Course C: Managing Opportunity and Risk that Really Matters

 

Maximising reward for appropriate risk levels by avoiding the risk of lost opportunities as well as responding to threats

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Course vision

Project risk management has been evolving rapidly. It is now being reframed in important ways, with widespread repercussions for everyone involved. For example:

  • A threat focus has become an ‘opportunity’ focus, with a view to finding new opportunities as well taking more risk to improve expected profit appropriate risk-reward trade-offs.
  • Adding complexity to the analysis in a systematic manner is now facilitated by a clear understanding of ‘high clarity’ approaches and a range of internediate levels.
  • Building proactive uncertainty management into capital investment appraisal, bidding and contract design is increasingly seen as fundamental parts of overall project management.

Training methods
Capitalising on the experience of course participants and sharing experience will be an important aspect of group sessions.

Group sessions will also allow participants to confront difficult practical issues using the conceptual and poerational tools discussed in plenary sessions.

Plenary sessions will draw on the re-titled and extensively re-written 2011 third edition of a highly regarded book which the course instructor co-authored – “How to Manage Project Opportunity and Risk – Why uncertainty management can be a much better approach than risk management”. Copies of this book will be provided for course participants. Key concepts developed in a new book in progress will also be discussed.

Training objectives
As a participant you will learn to

  1. Understand how to ‘keep it simple systematically’ 
    by introducing complexity whenever this is worthwhile and avoiding framing assumptions which are restrictive.
  2. Persuade colleagues to abandon widely used counter-productive concepts and tools
    based on inappropriately restrictive assumptions.
  3. Sell uncertainty management in terms of the full portfolio of benefits 
    which can be provided by the new perspectives, with a focus on the key ones of immediate relevance.
  4. Embed the new processes and concepts in an organisation
    avoiding the problems and delivering the benefits.

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Faculty:

Chris Chapman

Emeritus Professor
of Management Science
in the School of Management
of the University of Southampton and
Senior Associate
of The Nichols Group,
United Kingdom


Guest speaker:

ea-Jesper-SchreinerJesper Garde Schreiner

Managing Director, The Danish Project Management Association (IPMA Denmark)


 

How to Manage Project Opportunity and Risk

This book is part of the course material