Private - Project Risk and Procurement Management (2 Days)
About course

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 helps project teams avoid surprises and increases the chances of project success. This intensive two-day 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.

Who should attend

This course will benefit project managers and team members, functional managers, owners, contractors and other personnel involved risk and procurement management on projects.

Course features

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
Course outline

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:

Course information
Duration: 14 hours
Earn: 14 PDUs
Delivery Method: Virtual or Traditional Classroom
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 (PMBOK® Guide), Sixth Edition:

  • Project Risk Management
  • Project Procurement Management