Uncertainty, Complexity and Risk in Projects

Course Objectives:

• Acquaint the participants with three types: Variations, foreseen and unforeseen uncertainties
• Discuss issues related to risk identification, risk analysis, and risk response planning in projects in mitigating cost and time overrun
• Develop knowledge about system, task, and organizational level complexities
• Discuss various statistical principles in risk management and introduce new concepts of cumulative impact factor and cumulative likelihood factors, risk cost, risk time, corrective cost, corrective time, expected cost, and expected time
• Discuss advanced concepts like simulation, Dependency Structure Matrix, selectionism and learning
• Discuss the difference between PRM in ordinary projects and technology start-up projects
• Discuss various legal issues including statutory reporting of project risk management
• Discuss Indian and international cases of application of PRM in several industries

Programme Highlights:

• Basics of Critical Path Method and Program Evaluation and Review Techniques
• Probability Concepts and Dependency Structure Matrix
• PRM Process: SHAMPU, PMBOK, and RAMP
• Case Study of PRM in India and Abroad
• Integration of Project Risk with Financial Risk
• Develop the Profile of PRM in Variation, Foreseen and Unforeseen Uncertainty, and Complexity
• Recent Developments, NTCP (Novelty, Technology, Complexity, and Pace)
• Statutory Reporting in PRM