Project Risk and Procurement Management
The Basics of Risk and Procurement Concerns in Modern Project Management

Risk is the project manager's inescapable partner. And, in addition to living with risk, a project manager – and project personnel – must be able to work effectively with contracting managers, purchasing professionals, and subcontractors to accomplish key objectives. More and more in today’s environment, modern project management requires project personnel to have a working knowledge of the management of risk and the intricacies of contract and procurement management in order to control and direct the project to success.

This intensive two-day course provides the basics of risk management and contract/procurement management as they apply to modern project management.

COURSE OUTLINE

Risk Planning, Identification, and Quantification
• Definitions and Characteristics of Risk
• A Seven-Step Risk Management Process
• Risk Planning and Identification
• Risk Qualitative and Quantitative Analysis
• Expected Value Analysis
• Decision Tree Analysis

Risk Response Planning, Monitoring, and Control
• Risk Response Planning and Strategies
• Risk Monitoring
• Risk Control
• Contingency Planning
• Risk Assessment and Reassessment

Project Procurement Management
• Buyer and Seller Perspectives
• Procurement Planning
• Solicitation Planning
• Solicitation
• Source Selection
• Contract Administration
• Contract Closeout
• Professional Responsibilities

Contract Terms and Categories
• Contract Definitions and Requirements
• Terms and Conditions
• Contract Interpretations
• Contract Cost, Fees, and Risk Elements
• Contract Selection Factors
• Negotiating

Program Number: PMB005
Duration:  2 days 
Time:   8:00 a.m. - 4:00 p.m.
Earn:   14 PDUs and 1.4 CEUs

KNOWLEDGE AREAS ADDRESSED
This course addresses the following knowledge areas of the Project Management Institute’s A Guide to the Project Management Body of Knowledge:
• Project Risk Management
• Project Procurement Management