Courses
EFFECTIVE OPPORTUNITY MANAGEMENT FOR PROJECTS
Presented by Dr David Hillson PMP FAPM FIRM, Director, Risk Doctor & Partners
Course Summary
Projects are subject to a wide range of uncertainties which could affect achievement of objectives (i.e. risks), including those which could harm the project (threats) and those which could help the project (opportunities). Well-established techniques exist for managing threats but there has been no comparable approach for opportunities – until now! Leading-edge standards include both threat and opportunity in their definition of risk, but most processes have remained threat-focused. Using the proven techniques presented in this seminar, the traditional risk process can be extended to ensure that opportunities are maximised at the same time as threats are minimised, giving the best chance to meet project objectives. Take your risk process to the next level and double the benefit!
The 2-day course covers the following main topics:
- KEY CONCEPTS : Uncertainty, risk, opportunity and threat
- PROCESS SUMMARY
- PLANNING AND IDENTIFICATION : Defining process, key techniques for identifying opportunities (SWOT Analysis, Constraints Analysis, Force Field Analysis)
- QUALITATIVE ASSESSMENT : Assessing probability & impact for opportunities, the Mirror Matrix, reporting results
- QUANTITATIVE ANALYSIS : Basics of Monte Carlo simulation, using opportunity information to generate input data, interpreting S-curves
-
RESPONSE PLANNING : expanding traditional threat strategies to address opportunities (exploit, share, enhance, accept), assessing response effectiveness, secondary risks - MONITORING, CONTROL AND REVIEW : communicating results, review and updates
- RISK PSYCHOLOGY : understanding individual, corporate and national risk attitudes
- MANAGING OPPORTUNITIES EFFECTIVELY : implementation issues, benefits and shortfalls
The course is designed for:
- Anyone involved in a project which is subject to uncertainty
- Project managers who wish to learn how to manage opportunities proactively on their projects
- Risk practitioners wish to extend their skills to handle upside risk
- Any project stakeholder with an interest in maximising the chances of project success
Learning objectives include being able to:
- Distinguish between uncertainty, risk, threat and opportunity
- Understand how to recognise opportunities within projects, and manage them proactively alongside threats through a common risk process
- Use effective techniques for identifying opportunities
- Prioritise opportunities to determine those requiring focused attention
- Develop appropriate response strategies for identified opportunities
- Ensure effective management of uncertainty and maximise the likelihood of achieving your project objectives
- Understand risk psychology, including sources of bias and how to counter them
The course includes a significant proportion of practical exercises (up to 40%), with a worked example case study to allow delegates to practise the process.
Delegates holding the Project Management Professional (PMP®) certification from the Project Management Institute (PMI®) can claim 14 PDUs for completing this course.
Course Leader
Dr David Hillson PMP FAPM FIRM MCMI is internationally recognised as a risk management expert. He is the Director of Risk Doctor & Partners (www.risk-doctor.com), with over ten years’ experience in risk management consultancy and training for clients across the UK, Europe and the United States, where he specializes in helping organizations to develop effective in-house risk processes. David is a popular conference speaker and author on risk, and has won several awards for his papers. His recent emphasis has been the inclusion of proactive opportunity management within the risk process, which is the topic of his latest book.
David is an active member of the Project Management Institute and was awarded the 2002 PMI Distinguished Contribution Award for his work in developing the discipline of risk management. He was a founding member of the PMI Risk Specific Interest Group (SIG) and is closely involved in updating the risk chapter of the PMBOK® Guide (3rd Edition). He is also a Fellow of the UK Institute of Risk Management (IRM) and a Fellow of the UK Association for Project Management (APM).
Course Topics
- Key Concepts
Uncertainty and risk
Risk, opportunity and threat
Definitions, standards and guidelines
Integrating opportunity management in the risk process
Risk process summary - Planning and Identication
Defining process, scope, aims and thresholds
Weaknesses with traditional risk identification techniques
Specific techniques for identifying opportunities - SWOT Analysis
- Constraints Analysis
- Force Field Analysis
-
GROUP EXERCISE : CASE STUDY 1
Discuss scenario and define objectives
Use new techniques to identify opportunities (3 groups)
Feedback and discussion - Qualitative Assessment
Two dimensions of opportunity : probability & impact
Defining terms to reflect thresholds
Visualising assessment using the P-I Matrix
Using the Mirror Matrix for both threats and opportunities
Reporting results : Risk Register or Opportunity Register? - GROUP EXERCISE : CASE STUDY 2
Assess and prioritise identified opportunities
Feedback and discussion - Qualitative Analysis
Strengths and weaknesses or quantitative analysis
Basics of Monte Carlo simulation
Using opportunity information to generate input data
Interpreting S-curves to expose opportunities - Response Planning
Traditional threat strategies : avoid, transfer, mitigate, accept
Expansion to opportunities : exploit, share, enhance, accept
Assessing response effectiveness
Secondary risks : vicious and virtuous cycles
Ownership and implementation - GROUP EXERCISE : CASE STUDY 3
Develop responses to top opportunities
Re-assess post-response position
Feedback and discussion - Monitoring, Control and Review
Communicating results
Regular review and cyclic updates
Ensuring buy-in - Risk Physcology
Typical risk attitudes : averse, tolerant, seeking, neutral
Individual, corporate and national attitudes
Effect of attitude on the risk process
Using Emotional Intelligence to manage attitudes - Individual Exercise : Risk Definition Questionnaire
- CONCLUSION
Implementation issues
Benefits and shortfalls
Closing discussion