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Project Management: Managing Risk and Procurements Training Course


Course Overview

Managing the uncertainties can be a critical aspect of project success. Learn to reduce negative risk exposure in your projects and enhance opportunities by using effective risk management and procurement practices. Learn the specific processes of risk management and procurement management as defined by the Project Management Institute in A Guide to the Project Management Body of Knowledge (Fifth Edition), the industry standard. Identify potential threats, determine the impact of the threat and develop a risk management strategy by quantifying and prioritizing project risks. Learn to effectively manage project procurements, those undertaken in response to project risks, as well as those undertaken to provide other needed products and services. Learn the various phases of the procurement management process and how to work effectively with contracting managers, purchasing professionals and subcontractors to accomplish key project objectives. Define procurement requirements and evaluate bids and proposals. Gain skills to successfully negotiate a contract agreement and manage the resulting vendor relationship. Learn effective courses of action to ensure contractors or subcontractors perform as required under the contract. Know the best practices for closing out contracts. 


Who Should Attend?

Project managers who must be able to complete projects on time and on budget without sacrificing project quality, professionals preparing to transition into a new career in project management, professionals without formal training charged with managing large, complex projects or smaller, more tactical projects, seasoned project managers interested in refreshing their skills while earning PMI-approved PDUs, business analysts working with project managers and project teams in challenging environments, technical team leaders, managers


Course Objectives:

  • Identify the characteristics of risks and opportunities.

  • Apply tools and techniques for risk identification analysis.

  • Determine risk response strategies.

  • Prioritize mitigation strategies and monitor risks.

  • Develop a risk management plan.

  • Identify appropriate uses of contracts in projects.

  • Describe the procurement process from both the buyer's and seller's perspectives.

  • Select the most suitable contract type and use of incentives to satisfy project needs.

  • Identify contract components and describe contractual relationships.

  • Identify and manage procurement related risks.

  • Evaluate bids and proposals.

  • Apply tools and techniques for negotiating favorable contract terms.

  • Identify critical success factors for managing relationships with vendors.

  • Describe activities required for effective contract administration.

  • Determine tasks required for effectively terminating and closing out contracts before or upon completion.

  • Record risk and procurement results for future teams.



  • Introduction to risk management

  • Plan risk management

  • Identify risks

  • Analyze and prioritize risks

  • Quantify risks

  • Plan and implement risk response plans

  • Introduction to project procurement management

  • Types of contracts

  • Procurement pre-award phase (Planning procurements)

  • Procurement award phase

  • Integrating risk and procurement management

  • Monitor and control risks

  • Procurement post-award phase

  • Risk and procurement management review

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