Companies in today’s world, relying on their strengths, take brave steps to exploit the opportunities that exist globally despite the complexities and risks surrounding such projects. Without such steps, the expanding growth worldwide is not possible. However, unfortunately the very opportunities that give rise to major and complex projects also contain significant uncertainties creating unique aspects and objectives that differ significantly from earlier or similar projects. Due to this, the environment of complexities evolves quickly when the project moves from conceptual model to the execution stage.
Despite the complexities and risks, today’s projects are further challenged with tight as well as targeted funding, minimum resources and time.
Today’s corporate world has the capacity and capability to obtain funding for even mega projects and there is a constant dream and craving for growth. The expectation, however unjustified, is that every new project is delivered faster and more efficiently than the previous work. This increases the number and severity of the risks and the project execution team is continuously under pressure to perform under industry best practices consistently.
Best practices in turn come from experience. Unfortunately, and ironically, good experience comes only from the lessons learned from bad project management. That approach while it looks prudent may be very expensive with undesired consequences. The only other way is to learn from other’s experiences, both failed and successful projects. Effective project management arises from the foundations of lessons learned from such earlier projects and applying innovations to every new project to manage the challenges ahead and in anticipation proactively. Looking to the past provides a window of failures that needs to be avoided and by looking forward and applying reliable and robust project planning, many future problems and failures can be prevented.
Even routine well-tested and proven projects require project risk management. However, complex and expensive projects require extensive understanding and expertise of integrated project risk management (“IPRM”). Without IPRM, the probability of compromised delivery of modern projects with tight funds, schedule, uncertainties and risks is high, sometimes is greater than fifty percent.
Companies which have achieved repeated and consistent success in projects delivery, apply IPRM as an integral part of every project from the conceptual stage until project delivery. Analysis of every failed or compromised project will reveal absence of IPRM as one of the major underlying causes for such failure or compromise.
The seminar will conclude with project induced organizational risk and overall enterprise risk management and how a company can develop skilled integrated project risk management portfolio.
Senior Corporate Executives, Senior Managers and Decision Makers of any discipline who are part of the Project Delivery team.
At the end of the seminar, participants will have a full understanding of the practices involved in IPRM techniques in successful delivery of projects. Therefore, they will value the criticality of applying IPRM in their projects and the need to have qualified and properly trained IPRM project personnel in their project management team
Projects of oil and gas industry are complex and expensive entwined with major uncertainties and risks. IPRM ought to be the fundamental process in project management to deliver an oil and gas project successfully. Without IPRM, projects fail totally or compromised with extended delays, huge time and cost over-runs, failed objectives and loss of credibility. The percentage of such projects in the oil and gas world occupies a majority such that eight out of ten projects face some form of failures or compromises.
This seminar is designed to give a complete overview of the science and art of practices involved in IPRM techniques in successful delivery of projects.
It is designed for the participants to achieve a full understanding of the criticality of applying IPRM in their company’s projects that are in pipeline.
Overall the seminar will reveal the essential and unignorable need for qualified, experienced and properly trained IPRM personnel to deliver projects successfully without compromise to all the defined objectives.
Can project risks altogether eliminated? Is it even possible to manage risks? Should a project team even bother about assessing risk? Does the effort of a thorough risk analysis an unnecessary cost? Is IPRM essential?
These are some of the questions that surface during a project implementation but unfortunately managing risk cannot be ignored as trivial or unnecessary or expensive. Project risk management is critical, but it is not free. However, properly implemented project risk management probability of delivering the project successfully will invariably provide benefits that outweigh the costs of IPRM.
Thus, this seminar will bring a complete understanding of the integrated project risk management (IPRM) by a meticulously prepared interactive model consisting of:
- Projects and Risks
- Projects Failure Models
- Project Risk Management Process
- Project Planning and Scope Risk
- Project Schedule Risk
- Project Resource Risk
- Project Activity and Constraints Risk
- Quantifying and Analyzing Project Risk
- Mitigations and Managing Project Risks