Course Overview
Mastering Project Risk Analysis and Management is essential for ensuring successful project delivery. Failure to manage project risks effectively can result in unmet organizational objectives, increased project costs, and significant financial losses. This course equips participants with practical skills to identify, assess, and mitigate risks across all project stages.

Key Features
This course offers participants the opportunity to:

• Recognize risk categories specific to organizational operations and projects
• Identify project-specific risks and uncertainties across design, planning, operation, and maintenance phases
• Apply proven techniques for quantifying, analyzing, and mitigating risks
• Develop a structured and dynamic Risk Management Plan

Learning Objectives
Upon completing this course, participants will be able to:

• Identify project-specific risks and uncertainties during each project phase, including scheduling
• Evaluate risk exposure using qualitative and quantitative methods in tangible terms
• Prioritize and rank risks to enable systematic risk management
• Utilize the expected monetary value (EMV) concept to establish appropriate contingency levels
• Implement six primary risk treatment strategies to proactively address potential risks
• Apply dynamic risk mitigation processes to reduce risk profiles within organizational thresholds

Target Audience
This program is ideal for staff responsible for or involved in project risk management, including:

• Project Managers and Project Leaders
• Project Planners and Scheduling Personnel
• Project Risk Management Professionals
• Production and Operations Engineers
• Other Project Stakeholders

Training Methodology
Participants will acquire advanced project risk management knowledge through a mix of formal instruction and interactive learning. The program includes individual exercises, team projects, case studies, group discussions, and video materials designed to translate directly into workplace application.
The course introduces new concepts progressively, guiding participants from foundational to advanced project risk management principles. Pre- and post-course assessments will measure learning effectiveness.

Course Content

Module 1 – Fundamental Principles of Project Risk Management
Overview: Introduction to the foundational concepts of project risk management.
Key Topics:

• Defining risk
• The triple constraint & stakeholder analysis
• Risk management processes and models:
  • Establishing risk context and criteria
  • Identifying risk events, triggers (causes), and receptors (effects)
  • Analyzing risks qualitatively and quantitatively
  • Formulating and assessing risk treatment strategies
  • Implementing selected strategies
• Techniques for identifying risk events, triggers, and indicators
• Risk scenario development

Module 2 – Project Risk Analysis, Assessment & Quantification
Overview: Methods for qualitative and semi-quantitative risk analysis.
Key Topics:

• Qualitative and semi-quantitative analysis techniques
• Risk matrices and ranking
• Risk identification techniques: expert panels, brainstorming, Delphi technique, Nominal Group Technique, Crawford Slip, Fishbone Diagrams
• Qualitative assessment of probability and impact
• Risk response strategies
• Progressive development of a risk management plan

Module 3 – Project Risk Analysis and Outcomes Modelling
Overview: Advanced quantitative risk analysis for estimating probability and impact.
Key Topics:

• Risk quantification and prioritization
• Risk characteristics
• Risk matrices and ranking: probability, impact, weighted scoring
• Expected Monetary Value (EMV) concepts
• Decision-making under uncertainty
• Development of a progressive risk management plan

Module 4 – Project Risk Strategy Development
Overview: Creating strategies to minimize the impact of project risks.
Key Topics:

• Risk quantification and EMV scenarios: best, base, worst cases
• Decision-making under uncertainty
• Risk treatment objectives and development procedures
• Risk response matrices
• Strategy implementation
• Forecasting project cash flows and financial scenario planning

Module 5 – Project Risk Scenario Planning & Mitigation
Overview: Linking project risk to financial feasibility and investment outcomes.
Key Topics:

• Advanced scenario planning and risk mitigation strategies
• Risk response strategies: acceptance, prevention, avoidance, mitigation, transfer
• Implementation of mitigation strategies
• Multiple-option decision-making
• Integration of risk and cash flow analysis