CONSTRUCTION RISK MANAGEMENT

TRAINING OVERVIEW

Engaging in construction as a capital investment endeavour involves inherent risks throughout its lifecycle, spanning development, design, construction, and operation phases. Effectively managing these risks is crucial for mitigating threats, capitalizing on opportunities, and making informed decisions amid uncertainties. Drawing from two widely recognized international standards—PMI's new Practice Standard for Risk Management and the ISO31000 series for Risk Management—this Construction Risk Management training course is structured to equip you with processes, tools, and techniques essential for risk management planning, assessment, analysis, treatment, monitoring, and control. Furthermore, successful completion of this course will prepare you for the PMI's Risk Management Professional (PMI-RMP)® certification, offering international recognition and setting you apart in your professional endeavours.

TRAINING TOPICS

• The special features and project delivery approaches in construction business
• The construction industry and its spectrum of risk
• Planning and identification of risks
• Assessment and Analysis of risks
• Planning and implementing appropriate risks responses to threats and opportunities
• Tools and techniques to keep the project under track while responding to emergent risks

By the end of this training course, delegates will be able to

• Provide a structured methodology to plan for risk management, including strategic risks
• Prepare to become a Certified Risk Management Professional (PMI-RMP)® certification exam
• Improve the risk threshold through proper identification of risk tolerance and risk attitude
• Apply qualitative and quantitative risk analysis techniques
• Adequately plan for risk responses and treat the risks accordingly
• Monitor and report the status of residual risks, secondary risks, and emergent risks

TRAINING IS TAILORED TO

• Senior managers involved in the selection and strategic alignment of construction projects
• Professionals who are working as project managers or key project or program team members
• Professionals who have been directly involved in risk identification, analysis, and response on any kind of project
• Those who recognize project risk management as a core part of their professional experience and want to become certified Risk Management Professionals

TRAINING METHODOLOGY

Certainly! The training methodology for this course is designed to be highly interactive and practical. Participants will engage in a combination of lectures, group discussions, case studies, and hands-on exercises to enhance their understanding of risk management concepts and methodologies. The training will be facilitated by experienced professionals in the field, providing real-world insights and practical applications. Additionally, participants will have the opportunity to work on relevant projects and scenarios, allowing them to apply the acquired knowledge in a simulated environment. Continuous assessments and feedback will ensure that participants grasp key concepts and can effectively implement risk management practices in their professional roles. The goal is to provide a comprehensive and immersive learning experience that empowers participants to navigate and excel in the complex landscape of risk management.

DAY ONE:

THE CONSTRUCTION INDUSTRY AND ITS RISK SPECTRUM

• Course Opening and Pre-Course Assessment
• Phase by Phase Understanding of construction and development
• Project delivery methods and its relation to risk allocation
• Challenges and Issues in construction Execution and management (with case studies)
• Lean construction concepts and waste minimization in construction
• PMI’s risk management approach versus ISO 31000 for risk management
• Other international risk management frameworks and standards

DAY TWO:

RISK STRATEGY, PLANNING AND IDENTIFICATION

• Assess project environment for threats and opportunities
• Confirm risk thresholds based on risk appetites
• Establish risk management strategy and the risk management plan
• Engage stakeholders in risk management activities
• Conduct risk identification exercises
• Develop risk register and risk report
• Exam Q and A review and Case Studies

DAY THREE:

RISK ASSESSMENT AND ANALYSIS

• Perform qualitative analysis
• Perform quantitative analysis
• Identify threats and opportunities
• Schedule-Risk Analysis
• Cost-Risk Analysis
• Exam Q and A review and Case Studies

DAY FOUR:

RISK RESPONSE PLANNING AND IMPLEMENTATION

• Determine appropriate risk response strategy and response actions
• Assign roles and responsibilities for risk actions
• Execute the risk response plan(s) and the contingency plan(s)
• Encourage stakeholders to provide feedback on the risk response
• Evaluate and react to secondary and residual risks from the response implementation
• Exam Q and A review and Case Studies

DAY FIVE:

MONITOR AND CLOSE RISKS

• Gather and analyze performance data
• Monitor residual and secondary risks
• Risk auditing best practices
• Provide information required to update relevant project documents and plans
• Monitor project risk levels