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Introduction and Background to Risk Management

  •  What is risk?

  •  When and why did risk become a major requirement in projects?

  •  Importance of the effective management of risk to a project.

Definition of Risk  

  •  Risk parameters.
  •  Risk matrices.
  •  Risk terms.

Qualitative Risk Assessment

  •  Corporate Governance.
  •  Project Risk.
  •  Operational Risk.
  •  Enterprise Risk.
  •  Business Continuity Risk.

Qualitative Risk Assessment

  •  7 step approach.
  •  Risk identification.
  •  Risk mapping.
  •  Generic approaches.
  •  Current severity assessment.
  •  Risk mitigation strategies.
  •  Target severity assessment.
  •  Contingency plans.
  •  Risk Registers.
  •  Risk tools.
  •  Work Breakdown Structure (WBS).
  •  Conventional risk assessment methods.
  •  SmartRisk methodology.
Quantitative Cost Risk Analysis
  •  Breakdown of bid cost / pricing.
  •  Risk Breakdown Structure (RBS).
  •  Risk cost allowance budgets.
  •  External audits.
  •  Quantification of risk potential cost implications.
  •  Employing three-point estimating technique.
  •  Monte Carlo statistical analysis.
  •  Risk models.
  •  Assessment of risk Forecast of Outturn.
  •  Confidence curves / tables.
  •  Analysis of cost risk drivers.
  •  Top down estimation of risk allowance.
  •  Interpretation of results.
  •  Determining cost allowance budget.
  •  Negotiating cost allowance budget.
Schedule Risk Analysis
  •  Critical Risk Analysis & PERT.
  •  Schedule Risk Analysis.
  •  Model Inputs.
  •  Results from Monte Carlo Analysis.
Decision making using the results of Risk Analysis
  •  Managing Stakeholder expectations.
  •  Option analysis.
  •  Revisiting risk cost drivers.
  •  Stakeholder involvement.
  •  Changing non-achievable projects to successful projects.
Risk Reviews
  •  Importance of risk reviews.
  •  Time periods for risk reviews.
  •  New risks.
  •  Resolved risks.
  •  Action plans.
  •  Action status.
  •  Customer reviews.
Monitoring Risk Spend - Profit / Loss Financial Accounting
  •  Monitoring cost of risk issues.
  •  Re-assessment of risk Forecast of Outturn.
  •  Risk spend vs budget Forecast Analysis Gain (FAG) diagrams.
  •  Profit / Loss assessment.
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Copyright 2005 SmartRisk Solutions Ltd. All rights reserved.
Last modified: 24/11/06