Past analysis revealed that many of the construction projects today have failed to meet the project objectives, they failed because the project management team failed to identify the project risks early in these projects. If these risks are not identified at the early phase of the project, they are unlikely to be considered during the planning phase of the project. Just like any other capital projects, there was one common thing behind these colossal project investments i.e. details of the risks associated with construction projects were not clearly identified. Fresh graduates employed and absorbed into construction projects do not have any experience in risk management. Consequently the costs to mitigate these risks were not included in the project budget.
Subcontractors, Material suppliers, Vendors, Contract Resources, and external parties engaged by the Prime Contractor to deliver products or services to the construction project, carry some risks to the Prime Contractor. These risks need to be assessed and prioritized and those risks with high probability of occurrence, and high impact to the project need to be treated based upon the chosen risk strategy. The cost of unknown risks that can make up a reasonably large percentage of the entire project cost. For instance, if the requirements specification is subject to changes of x percent of the project cost, then the mitigation plan for this unknown risk can be easily factored into the Risk Management Plan.
Identifying risks associated with project liabilities can help the construction project manager to manage the overall cost of the construction project. For instance, if you know the cost associated with the late delivery of a particular materials for the project, you will ensure that your supplier delivers the materials within the agreed schedule in order to avoid paying the penalty.
Executive management is looking at cost reduction that needs to be realized through efficient management of risk in construction projects. Project risk management provides an early warning system for impending problems that need to be addressed or resolved. You do not need to purchase costly insurance premium for every risk affecting the project, only those critical work packages need to be given special consideration since they will have adverse impact to the project profitability.
- Introduction to Risk Management and processes
- The Project Management Life cycle (PMLC)
- Risk management and Project Management Life cycle Process Mapping
- Brainstorm to establish the Project Risk Management Framework
- Step by step guide in developing the Project Risk Modeling Tool (PRiSM)
- Identifying Risk in Construction project
- Risk assessment tools and techniques
- Developing the Project Risk Management Plan
- The process of Risk Monitoring and Control
- Risk monitoring via PRiSM tool
- How to create project budget using PRiSM
- Component of a project Risk Register
- Determine and establish the Risk Strategy
- Identify and Assess Risks in the Work Breakdown Structure
- Define Mitigation plan and Contingency plan
How will this workshop benefit your organization?
The risk management framework and the processes taught in this corporate training program have been designed to specifically manage and control risk that will be applied in current and future construction projects. Although new business processes will be introduced to support the requirements of future technologies, however, it will not affect the methodology and the underlying risk management processes that govern the implementation of these new applications. By applying project risk management processes for your organization, your chances of project success are high due to reduction and elimination of negative risks so projects can be completed within budget, schedule, scope, and quality.
This course is fully claimable under HRDF SBL scheme.
How will this workshop benefits You?
- You have the opportunity to sit for the Certified Project Risk Manager examination
- 50 multiple choice questions
- Passing grade at 70%
- CPRM Certification is valid for 2 years
- Free membership with The American Academy of Project Management
- You get to acquire the Knowledge + Certification
- AAPM membership certificate will be issued.
- Your name will be registered in the AAPM Registered Member Verifiable Database