Construction Risk Management

Construction projects, as capital investment ventures, carry inherent risks across their lifecycle, from development and design to construction and operation. Effective risk management is paramount to mitigating threats, capitalizing on opportunities, and making informed decisions amid uncertainty.

Drawing from international standards such as the PMI's Practice Standard for Risk Management and the ISO31000 series, this Construction Risk Management training course equips participants with the processes, tools, and techniques essential for risk management planning, assessment, analysis, treatment, monitoring, and control. Moreover, it prepares attendees for the globally recognized PMI Risk Management Professional (PMI-RMP)® certification, enhancing their professional standing.

Key features of this training course include:

• Exploration of unique features and project delivery approaches in the construction industry
• Examination of the spectrum of risks inherent in construction projects
• Strategies for risk planning and identification
• Techniques for risk assessment and analysis
• Development and implementation of appropriate responses to mitigate threats and capitalize on opportunities
• Utilization of tools and techniques to maintain project progress while addressing emergent risks

By the end of this training course, participants will be able to:

• Provide a structured methodology to plan for risk management including strategic risks
• Prepare to become a Certified Risk Management Professional (PMI-RMP)® certification exam
• Improve the risk threshold through proper identification of risk tolerance and risk attitude
• Apply qualitative and quantitative risk analysis techniques
• Adequately plan for risk responses and treat the risks accordingly
• Monitor and report the status of residual risks, secondary risks, and emergent risks

This Anderson training course is suitable to a wide range of professionals involved in studying, designing, procurement, construction and operation of construction facilities, but will greatly benefit:

• Senior managers involved in the selection and strategic alignment of construction projects
• Professionals who are working as project managers or key project or program team members
• Professionals who have been directly involved in risk identification, analysis, and response on any kind of project
• Those who recognise project risk management as a core part of their professional experience and want to become certified Risk Management Professionals

This training course will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. Case study exercises are used to facilitate practical application and reinforcement of theoretical concepts. Topic driven tutorial sessions are supported by risk simulations that allow delegates to explore their comprehension. Group discussions review the exam questions and quizzes and uncover the approach and prepare for the risk management certification.

• 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

Anderson Certificate of Completion will be provided to delegates who attend and complete the course