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Implementing Effective Opportunity and Threat Management

Risk management is now accepted internationally as one of the core disciplines for the successful delivery of projects and programmes. Key project management methodologies orientated towards both the private and public sectors include risk management as an integral element of a ‘best practice’ approach to project delivery. However successive high profile project failures provide clear evidence that risk management is still not being effectively implemented. Through the examination of over twenty five mini case studies it can be clearly seen that risk management can directly contribute to project success or its absence can lead to project failure. If your organisation does not fully understand what contributes to effective opportunity and threat management, follow recognised best practice, or appreciate the ramifications of poor management of risk exposure - this course will directly contribute to securing your projects’ objectives and improve company bottom line performance.

Turning 'Theory' into 'Practice'?

The course will focus on the elements of effective risk management. Both days will use an exercise to let participants try out key ideas and understand the practical problems associated with “applying effective project risk management”. The course will adopt an interactive style to deal with the key concerns of the participating group, starting with a discussion of what participants want to take away from the two day programme. A copy of “The Rules of Project Risk Management, Implementation Guidelines for Major Projects” (Robert J Chapman, 2014, Gower Publishing) will be provided as part of course documentation. Summary information about this book is provided separately to supplement the course information provided here.

Who should attend?

The course should be attended by project sponsors together with programme and project managers from public and private sector companies, who seek to implement effective opportunity and threat management which contributes to the realisation of objectives and not deplete scarce resources (time and funding) without adding value.

Key areas to be covered in the programme and documentation

Risk management competency
• Recognising where during the project life cycle the process adds value

Projects are a means to an end and not an end in themselves
• Why projects are undertaken in the private sector and the ramifications for tax payers if the business case is not satisfied
• Why projects are undertaken in the private sector and the ramifications of poor project performance for listed companies

Using systems theory to understand the context of projects
• Background to systems theory and its relevance to understanding the source of threats to projects
• The relationship between looking at a project as a system and developing a risk breakdown structure

Understanding risk management maturity models
• The background to maturity models
• Selecting the number of levels
• Selecting the perspectives to consider
• Selecting the competencies

Building risk management competency
• The nature of projects
• Building a risk management culture
• A “top down” approach
• Common risk management failures
• Avoiding the “negative” perception of risk management

Recognising where opportunity and threat management contributes to project delivery
• Commonly recognised benefits.
• Selecting the right project
• Procuring the correct funding and avoiding optimism bias
• Selecting the right organisation
• Selecting the right approach
• Option analysis
• Engaging the contractors and suppliers in the risk management process

Building effective opportunity and threat management
• Project environment
• External stakeholders
• Organisation
• Leadership
• Internal stakeholders
• Risk resources
• Systems

How to sell an uncertainty management approach in terms of its objectives
• Making project choices which minimise risk for a given level of expected performance, so the process pays for itself ten times over
• Identifying when during the project life cycle risk management adds the most benefit
• Changing the project culture, to further exploit risk management effectiveness
• Eliminating tedious bureaucracy and making the benefits of opportunity and threat management transparent to attract support

Benefits to you

• Being able to explain to your project team the need for the implementation of opportunity and threat management
• Learning how to develop a risk maturity model
• Acquiring useful tools for effective risk management
• Learning how to avoid common risk management failures
• Getting tips on how to mitigate project risk by learning from a number of project case studies
• Learning how to generate support within your organisation for a best practice approach to managing both opportunities and threats
• Getting started with implementing best practice opportunity and threat management in your organisation to achieve top results
• Reducing the scope for litigation and lack of clarity over risk ownership

Companies already benefiting include:

Duration of Course

2 Day Course

Course details

5th & 6th December 2016, London, PT3416

Looking to train larger teams in this subject?

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"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac