Projects are done in an uncertain and changing environment, which results in numerous potential risks. In addition, many organizations outsource project work, which creates another entire category of possible risks. Project managers and teams must work effectively with purchasing professionals, vendors and suppliers to accomplish project objectives. Successful management of project risks and procurements help project teams avoid surprises and increases the chances of project success. This intensive 14-hour course encompasses the fundamentals and best practices of risk and contract/procurement management for projects. Effective techniques for identifying, analyzing and planning risk responses will be discussed. Contract terminology, selection criteria, key elements of a contract and best practices for successfully negotiating with vendors will be reviewed. This course has numerous exercises so attendees can practice applying the course concepts to an actual project
This course will benefit project managers and team members, functional managers, owners, contractors and other personnel involved risk and procurement management on projects.
Upon completion of this course, the participants will be able to:
- Describe the characteristics and types of risks
- Identify project risks using cause-risk event-impact
- Analyze and prioritize project risks
- Prepare risk response & contingency plans
- Describe the procurement processes
- Select the most appropriate contract type for a specific procurement
- Prepare a request for procurement document
Conduct a contract negotiation
Project Risk Management
- Risk Characteristics
- Risk Management Processes
- Risk Management Plan Contents
- Causes-Risk Event- Impacts Method
- Information Gathering Techniques
- Diagramming Techniques
- Project Risk Analysis Model (PRAM)
- Qualitative & Quantitative Risk Analysis
- Plan & Implement Risk Responses
- Contingency & Reserves
- Reporting Risk Status
- Techniques for Monitoring Risks
Procurement Management Processes
- Common Terminology
- Buyer’s versus Seller’s Perspective
- Procurement Management Processes
- Contract Types
- Procurement Management Plan Contents
- Use of Selection Criteria
- Types of Contract Negotiations
- Negotiation Stages
Contract Terms & Categories
- Types of Procurement Documents
- Request for Proposal Elements
- Contract Classifications
- Contract Elements
- Contract Terminology
- Contract Interpretation Guidelines
- Typical Bonds Used on Contracts
- Contract Types Variations
- Selection of the Correct Contract Type
This course is included in the following tracks at a discounted rate if purchased as a part of a track:
