Project Risk Management

The Project Risk Management programme is intended for anyone who wants to understand how to identify, assess, and control risks in a timely manner that may affect project success. The programme provides participants with an overview of current project risk management techniques in a changing and dynamic business environment, with an emphasis on a proactive approach and better project decision-making. Through a structured overview of risk sources, assessment methods, and management strategies, participants develop knowledge that they can apply in project planning, implementation, and monitoring. The value of the programme lies in helping participants reduce uncertainty, increase project resilience, and respond in a timely manner to threats that may jeopardise project outcomes.

• Understand the role of project risk management in increasing project success and enabling proactive decision-making in a dynamic business environment.
• Identify, assess, and prioritise project risks and determine their potential effects on timelines, costs, and project outcomes.
• Apply qualitative risk analysis methods, the FMEA approach, Monte Carlo simulation, and response strategies for project risks.
• Resolve concrete situations related to time and financial contingencies, sources of risk, and typical deviations through practical project tasks.

Upon completion of the programme, participants will be able to:

• distinguish the basic concepts, purpose, and role of project risk management in project management
• analyse the sources of project risks and assess their possible impact on project implementation
• apply methods for identifying and assessing risks according to probability, impact, and level of threat
• use qualitative approaches to risk analysis and the basic elements of the FMEA method in project tasks
• plan appropriate project risk management strategies in accordance with the type and level of risk
• assess the necessary time contingency of a project while understanding the probability of completion within the planned schedule
• calculate the basic financial contingency of a project and monitor deviations in the project budget

The programme is intended for individuals who want to manage project risks systematically and develop a more reliable approach to project planning and implementation. It is especially useful for anyone involved in projects in an environment characterised by change, uncertainty, and increased complexity.

• project managers and project team members
• employees involved in project planning and implementation
• individuals responsible for deadlines, budget, and quality of project results
• professionals who want to improve their ability to assess and manage risks
• entrepreneurs and managers leading development and investment projects
• anyone who wants to reduce project uncertainty and increase implementation success

1. Fundamentals of Project Risk Management
   Introduction to the basic concepts, the purpose of risk management, its connection with project strategy, and the roles of participants in the risk management process.
2. Risks and Opportunities in the Project Environment
   Understanding the difference between risks and opportunities and the importance of identifying both elements in a timely manner in project management.
3. Identification and Assessment of Project Risks
   An overview of methods for identifying risks and assessing their probability, impact, and level of threat.
4. Qualitative Analysis of Project Risks
   Application of qualitative approaches in risk analysis, understanding different types of risk, and linking risk assessment with project tasks.
5. FMEA and the Assessment of Project Risk Severity
   Introduction to the basics of the FMEA approach and its application in assessing the seriousness and consequences of project risks.
6. Sources of Project Risks
   Analysis of internal and external sources of risk, including human, financial, technical, technological, market, legal, political, and supplier-related risks.
7. Strategies for Managing Project Risks
   An overview of approaches for avoiding, mitigating, transferring, accepting, and controlling project risks in different project situations.
8. Time Contingency and Schedule Management
   Determining realistic and expected project duration, assessing the probability of project completion within the planned schedule, Monte Carlo simulation, and understanding the occurrence of scope creep.
9. Financial Contingency and Management of Budget Risks
   Calculating project financial contingency, distinguishing between the baseline and expected budget, and monitoring budget deviations during project implementation.