Short Courses

Project Quantitative Risk Analysis

Learn how modern methods and high-tech analysis can reduce risks and map the way to predictable success.
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Learn how modern methods and high-tech analysis can reduce risks and map the way to predictable success.

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.
EA members

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*1% credit card surcharge applies.

Any questions?

2 x 4 Hours
Location & dates
Professional Skills

11 September - 12 September

Additional Information

This online short course will run on the following dates:

12 & 13 March 2024, 9am – 1pm AEDT

11 & 12 September 2024, 1pm – 5pm AEST


Registrations close three business days before the start of each session.

We can customise this course for groups of six or more.

You choose the time, place, duration and format.

Find out how we can help you and your team by clicking on the button below to request a quote or calling us directly on +61 3 9321 1700.

Learning Outcomes

Learning Outcomes

  • 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?

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

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
Towards chartered

Towards chartered

Take this course to build skills and knowledge in the following Engineers Australia Chartered status competencies*:

5. Engage with the relevant community and stakeholders
8. Communication

Learn more about Chartered Status.

*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

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. 


I gained useful tips for understanding the red flags when analysing a cost estimates range.

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