Construction Risk Management

Why this Training Course?

Managing construction projects as a capital investment involves navigating a complex landscape of risks, from development and design to construction and operation. Effective risk management is the key to mitigating threats and capitalising on opportunities while making well-informed decisions in uncertain environments.

Drawing from two prominent international standards, namely the PMI's Practice Standard for Risk Management and the ISO31000 series for Risk Management, this Construction Risk Management training program equips you with the essential processes, tools, and techniques for risk management. It encompasses planning, assessment, analysis, treatment, monitoring, and control.

This training course highlights:

• Unique characteristics and project delivery methodologies in the construction sector

• The spectrum of risks within the construction industry

• Risk planning and risk identification

• Risk assessment and analysis

• Developing and executing effective risk responses to both threats and opportunities

• Tools and strategies for keeping projects on course while addressing emerging risks

What Are the Objectives?

Upon completing this training course, participants will be able to:

• Establish a structured methodology for risk management, including addressing strategic risks

• Enhance risk tolerance by effectively identifying risk tolerance and risk attitude

• Apply qualitative and quantitative risk analysis techniques

• Adequately plan for risk responses and execute risk treatments

• Monitor and report the status of residual risks, secondary risks, and emerging risks

Who Should Attend?

This Construction Risk Management course is valuable for a wide range of professionals involved in the study, design, procurement, construction, and operation of construction facilities. It is particularly beneficial for:

• Senior managers engaged in selecting and aligning construction projects strategically

• Professionals working as project managers or key members of project or program teams

• Professionals directly involved in risk identification, analysis, and response on various projects

• Those recognising project risk management as a crucial aspect of their professional journey and aiming to attain certification as Risk Management Professionals

Training Approach

This training course employs a diverse set of proven adult learning techniques to ensure participants grasp, comprehend, and retain the presented information. Practical case study exercises encourage the application of theoretical concepts, while topic-focused tutorials are supported by risk simulations, enabling participants to explore their understanding. Group discussions centre on exam questions and quizzes, allowing attendees to develop a strategic approach and prepare for risk management certification.

Course Outline

Day One: Understanding Construction and Its Risk Spectrum

• Course Introduction and Pre-Course Assessment

• Comprehensive Phases of Construction and Development

• Project Delivery Approaches and Their Connection to Risk Allocation

• Challenges and Issues in Construction Execution and Management (Including Case Studies)

• Lean Construction Concepts and Waste Minimisation in Construction

• PMI's Risk Management Approach vs. ISO 31000 Risk Management Standards

• Overview of Other International Risk Management Frameworks and Standards

Day Two: Risk Strategy, Planning, and Identification

• Evaluating the Project Environment for Threats and Opportunities

• Determining Risk Thresholds Based on Risk Appetites

• Formulating Risk Management Strategy and the Risk Management Plan

• Engaging Stakeholders in Risk Management Activities

• Conducting Risk Identification Exercises

• Developing a Risk Register and Risk Report

• Exam Question and Answer Review, Along with Case Studies

Day Three: Risk Assessment and Analysis

• Performing Qualitative Risk Analysis

• Conducting Quantitative Risk Analysis

• Identifying Threats and Opportunities

• Schedule-Risk Analysis

• Cost-Risk Analysis

• Exam Question and Answer Review, Including Case Studies

Day Four: Risk Response Planning and Implementation

• Determining Appropriate Risk Response Strategies and Actions

• Assigning Roles and Responsibilities for Risk Actions

• Executing the Risk Response Plan(s) and Contingency Plan(s)

• Encouraging Stakeholder Feedback on Risk Response

• Evaluating and Addressing Secondary and Residual Risks Resulting from Response Implementation

• Exam Question and Answer Review, Alongside Case Studies

Day Five: Monitoring and Closing Risks

• Gathering and Analysing Performance Data

• Monitoring Residual and Secondary Risks

• Best Practices in Risk Auditing

• Providing Information Required to Update Relevant Project Documents and Plans

• Monitoring Project Risk Levels

• Case Studies

Language(s): English

Duration: One Week

Certificate of Completion: Upon successful completion of the program, participants will receive a Certificate of Completion from Al-Majd Pathways Centre (APC).