Project Risk Management Principles & Practices

VAL-107

risk heat map

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).

 

DurationTwo half-day sessionsDeliveryVirtual, Instructor-Led
Credits7 Professional Development Hours (PDH)Group Size15
FocusLearn 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

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

SOLD OUT

Contact Valency to join the waiting list.

April 2 & 3, 2025

10:00 AM – 2:00 PM EST

$1,000 CAD

$749 USD

You will be redirected to the checkout page

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

CII Registered Education Provider
CII Registered Provider
Valency is a Registered Provider with the Construction Industry Institute (CII).
CII Registered Education Provider

CMAA Registered Provider
This course is eligible for 7 RPs from the Construction Management Association of America (CMAA).

Related

Courses

PDRI Principles & Practices

VAL-102

Construction Readiness Principles & Practices

VAL-115

Facilitation Skills & Techniques for Capital Project Workshops

VAL-223

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