Construction as capital investment venture is a risky business through its lifecycle from development and design to construction and operation. Proper risk management is one important way to minimize threats and increase opportunities and take appropriate and timely decisions under uncertainty.
Based on two international standards; the PMIs new Practice Standard for Risk Management, and the ISO31000 series for Risk Management, this Construction Risk Management training course will provide you with the process, tools and techniques for risk management planning, assessment, analysis, treatment, monitoring and controlling. In addition, this training course shall prepare you to take the PMI’s Risk Management Professional (PMI-RMP)® certification, an international recognition, which will help you to stand out of the crowd.
This training course will feature:
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
What are the goals?
By the end of this training course, participants 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
Who is this training course for?
This Coventry Academy training course is suitable to a wide range of professionals involved in studying, designing, procurement, construction and operation of construction facilities, but will greatly benefit:
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 recognise project risk management as a core part of their professional experience and want to become certified Risk Management Professionals
How will this training course be presented?
This training course will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. Case study exercises are used to facilitate practical application and reinforcement of theoretical concepts. Topic driven tutorial sessions are supported by risk simulations that allow delegates to explore their comprehension. Group discussions review the exam questions and quizzes and uncover the approach and prepare for the risk management certification.
Course Outline
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
Exam Q and A review and Case Studies
Exam Mock-up
The certificate
Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course