Project Risk Management Principles & Practices

VAL-107

This two-day course offers participants the opportunity to learn how to effectively implement risk management principles and practices in small and midsize capital projects, specifically those under $20 million. The course is designed for project leaders who manage project risk and need a practical, easy-to-use process with supporting tools. Participants will be introduced to the Construction Industry Institute’s (CII) risk management best practices, scaled for time-efficient use in smaller projects.

Using interactive case studies, participants will work in small teams to apply course learnings. They will conduct a risk identification workshop, complete an assessment of identified risks, and develop risk responses. The course package includes easy-to-use risk tools and templates, such as:

• Risk Register toolset
• Risk identification checklists based on 20+ years of CII research
• Risk management dashboard
• Risk status report templates

Learning Objectives

Explain the key components of the Construction Industry Institute’s (CII) risk management process.
Conduct a risk identification meeting in a manner that increases team alignment.
Select an appropriate level of risk assessment based on project complexity.
Develop actionable risk responses.
Maintain a Risk Register for tracking and communicating project risk.
Understand project team roles and responsibilities in risk management.
Set expectations with senior stakeholders of how risk management will improve cost and schedule performance and increase project predictability.
Apply standard risk management terminology in accordance with the Project Management Institute (PMI).

Duration	Two half-day sessions	Delivery	Virtual, Instructor-Led
Credits	7 Professional Development Hours (PDH)	Group Size	15
Focus	Learn best practices in project risk management for construction.
Who Should Attend?	Program Managers, Project Managers, Project Engineers, Architects, Project Controls Managers, Design Managers, Designers, Quality Managers, Project Management Office leaders, Construction Managers, Technical Managers, Project Estimators, Contract Administrators, Quantity Surveyors, and others.
Related Courses and Certification	Certified PDRI Facilitator Program VAL 223: Facilitation Skills & Techniques for Capital Projects Workshop

Open Toggles

Introduction

Overview of course objectives and agenda
Interactive exercise – participants will complete a survey on the level of maturity of project risk management in their organization
Introduction to the Construction Industry Institute’s Risk Management best practice area and its role in improving project performance

Risk Management Process

Introduction to risk management
Owner and contractor perspectives on risk
The risk management process
Applying risk management throughout the project lifecycle
Roles and responsibilities

Risk Identification

Major sources of risk
Risk identification methods – brainstorming, structured interviews, documentation review and risk checklists
Supporting tools (included in the course package)
- Risk Register template
- Risk Breakdown Structure (RBS)
- Construction-focused Risk Checklist
Using the Risk Register template to document identified risks
Interactive exercise – Case Study, Part 1. Participants will form small project teams and conduct a risk identification session. The team will utilize structured brainstorming, risk checklists, and the knowledge and experience of the project team. Identified risks will be added to the project’s Risk Register.

Risk Assessment

The assessment process for identified risks
Selecting an appropriate risk assessment level for each project
- Level 1 – Risk Identification
- Level 2 – Probability & Impact
Utilizing the Risk Assessment tables (Level 2)
Recording assessment results in the Risk Register
Interactive exercise – Case Study, Part 2. Each project team will complete an assessment of identified risks utilizing the Risk Assessment tables and update their Risk Register.

Risk Response

Developing risk response plans and actions
Risk response strategies
Examples of “actionable” risk responses
Project contingency
Interactive exercise – Case Study, Part 3. Each project team will develop appropriate risk responses for their identified risks and update the Risk Register.

Risk Monitoring

Tracking and reporting risks using the Risk Register
Monitoring existing risks and execution of risk response plans and actions
Integrating risk status into regular project communications and reporting

Summary

Revisit the group’s survey results on organizational maturity of risk management
Review how risk management can be applied to improve project performance
Discuss important “take-aways”
Conduct course evaluation

Register for an Upcoming Course

Virtual Course

December 3 & 4, 2024

10:00 AM – 2:00 PM EST

$1,000 CAD

Register

$749 USD

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Testimonials

What Our Clients Say

The focusing on construction-specific risk management will help me introduce Valency’s tools to my company. I recommend Sandra and Valency for any organization aiming to improve project operations.

Quality & Training Manager

Construction Contractor, Company

“Excellent workshop, effective with small group activities.”

Head, Design & Construction

Major Canadian Municipality

“The course content and presentation were excellent. I will recommend that our organization make use of this platform.”

Project Manager

Global Chemicals and Energy Company