Description
Overview
As a business or firm, you’re most likely aware of the many risks that come with construction projects. Whether it’s meeting the terms of a contract, maintaining employee safety on the job site, or dealing with natural disasters, every project has its own set of hazards. If not managed, these risks can hurt your construction projects and prove fatal to your bottom line.
Thus, construction risk management is a must-have for any company. An effective risk management plan must have easy-to-follow yet detailed processes to help you control the risks, make decisions on how to deal with them, and turn them around to boost your company. With the presence of rising costs, new industry trends, more complex projects, and increased safety concerns, having a risk management plan is more crucial than ever.
This comprehensive and practical [3] three-day program introduces the participants to the concepts, principals, processes, and application of risk management in a construction project environment. The program follows the Risk Management principles and practices adopted by the Project Management Institute (PMBoK 2004).
It explains the tools and techniques that will aid participants in the implementation of these practices. Participants will be given opportunities apply the tools and techniques learned to an actual construction project’s life cycle. The goal is to minimize risks and maximize opportunities during all phases of the project’s life cycle.
The program is delivered though lectures, class discussions, individual and group case studies, and exercises. The topics to be covered include: identifying, classifying, assessing, and prioritizing risks, planning, and creating mitigation strategies for handling the identified risks. Risk communication and risk control will also be addressed in detail. The workshop will help participants to understand and to develop risk management skills, and to apply what they have learned on a real-life design and construction project.
Program Objectives
- Develop a detailed risk management plan to guide risk management activities;
- Develop a risk register that is complete and accurate;
- Qualify and quantify project risks; and,
- Prepare risk response strategies to control the risks and maximize the opportunities.
- Choose the type of contract to meet the specific risk need of the project
- Understand the risks involved in the construction contract documents
- Understand the concept of construction risks.
- Recognise potential risks.
- Know how to quantify the likelihood and potential impact of risks.
- Be aware of how to implement risk management processes that comply with JCT, NEC and FIDIC contracts.
- Analyse potential risks and create strategies.
- Be able to evaluate the effectiveness of the strategies implemented.
- Be able to manage a risk register.
Successful Outcomes
- Understand the concept of construction risks.
- Recognise potential risks.
- Know how to quantify the likelihood and potential impact of risks.
- Be aware of how to implement risk management processes that comply with JCT, NEC and FIDIC contracts.
- Analyse potential risks and create strategies.
- Be able to evaluate the effectiveness of the strategies implemented.
- Be able to manage a risk register.
Organizational Benefits
Organisations that will have professionals who have taken this course will benefit in the following ways:
- Detailed and well-analyzed risk assessment with proper management to review and predict all the possible challenges that projects might face
- Well-managed organisations with reduced costs implication that might have occurred due to avoidable tragedies
- Increased credibility because of increased customer satisfaction and well-managed risks
- Regular training of other employees in modern techniques to identify and manage risks
- Well-developed risk management frameworks that adhere to international standards
- Effective and efficient decision-making process
- Better utilization of the available resources
Personal Benefits
The course will give the participants the ability to:
- Understand the integrated approach to managing risks in construction projects
- Developed highly valued risk management protocols and processes
- Identify, assess, and analyze construction risks
- Gain the required skills and knowledge to assume a high-level office in their organisation
- Understand in better ways their roles and responsibilities in identifying and assessing construction risks
- Track and monitor construction risks effectively
- Develop international level structures and frameworks that will be used to manage construction risks
Agenda
- Course Opening and Pre-Course Assessment
- Phase by Phase Understanding of construction and development
- Project delivery methods and its relation to risk allocation
- Challenges and Issues in construction Execution and management (with case studies)
- Lean construction concepts and waste minimization in construction
- PMI’s risk management approach versus ISO 31000 for risk management
- Other international risk management frameworks and standards
- Assess project environment for threats and opportunities
- Confirm risk thresholds based on risk appetites
- Establish risk management strategy and the risk management plan
- Engage stakeholders in risk management activities
- Conduct risk identification exercises
- Develop risk register and risk report
- Exam Q and A review and Case Studies
- Perform qualitative analysis
- Perform quantitative analysis
- Identify threats and opportunities
- Schedule-Risk Analysis
- Cost-Risk Analysis
- Exam Q and A review and Case Studies
- Determine appropriate risk response strategy and response actions
- Assign roles and responsibilities for risk actions
- Execute the risk response plan(s) and the contingency plan(s)
- Encourage stakeholders to provide feedback on the risk response
- Evaluate and react to secondary and residual risks from the response implementation
- Exam Q and A review and Case Studies
- Gather and analyze performance data
- Monitor residual and secondary risks
- Risk auditing best practices
- Provide information required to update relevant project documents and plans
- Monitor project risk levels
- Exam Q and A review and Case Studies
- Exam Mock-up
Who Can Benefit?
- Construction engineers and managers
- Transportation engineers
- Facility managers
- Public and private facility owners
- Procurement officers
- Risk and compliance officers
- Audit officers who intend to scale their skills in identifying loopholes easily
- Construction project managers who intend to successfully manage their projects professionally
- Senior management officers who are responsible for enforcing risk management frameworks
- Construction workers want to be safe and ensure they foresee all the risks involved in construction projects
- Clients with construction projects would like to ensure their contractors follow risk management standards