D4: Basic Qualitative Risk & Decision Management

Wednesday - Thursday, June 19-20, 2019 (1.5 days)
1.2 CEU

StevenWWageman_30-Nov-18Instructor: Steven W. Wageman, CCP CEP EVP PSP
Steve Wageman possesses nearly 40 years of management experience, and has consulted to many different organizations and industries such as the Department of Energy, Boeing, and the US Army Corps of Engineers. He previously served as the Risk Engineering Program Manager for the transit authority in Seattle, WA, where he was responsible for risk management and analysis on a $72B portfolio of capital projects. Steve is currently working on risk teams for several large national defense programs at Sandia National Laboratories. He is a Certified Cost Professional (CCP), Certified Estimating Professional (CEP), Earned Value Professional (EVP), and Planning and Scheduling Professional (PSP) through AACE International, a Project Management Professional and Risk Management Professional through the Project Management Institute, and a Certified Professional Classroom Trainer through CompTIA. Steve was previously an Authorized Primavera Instructor through Oracle Corporation, and is also a graduate of the Stanford University Strategic Decision and Risk Management Certificate Program.

Description
This one-and-a-half-day introduction to risk and decision management will equip participants with the basic knowledge and skills required to perform qualitative risk management and general decision support within a project context. The topics will include risk management planning; risk factor definition and framing; perceptive and cognitive biases; risk factor identification methodologies and categorization; qualitative risk factor assessment and prioritization; risk factor response planning; risk factor monitoring, response, and control; and basic decision management including decision quality.

Audience and Prerequisites
This course is intended for risk managers and analysts; executives; business unit managers; project, program, and portfolio managers; project controllers; planners and schedulers; cost estimators; cost engineers; cost, budget, and financial analysts; and accountants who are interesting in gaining a comprehensive working knowledge of current professional practices in qualitative risk and decision management. Attendees should possess an understanding of basic project management concepts such as scope, schedule, and cost planning, execution, and control in order to gain the greatest benefit from this course.

Learning Objectives
•    Contrast project risk management to other risk-based disciplines
•    Define key terms related to project risk management
•    Discuss the purpose and components of project risk management
•    Explain the purpose of risk governance and the role of a risk review board
•    Describe the processes and components of project risk management planning
•    Properly define and frame a risk factor
•    Describe various perceptive and cognitive biases that can affect the quality of risk factor and decision information
•    Apply counters to perceptive and cognitive biases
•    Identify project risk factors using various sources and methodologies
•    Categorize risk factors to reduce redundancy and facilitate their management
•    Qualitatively assess project risk factors by evaluating their probability of occurrence, impact, and immediacy
•    Prioritize a project's qualitatively assessed risk factors
•    Plan and select responses for risk factor threats and opportunities
•    Monitor the risk environment and the project's performance for risk factor trigger events and other changes
•    Proactively treat known potential risk factors with planned corrective actions
•    Reactively respond to realized unknown or accepted risk factors with workarounds or fallback plans
•    Evaluate implemented responses for effectiveness and to collect lessons-learned
•    Document and communicate risk management results to relevant project stakeholders
•    Close out the risk management process
•    Distinguish between a decision's quality and its outcome
•    Evaluate the quality of a decision by assessing if it has an appropriate frame, creative and viable alternatives, meaningful and reliable information, clear values and trade-offs, logical reasoning, and commitment to action

The learning objectives will be measured through the in-class use and discussion of review questions and a case study.

Knowledge Areas
•    Risk Management Planning
•    Qualitative Risk Assessment
•    Risk Treatment
•    Risk Control
•    Decision Management and Quality

Daily Course Agenda

Day 1
1:00-1:15    Course Administration, Instructor Introduction, and Student Introductions
1:15-2:00    Introduction to Project Risk Management
2:00-2:45    Project Risk Management Planning
2:45-3:00    Break
3:00-3:30    Risk Factor Definition and Framing
3:30-4:45    Perceptive and Cognitive Biases
4:45-5:00    Day Summary

Day 2
8:00-8:15    Review, Questions, and Answers
8:15-9:45    Risk Factor Identification Methodologies and Categorization
9:45-10:00    Break
10:00-11:00    Risk Factor Identification Methodologies and Categorization, Continued
11:00-12:00    Qualitative Risk Factor Assessment and Prioritization
12:00-1:00    Lunch
1:00-2:30    Risk Factor Response Planning
2:30-2:45    Break
2:45-3:45    Risk Factor Monitoring, Response, and Control
3:45-4:45    Introduction to Decision Management
4:45-5:00    Course Summary
$1050 member / $1200 non-member

NOTE: Add $100 if you are not staying at the host hotel. Book your room before registering for the seminar to lock-in the rate listed above. Add $100 for on-site registration. Seminar is subject to cancellation if minimum enrollment is not met 30 days prior. 

Meetings & Events