Fundamentals of Risk Management – November 2021

Event Date:

November 8, 2021

Event Time:

8:00 am

Event Location:

Turnaround Management Training Center


In essence, project management is “risk management”. This two-day course provides industry best practices and methodologies for proactively managing the numerous risk factors present in all turnarounds and capital projects. Turnaround teams learn to better manage both Qualitative and Quantitative risk. Students learn how they can feed into the risk management process and even how to maximize their contribution to the Risk Workshop. The outcomes are increased project transparency, predictability in project schedules, budgets and quality due to the reduced likelihood of surprise risk factor events.

Who Should Take This Class

The entire core turnaround team must robustly support the risk management process for predictable projects.

What You Will Learn

Students come to appreciate why professional risk management is so critical. They learn how to help manage qualitative risk as well as quantitative risk. They learn important risk terminology and how to properly construct effective risk statements. They learn how the planning process, the scheduling process, the budgeting process and the execution process are closely tied to risk management. They learn how the output reports from Monte Carlo simulators can help them to avoid costly mistakes and communicating unreliable project dates.

Course Outline:

  • Gain Familiarity with Risk Definitions
  • Understand the Risk Flow Process
  • Review Questions
  • Gain Familiarity with Types of Risks
  • Gain Understanding of the Appropriate Risk Response
  • Review Questions
  • Understand How To Identify Risk
  • Understand Impacts of Poor Risk Identification
  • Understand How To Formulate Risk Statements
  • Review Questions
  • Understand Basis of Deterministic Values
  • Understand Basis of 3-Point Values
  • Review Questions
  • Scope Selection/Prioritization Risk Matrix
  • Review Questions
  • Risk Register Population and Management
  • Risk Assignment, Tracking and Resolution
  • Review Questions
  • Primavera Schedule Check
  • Schedule Types
  • Primavera Risk Analysis Risk Methodology
  • Establishing 3-point Estimates
  • Review Questions
  • Purpose of Risk Workshop
  • Elements and Structure of Risk Workshop
  • Workshop Agenda
  • Review Questions
  • Contracting Policy Elements
  • Overall Risk Management Process
  • Contract Types
  • Review Questions
  • Types of Risk Assessment Tools
  • Functions of Risk Assessment Tools
  • How Monte Carlo Simulations Work
  • Overview of How Risk Tools Work
  • Review Questions

Example Course Documents:

Register Now:

Ticket Type:

15 Left:
Ticket Qty:
Per Ticket Price: $1,500.00
Quantity: Total

Event Location:

Total Seats: 15 (15 Left:)
  • Turnaround Management Training Center
  • 17629 El Camino Real #105
  • Houston
  • Texas
  • United States

Event Schedule Details

  • November 8, 2021 8:00 am - November 9, 2021 5:00 pm
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