A specialized course focusing on the two most critical factors of project failure: Risk and Budget. Participants will learn advanced quantitative and qualitative techniques to ensure projects stay within financial constraints and are prepared for uncertainties.

Course Objectives:

• Develop a comprehensive Risk Management Plan.
• Apply Earned Value Management (EVM) for cost and schedule tracking.
• Identify, analyze, and prioritize project risks.
• Create accurate cost estimates and contingency reserves.
• Implement effective risk response strategies.

Target Audience:

• Project Controllers and Cost Engineers.
• Project Managers and Risk Officers.
• Financial Managers involved in project oversight.

Course Outline:

Day 1: Project Cost Planning

• Principles of Project Cost Management.
• Top-down vs. Bottom-up Estimating.
• Developing the Cost Baseline.
• Vendor Pricing and Procurement Costs.

Day 2: Monitoring Costs with Earned Value (EVM)

• Understanding EV, PV, AC, CV, and SV.
• Performance Indices: CPI and SPI.
• Forecasting: Estimate to Complete (ETC) and Estimate at Completion (EAC).
• Variance Analysis and Reporting.

Day 3: Qualitative Risk Management

• Risk Identification Techniques (Brainstorming, Delphi, SWOT).
• Creating the Risk Register.
• Probability and Impact Matrix.
• Risk Categorization and Urgency Assessment.

Day 4: Quantitative Risk Analysis & Reserves

• Decision Tree Analysis.
• Sensitivity Analysis and Expected Monetary Value (EMV).
• Modeling and Simulation (Monte Carlo Introduction).
• Determining Management and Contingency Reserves.

Day 5: Risk Response & Control

• Strategies for Threats (Avoid, Transfer, Mitigate, Accept).
• Strategies for Opportunities (Exploit, Share, Enhance, Accept).
• Implementing Risk Response Plans.
• Continuous Risk Monitoring and Auditing.