Risk Management (RM) in the context of Project Management (PM) is a necessary skill for individuals in all domains. The effective RM/PM skills are critical in deploying strategic initiatives, managing capital projects, managing change, and executing continuous improvement initiatives throughout an organization. Unfortunately, only 25-30% of projects succeed globally and rest fail, mainly due to inadequate Risk Management.
In this course we will discuss Risk Management Concepts, Key Metrics, Project Failures and its Impact, Project Budget, Project Communication, and ways to Improve Project Success for Achieving Organizational Excellence.
After completing this course, the attendees will: 1) be able to understand importance of Risk Management, 2) know key Risk Management principles and practices, and 3) be able to manage project risks with better outcomes for any organization.
The course participants will gain and apply RM skills in developing and leading projects that create value in any area, but with specific focus on improving quality and service. They will be able to apply critical thinking to their projects and determine which tools to use from a broad array of proven methodologies. They will review current applied research in effective risk management. The main goal is to manage project risks to deliver results that create the highest value by supporting the overall objectives of an organization.
The course participants will learn these topics through lectures and select article discussions Also case studies will be shared to stimulate participants’ interest in risk management.
Dr. Manu K. Vora
Ph.D, M.B.A, ASQ Fellow
Fullbright Specialist, U.S.Department of State
Adjunct Faculty, School of Professional Studies, Northwestern University
Visiting Faculty, IIT (BHU), Varanasi, GIAN Program-MHRD, India
Dr. Vora is Chairman and President of Business Excellence, Inc., a global quality management consulting firm. He has over 45 years of leadership experience guiding Fortune 500 companies with Baldride Performance Excellence Award framework. He is an ASQ fellow and Past Vice President from the ASQ Board of Directors. He holds an MBA with Marketing Management from Keller Graduate School of Management in Chicago, M.S. & Ph.D. in Chemical Engineering from Illinois Institute of Technology (IIT) in Chicago, and B.Tech. (Honors) in Chemical Engineering from the Indian Institute of Technology (BHU), Varanasi in India. For over 32 years as a Consultant and over 27 years as an Adjunct Professor, he teaches Operations Management courses at business schools globally. He is affiliated with over 80 educational institutions around the world. In 2016, he taught “Project Management for Organizational Excellence“, a GIAN course approved by the Ministry of Human Resource Development, Government of India at IIT (BHU).
Dr. Vora not only has many prestigious awards, too numerous to detail here, he has life-long experience and 35 awards/honors in combining his business philosophy with social responsibility and community service. In 1989, he established the Blind Foundation for India (BFI) to serve over 15 million visually impaired people in India. He has shared his Leadership Excellence Series (LES) focusing on life-long transferable knowledge of soft skills and quality management free-of-cost to over 675,000 people globally.
People assigned to projects, management personnel, engineers from manufacturing, service, healthcare, and government organizations would benefit from this practical course providing experiential learning in risk management.
The main purpose of this course will be to provide a comprehensive understanding of and experiential learning in the role of risk management in the context of project management in any organization, including:
- Understand why risk management is important in managing projects.
- Learn a systematic project risk management process.
- Leverage PMI’s guidance on risk management throughout all phases of the project.
- Understand the benefit of risk management at the front-end of project selection.
- Learn from the PERIL Database about guidance in risk management.
- Develop a framework to identify project scope (performance) risks.
- Learn a framework to identify project schedule risks.
- Develop a framework to identify project resource (budget) risks.
- Learn how to manage project constraints and documenting risks.
- Develop a method to quantify and analyze activity risks.
- Learn to manage activity risks.
- Develop a method to quantify and analyze project risks.
- Learn how to monitor and control risky projects.
- Develop importance of risk management during closing of projects.
- Understand program, portfolio, and enterprise risk management.
- Learn from the practical examples of the First Panama Canal project (French effort) and the Second Panama Canal project (US effort), Chilean Mining Disaster, and NASA’s Mission to Mars (Curiosity Rover).
- Create strategic advantage for an organization with effective use of resources to successfully manage all project risks to accomplish organization’s key strategies.
- Ability to effectively manage project risks in any organization across domains.
Mix of lectures, article discussions, and participants sharing their successes/failures with project risk management.
- State-of-the-art Risk Management articles
- Useful Practical Templates
- Suggested Textbook and Pocket Guide