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Project Risk and Uncertainty Management

‘Common practice’ considers events which may or may not happen, usually in terms of a ‘qualitative’ risk management matrix, sometimes in terms of ‘objective’ probability analysis. ‘Best practice’ has to address all sources of uncertainty, including ambiguity and lack of knowledge, in terms of subjective judgments about their collective impact on expected performance, and possible departures from expectations that matter. If your organization does not follow best practice, attending this course will clarify why it should, what is involved, and the positive effect on your organization's bottom line.

Turning 'Theory' into 'Practice'?

Chris Chapman is internationally recognized as a consultant who has played a key role in developing best practice with a wide range of organizations, as an academic who has grounded best practice on effective theory, and as a seminar leader highly interactive manner. Examples and illustrative case study exercises will be drawn mainly from energy, information systems, construction and military projects, but the concepts and processes considered are relevant to all industries.

Who should attend?

Project and program managers and those they report to who want to understand what leading edge use of uncertainty and risk management is about, including its use in project evaluation, bidding and contracting processes as well as in planning, costing and control.
This course can also be delivered as an In-Company solution tailored to your unique training requirements including pre-course, on-site training needs assessment.

Key areas to be covered in the programme and documentation

The Essence of an Uncertainty Management Approach to Risk Management
Keeping it simple systematically
Adding complexity when it pays to do so
Managing ‘irrational objectivity’ and other dysfunctional corporate culture conditions, like ‘a conspiracy of optimism’
Managing all sources of bias in estimates
Recognizing the need to manage good luck as well as bad luck, and other forms of opportunity management

Some History which Helps to Understand the Future of Risk Management
Concepts, models and processes which shape current perspectives
The key ideas which will shape effective future developments

An Outline of Effective and Efficient Project Risk Management Processes
At the strategic planning stage from a client perspective
Earlier and later in the project life cycle from a client perspective
At the bidding stage from a contractor perspective

Key Risk Ownership Issues
Issues relevant to formal contracts
Issues relevant to informal contracts

How to Sell an Uncertainty Management Approach in Terms of its Objectives
Making project choices which minimize risk for a given level of expected performance, so the process pays for itself ten or a hundred times over
Taking more risk for more reward, to leverage risk management effectiveness
Changing culture, to further exploit risk management effectiveness
Eliminating boring bureaucracy and ‘making risk management fun’, to attract and keep the best people

How to Implement an Uncertainty Management Approach
Picking an effective demonstration project
Learning to walk before you try running
Avoiding the other key sources of risk in risks management implementation

Benefits to you

Learn how to move from ‘common practice’ to realize ‘best practice’ and maximize performance
Understand how to generate support within your organization for a best practice approach to manage risks more effectively
Understand how to implement best practice in your organization to achieve top results
Become proficient in managing good and bad luck, and other forms of opportunity management
Benefit from a unique opportunity of learning from Prof. Chris Chapman – an internationally acknowledged expert in the risk area

Companies already benefiting include:

Duration of Course

2 days Day Course

Course details

 25th & 26th October 2010, Chicago, USPT127

Looking to train larger teams in this subject?

dzingim@marcusevansuk.comTailored in-house/in-company training courses and bespoke strategy workshops designed and delivered on-site throughout Europe according to your specific requirements.

All management, personal development and project management public courses featured in our Course Directory are also delivered on an In-Company basis.

Click Here for information on how this course can be delivered for you as an In-Company Training Solution


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Further information

UK Enquiries: +44 (0) 203 002 3057

Non-UK Enquiries: +420 (0)2 5570 7246

North American Enquiries: +1 312 540 3000 X6714 or - Marketing Manager EMEA - Professional Training


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

Managing Director, Tarmac