From a project management perspective, this course will explain approaches form a wide range – from predictive way to Agile and hybrid ones.

By the end of this training course, participants should be able to:

• Create a comprehensive risk management plan (RMP)
• Develop and maintain a detailed risk register
• Analyze risks using qualitative and quantitative methods
• Identify, assess, and apply risk response strategies
• Make informed decisions under uncertainty
• Understand the psychological factors influencing decision-making
• Monitor and control risks throughout the project lifecycle
• Identify emerging risks and respond effectively
• Manage change and its impact on the project
• Develop resilience under work pressure and challenging circumstances

This course is designed for project leaders and professionals responsible for managing risks within their organizations. It is ideal for:

• Project Managers
• Team Leaders and Supervisors
• HSE Managers and Professionals
• Risk Managers
• Health & Safety Officers
• Security and Emergency Response Teams
• Facility Managers
• Plant Managers and Supervisors
• Line Managers and Coordinators

The course will be delivered through a combination of theoretical lessons and practical exercises, with real-world examples from various industries. It will include case studies, group discussions, role-playing, and risk simulation activities. This approach will ensure that participants not only learn the principles but also know how to apply them effectively in their own projects.

Module One: Introduction to Risk Management

• Welcome participants
• Overview of Risk Management: Define what risk management is, why it’s important, and the consequences of ignoring risks in projects.
• Risk Management Process: Break down the process into steps—Risk Identification, Assessment, Response, and Monitoring.
• Risk Culture: Discuss how building a risk-aware culture within a team or organization can help manage risks more proactively.
• Risk Management Standards: Introduce ISO 31000 or PMI’s PMBOK® Guide for structured approaches to risk management.

Module Two: Risk Identification and Assessment

• Techniques for Identifying Risks: Use tools like risk checklists, expert judgment, brainstorming sessions, and historical data.
• Risk Categorization: Explore different risk categories (e.g., financial, technical, environmental) and how they affect project outcomes.
• SWOT Analysis: Use SWOT (Strengths, Weaknesses, Opportunities, Threats) to identify risks in both internal and external environments.
• Risk Prioritization: Discuss how to prioritize risks based on their likelihood and impact (using tools like the Risk Matrix).
• Initial Risk Register: How to create a basic risk register for documenting and tracking identified risks.

Module Three: Qualitative and Quantitative Risk Analysis

Qualitative Analysis:

• Probability and Impact Matrix: How to rank risks based on their probability of occurrence and their potential impact.
• Risk Rating: How to assign qualitative ratings (e.g., high, medium, low) to assess risk severity.

Quantitative Analysis:

• Expected Monetary Value (EMV): Introduce EMV as a decision-making tool for analyzing financial risks, where EMV = (Probability × Impact).
• Decision Trees: Explain decision trees for evaluating different risk options and choosing the best course of action.
• Sensitivity Analysis: Introduce sensitivity analysis to understand how changes in assumptions affect project outcomes.
• Monte Carlo (Optional)

Module Four: Risk Response Strategies and Contingency Planning

• Risk Response Strategies:
• Avoidance, Mitigation, Transfer, and Acceptance: Explore strategies for responding to identified risks and examples for each.
• Developing Contingency Plans: Define contingency planning and how it relates to minimizing risk impact.
• Risk Sharing and Transfer: Discuss how risk can be shared (e.g., outsourcing) or transferred (e.g., insurance).
• Implementing Response Plans: Develop action plans for addressing the most critical risks and assigning roles.
• Contingency Reserve: Discuss how to set aside contingency funds and time buffers in project planning to address unforeseen risks.

Module Five: Monitoring, Controlling, and Managing Change

Monitoring and Controlling Risks:

• Risk Audits and Reviews: Introduce risk audits to regularly review risk mitigation progress.
• Tracking Risks and Changes: How to track emerging risks and update the risk register throughout the project lifecycle.
• Change Control Process: Define the change control process and its role in managing risk-driven changes.

Handling Project Stress: Provide techniques for managing stress, maintaining focus, and ensuring productivity in the face of risk.

Conflict Management: Explain methods for managing conflicts that arise from risk-related challenges, such as negotiation and problem-solving.

Feedback

Course end.

RECTUS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration