Project Risk, Uncertainty & Decision Analysis

Course Introduction

“Project managers are the most creative professionals in the world; we have to figure out everything that could go wrong, before it does”

Project management professionals are increasingly called upon to make critical business decisions under pressure in complex, uncertain, and dynamic environments. This Project Risk, Uncertainty & Decision Analysis training course addresses advanced concepts in Project Management and Risk Management to equip participants with the tools and strategies needed to navigate these challenging situations. The course offers a systematic approach to the project management process, designed to facilitate the effective and efficient achievement of business objectives. Participants will gain practical insights into developing a comprehensive project plan, crafting a robust risk management strategy, and creating a stakeholder management strategy. Tips, techniques, and strategies will be provided to support these efforts and enhance your ability to manage projects successfully in a rapidly evolving business landscape.

Training Objectives

This training course aims to enable participants to achieve the following critical objectives:

• Obtain a Fundamental Understanding of Project Management Concepts
• Prepare and Execute an Effective Project Plan
• Identify and Analyse Project Risk
• Apply Effective Strategies to Address Typical Project Issues

Who should Attend?

This training course is suitable to a wide range of professionals but will greatly benefit:

• Professionals Who Make or Support Project Decisions and Would Like to Be Able to Develop and Justify Effective Solutions  
• Project Management Professionals and Supporting Personnel
• Internal Auditors and Management Accountants

Day One: Introduction to Project Management and Risk Management

• The nature of projects and project management
• Project/program and portfolio management
• Project organization, project life cycle and Stage Gate approach
• Project Initiation
• Scope definition and Work Breakdown Structure (WBS)

Day Two: Project Schedule and Cost Management

• Defining and sequencing project activities
• Schedule Development
• Resource management
• Estimating costs and determining budgets
• The earned value management (EVM) concept

Day Three: Risk Identification and Planning

• Decisions under certainty, risk and uncertainty
• Risk management overview
• Contemporary concepts and standards in risk management
• Risk management planning process
• Risk identification and assessment
• Qualitative risk analysis

Day Four: Risk Response Strategies and Risk Control

• Schedule-Risk and Cost-Risk Analysis
• Risk Response Strategies
• Risk Response Implementation
• Risk monitoring and follow-up
• Risk Reporting

Day Five: Project Execution, Monitoring & Closure

• Managing stakeholder expectations
• Managing project communications
• Managing the project team
• Effective project closure
• Lesson learned
• Post-project evaluation and Benefit Realisation