Scope creep and expense overruns are a major contributor to engineering projects failing to reach key objectives and outcomes. The greater the complexity of a project portfolio, the larger the risk of a domino effect to other projects, stakeholder confidence and even company stability.
Engineers play a key role in risk management, whether as a team member or leader. Quantitative risk analysis (QRA) is commonly understood, but is often mistakenly set aside as too expensive and time-consuming.
Harnessing the power of artificial intelligence, automation and advanced computer-driven analysis, QRA can be used as a tool to workshop risk management to ISO 31000. Used in this way, QRA helps the team to deliver their responsibilities and manage contingencies on time and within budget.
By completing this course, you’ll learn how to:
- improve project communication and make effective decisions
- boost project outcomes by implementing proven risk-management practices
- incorporate an ‘all-hazards’ approach to project planning and risk management
- use a risk-based approach to improve project forecasts
- enhance contingency planning and control.
12 March - 13 March
11 September - 12 September
Registrations close three business days before the course starts.
- Understand the common risks that cause project failure
- Identify the social and psychological aspects of risk management
- Learn the ISO 31000 risk-management process
- Practice contingency planning and management
- Apply project controls to reduce project risk
- Interpret risk reports and communicate results
Is this course for you?
This course will benefit any professional engaged with projects, such as engineers, project managers, project accountants, architects, project lawyers, commercial managers, contract managers and procurement managers.
There are no official prerequisites, but students will benefit from an understanding of projects and some project experience.
Topics we'll cover
Why we need Quantitative Risk Analysis
- Basics of project risk management and decision-making
- Why the project team needs ‘guard rails’ for support and guidance
- Why improving skills in decision-making and project risk management is critical
- Why human factors like optimism bias and risk communication can derail project plans
The process of Quantitative Risk Analysis
- Step-by-step risk management, using ISO 31000’s standards and practical tips
Tools for Quantitative Risk Analysis
- How decision trees and Monte Carlo analysis are powerful methods for modern quantitative risk analysis
- How project controls for managing risk can improve planning and forecasting, using project portfolio feedback loops and learnings
Take this course to build skills and knowledge in the following Engineers Australia Chartered status competencies*:
5. Engage with the relevant community and stakeholders
*Completing this course does not automatically guarantee you a competency. However, you will gain the base knowledge you need to develop these specific Chartered competencies.
Laurie Bowman has 30 years of experience in engineering and management roles, working on complex multidiscipline engineering and construction projects. He provides training internationally on project planning, risk management and control, and is a member of the International Organization for Standardization (ISO) joint task force for defining the concept of risk.
Laurie has a masters degree in business administration and commercial law, is a Chartered Engineer and has been awarded as an Engineering Executive and Fellow of Engineers Australia.
Being a cost engineer, I joined the course with only one expectation: to understand how to influence designers and project managers to identify and quantify the risks efficiently, and show true reflection of the risks to the overall project budget.
But I was enlightened in various other topics as well – examples include how the reports would be treated to make informed decisions, importance of correlation, program level vs project level risk allocations, etc.