Workshop Code: SBM12061
Workshop Title: Advanced Risk and Uncertainty Management
Short Summary
As advocated in typical published literature and textbooks or Standards, risk management starts after a baseline design and plan has been prepared for the project/program. Its purpose is to mitigate risks that pose threats to the achievement of the base plan. This practice tends to lead to sub-optimal outcomes as all that is done is to smooth the path to achieve the base plan.
True risk management approach needs to challenge the base plan and treat it as a starting point. The project participants need to radically challenge the project business case, project assumptions, its implementation strategy and other key components. They need to come up with solutions that can enhance the project value and reduce its exposure to risks. This is a creative process; it requires setting stretched targets for the project and then deriving breakthrough solutions.
- Typical classes of risks and uncertainties on projects and business ventures
- Quantitative risk and scenario analysis at the time of conceptualisation to establish the viability and develop sound strategies to conceptual development and implementation plans
- Analysis of market risks through cost competitiveness concepts
- Implementation risks, comprising project completion (schedule) and cost estimate risks
- Holistic project risk management employing integrated teams
Aims and Objectives:
- Understanding of the concepts of advanced risks and uncertainty modeling, analysis, interpretation and application on all project phases
- Competency in the systematic analysis of risks and uncertainties on projects and programs in a variety of projects and programs
- Application of computer-based simulation and quantification of risks and uncertainties on projects and programs
- Design and application risk response strategies and assess their effectiveness
The workshop will cover:
- Designing the risk Management framework and approach
- Identifying & classifying risks
- Acquiring data and evaluating risks
- Quantifying and interpreting risks
- Planning and implementing response
- Monitoring risks and readjusting project plans
- Managing knowledge
NOTE: Intensive lecture sessions in each unit are followed by tutorial and case studies or project work sessions for deep learning outcomes. A knowledge assessment will be conducted for those participants wishing to obtain a Certificate of Attainment of a given unit of study.