Carlo Computer Simulation.
- To produce a Risk Management Register which itemises and assesses the risks, risk triggers, risk responses, and response implementations toward the risks.
At the end of the course, participants will be able to:
- Have understanding of risk-managing projects, the various risk priority-ranking techniques, including the use of project management software (Microsoft Project and @Risk) to visualize and apply the findings immediately in their work.
- Have a ready set of working risk management templates.
Outline
Introduction to Risk Management
Principles of project uncertainties.
Definition and characteristics of “risk”.
Variation of risk within the project management lifecycle.
Elements and factors of risk.
Types of risk – external, cost, schedule, technology, operation risks, etc.
Components of risk management.
Risk Management Processes
Using the Risk Management Mindmap.
Risk Management Planning.
- The Project Risk Management Plan (using a risk management plan template).
- The Risk Register (using a risk register template).
Risk Identification.
- Activity: Work Breakdown Structure.
- Activity: Risk identification by Brainstorming.
- Activity: Categorizing identified risks using Affinity Diagramming.
- Risk classification into types of risk.
Qualitative Risk Analysis.
- Activity: Probability-Impact Matrix.
- Activity: Comparative Risk Ranking Matrix.
Quantitative Risk Analysis.
- Activity: Risk Expected Value a.k.a. Risk Exposure.
- Activity: Ranking risks.
- Activity: Determining risk reserve.
- Activity: Program Evaluation and Review (PERT) Technique.
- Activity: Monte Carlo Simulation and Sensitivity Analysis using @Risk software
- Risk Trigger (determining when the risk occurs).
- Monitoring high profile risks – risk watch list.
Risk Response Planning
- Activity: Applying risk strategies –avoidance, mitigation, deflection, and acceptance.
- Establishing reserves.
- Risk response control.
- Execute risk strategies.
Contingency plans and workarounds.
Risk re-assessment.
Methodology
Presentation, Microsoft Project, WBS ChartPro, @Risk simulation software and group exercises. Participants are encouraged to bring their real-life projects to the workshop.
Who Can Benefit
Managers, executives, engineers, and technicians, who are directly or indirectly involved in risk management of projects.
Training Items:
Post-It notes
Flipchart paper
Flipchart easels
Whiteboard
Computer projector (up to XGA resolution)
Writing paper
Whiteboard markers
Paper tape
Pencils
Course material in hard-copy
Notebooks with MS Project
Logistics:
Round table seating 5 participants.
Programme scope, delivery arrangements and suitability are confirmed during enquiry.