Project Risk & Estimating

Learning Outcomes
Attendees of this program will emerge able to:

• Analyse risk factors and quantify their severity
• Identify broad strategies for dealing with these factors
• Develop a risk management response plan
• Monitor and track the efficacy of these response strategies
• Identify key factors likely to affect task durations
• Incorporate factors such as resource availability and skill
• Introduce factors of risk such as those discussed in the early part of the day
• Develop a model which can be used to predict, justify and defend duration estimates

Course Outline

• What is Risk?
• Risk Management and Project Management
• Risk Identification
• Risk Assessment
• Risk Quantification
• Risk Response Planning
• Risk Monitoring and Control
• Decision Making under Conditions of Uncertainty
• What is an Estimate?
• The Estimate as a Calculation
• Task and Project Estimates
• Building Models
• Top-Down Analysis
• Simulation Methods
• The PERT Method
• Sensitivity Analysis
• Error Analysis
• TOC & Project Buffers
• Estimation and Review
• Summary and Conclusions

Course Summary

Managing Project Risk

In this course, we will provide a framework for managing risk - following the widely used five step process. Participants will have the opportunity to develop a risk management plan for tasks within their own projects and build hands-on experience in dealing with this most challenging of project issues under the expert guidance of the facilitator.

Project Estimating

Here participants will use a general estimating approach that is applicable to all tasks. This calls for the clear definition of task objectives, the identification of key factors likely to influence durations, the specification of availabilities and skills, and the possible influence of workplace risk factors such as interruptions, breakdowns and other distracting events.

Again participants will be able to apply the methodology to tasks from their own projects, thereby working in a meaningful and relevant context.

Target Audience

This one day workshop is aimed at those who wish to become proficient in modern methods of handling these two most challenging areas of project planning and control. The course is also beneficial for more experienced users who wish to refine and refresh their skills.