Synopsis : Managing Risk in Project Management

Real world situations exist in an imperfect realm where our actions are based on a mixture of theory, practical knowledge, empirical data and even gut feeling. Hence, the notion of determining an absolute outcome is in itself an uncertainty. In managing projects there are many events which have uncertainties that affect the project in terms of its cost, schedule and quality of the works. These events having a range of unfavourable outcomes are called risks which increases the complexity of projects. The greater the magnitude of the project, the greater the complexity as the number of activities for large projects will contain inherent uncertainties having compounding effect on the project outcome in terms of cost and schedule.

The challenge for the Project Manager or Project Management Team (PMT) is to identify, assess and prioritise the project risks and to subsequently monitor and close out the preventive and mitigating measures.
The objective of this one day course is to provide an overview to the participants on the methodology of how to manage risks in a project with the ultimate aim of improving project success.

The course will review the following concept and tools in managing risk in project management:

CONCEPT
- Risk Management Plan
- Organization Roles in Risk Management
- Risk Identification
- Risk Analysis (Qualitative & Quantitative)
- Lessons Learnt

TOOLS
- Risk Register
- Tornado Charts
- Monte Carlo Simulations
- Action Tracker


Speaker’s Biodata:

Ir. Faizal A. Sanusi has served the Project Management Technical Division in IEM since 2005, including as its Chairman in 2012. He has a BSc in Civil Engineering from the George Washington University, USA in 1988 and an MBA from Open University, Malaysia in 2005.

His engineering and project management experience spans across the oil & gas and building industry since he began his career 30 years ago. In his career, he has performed various roles ranging from design engineer, resident engineer, project engineer and project manager for a myriad of engineering projects – civil Infrastructure works, commercial buildings including an intelligent office institutional building, gas processing plants, offshore gas pipeline installations and offshore gas producing platforms. He also challenged himself as an entrepreneur in the business of facilities management for oil and gas on-shore installations and has provided training in various project management topics to the Royal Malaysian Navy and private commercial property developers.

Some of his notable career highlights as follows:
 Project Advisor and Project Services Manager for  Oil & Gas Exploration & Production MNCs
 Project Services Division Head for a local Offshore Oil & Gas Service Provider
 Project Manager for the Malaysian Securities Commission 4 star intelligent building project
 Director of a local Facilities Management company overseeing Oil & Gas O&M projects


Risk Management is a strategic tool for large magnitude and complex projects and hence this course would be extremely relevant for project stakeholders who have KPIs of cost and time which are highly constrained in this economic environment.