Suitable for participants who have some project management knowledge.
Overview
This course is intended for business management, IT, engineering and production professionals, who need to acquire a working knowledge and skill in risk management understanding, managing and/or developing and executing and controlling technical and non-technical projects. Their participation through an action-learning methodology will facilitate an immediate transfer of such competency to workplace.
The course content focuses on how to risk-manage such projects within the client's contexts. Additionally, the course is tailored to match the organisational level and expertise of staff participating. This course will be particularly useful for developing project management specialists within the organisation who would anticipate and identify potential project problems and issues, rank the risks, brainstorm for possible risk responses, study impact of risks to schedule/cost/quality/scope (and using computerised Monte Carlo Simulation – sensitivity analysis and tornado charting), evaluate risk response feasibilities, and track/control risk response implementations.
This course is compliant to Project Management Institute PMBOK, and is carefully designed to provide the best mix of experience, theory and practice in an adult learning environment. Formal presentations are used mainly to introduce key concepts and significant elements of risk management. Emphasis is on practical applications through “hands on” action learning. This will require a high level of participation and team involvement. Maximum opportunities will be given to participants to inject their own examples and issues into the course and continually relate the material to their own contexts.
Participants are encouraged to bring their projects to the session. Project Risk Management checklists, templates, and Risk Management add-on trial software (Palisade @Risk4.1) for MS Project is demonstrated by the facilitator to help users in planning and controlling projects. 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, opportunities, and their project contingencies and project risks.
To understand and use techniques like Brainstorming of ideas, Affinity Technique, Cause-Effect (Ishikawa or Fishbone Diagram), Why-Why, Decision Trees, and Monte Carlo Simulation.
To understand Project Systems Thinking concepts, which help to holistically visualise cause-effects within systems.
To understand the use of Project Management tools for the timeliness, cost impacts and resolutions, quality issues and scope of projects.
To produce a Risk Management Plan which itemises and assesses the risks, risk triggers, risk responses, and response implementations toward the risks.
Content for 2-day Course (course content timings are approximate)
DAY 1: Morning
Essential Background
Overview of the Project Management Life Cycle – initiating-planning-executing-controlling-closing phases.
The time-cost-quality-scope triangle.
Review of planning tools and techniques.
Review of project requirements: project needs, functional and technical requirements.
Review of the Work Breakdown Structure.
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.
DAY 1: Afternoon
Risk Management Process
Risk management planning
Risk identification by work/activity (using Work Breakdown Structure, Brainstorming, and Ishikawa Diagramming techniques).
Risk classification into types of risk.
Risk and expected value analyses (using Systems Thinking technique, Monte Carlo simulation, and Decision Tree technique).
Monte Carlo Simulation: Monte Carlo risk modelling concepts, analysis inputs, distributions and output interpretation).
DAY 2: Morning
Risk assessment (using probability of risk occurrence, and impact consequences).
Risk trigger (determining when the risk occurs).
Risk impact studies (determining how the risk will impact on schedule, cost, quality and scope of the project).
Determining the likely risk responses (using Decision Tree technique).
Priortising risks.
Monitoring high profile risks – risk watch list.
Planning for Risk
Risk strategies – risk avoidance, mitigation, transfer/deflection, and acceptance.
Establishing reserves.
Creativity in risk management (using lateral thinking approaches and Brainstorming techniques).
Creating a Project Risk Management Plan (using a pre-formatted risk management template).
Risk response control.
Execute risk strategies.
The training uses practical exercises that take individuals outside their comfort zones. By giving the participants help and guidance during the process, confidence and skills are strengthened. We make the sessions challenging and practical through the use of role-play, experiential learning and group exercises. Participants will quickly discover their strengths and weaknesses in communicating with others. Moreover, this interaction makes classes enjoyable and motivational.
The tempo of the training is light-hearted and fast-paced. Our experience suggests that this makes people actually look forward to attending our training sessions and reinforces the motivational effects. Peer group pressure, structure and relaxed atmosphere are the key elements to the success of our courses.
Methodology
Presentation, case studies, individual 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.
Items, Logistics & Others
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 a binder and tabbed)
Logistics:
Round table seating 5 participants.
Breakout table arrangement (conducive to group exercises).
Others:
Costs pertaining to training venue, training items and logistics (course material copying and binding, markers, flipcharts, whiteboards, writing materials, rental of PCs, notebook PCs, AV equipment) are at the expense of the organiser or the client. If outside Malaysia travel is required of the trainer, the organiser or the client will bear travelling and accommodation expenses of the trainer.
