Effective Application of Project Risk Management

Effective Application of Project Risk Management

In today's complex capital project environment, a project manager has a myriad of risks to consider and address.  The traditional risks include - managing to the project cost and schedule commitments, addressing regulatory and environmental concerns, availability of internal resources vs. contracting out for services, among others.  In today's increasingly active capital project execution environment, a whole new set of potential risks have arisen.  Several of these include availability of competent engineering and construction contractors, experience of engineering and construction supervisors, material and equipment availability, the multi-cultural nature of today workforce, etc.

This presentation will address the industry Best Practice approach for identifying project risks, measuring their impact (negative and positive), developing risk mitigation options, managing to these mitigation strategies and the need to continue this process throughout the life of the project.  We will also discuss who on the project team has the responsibility for this risk management task and also some of the tools that are available in the industry to help address this topic. 

We live in an increasingly complex project environment impacted by technology advancements, regulatory mandates, the pressure of time constraints and resource limitations.  Effective project teams need to continuously address these issues in order to successfully deliver projects.