Instructor:
Asif Akber
Duration: 12 Hours, 18 Hours and 24 Hours modules
This course is specifically designed for Project and Business
Managers who want to evaluate and mitigate the various risks which may spoil
their business plans surprisingly. Risk Management is a newly emerging
management science, and not many people have a true concept of risk evaluation.
Accidents, though most remarkable, are only a part of the broad spectrum of
Risk Management. Many other incidents such as break-downs, shortage of supplies,
lack of repair and maintenance skills, improper technology, improper human
resources, shortage of material and resources, lack of power, loss of data,
miscommunication, insufficient information, over allocation of resources, are
some of the factors that pose a threat to the profitability of the Business and
eventually cause a loss, or at least a decrease in the profitability. Anyhow
most of these things are under-cover, and are regarded as routine matters.
Traditionally all the managers have been managing risks intuitively, i.e. as
per their own judgment, but unfortunately this judgment varies significantly
from person to person. Consequently the course of action becomes different with
each person. In order to manage a business scientifically, methods should be
well defined.
Identification of risks, their likeliness of happening and their possible
impact on business, and finding a feasible way of minimizing the impact is RISK
MANAGEMENT.
This course deals with the scientific methods of risk evaluation and overall
impact of the risk on the business. Starting with theory of probability, it
discusses data analysis techniques and Monte Carlo simulation, methods of risk
identification, risk assessment, type and importance of risk data, risk
evaluation logic, mitigation and monitoring of mitigation methods. The course
includes examples, exercises and case studies in order to illustrate the
concepts.
Outline of "Introduction to Risk Management"
What is Risk?
Theory of Probability
Data Analysis Techniques
Monte Carlo Simulation
Types of Business Risks
Financial Risk
Operational Risk
Technical Risk
What is Risk Management?
Financial Risk Management
Operational Risk Management
Technical Risk Management
Risk Identification
Methods of Risk Identification
Risk Categorization
Risk Analysis
Risk Assessment
Advantages of Risk Assessment
Data for Risk Assessment
Confidence in Data
Data Accuracy
Data Sufficiency
Data Relationship with the Case
Data Spectrum
Data Sensitivity
Qualitative and Quantitative Data
Interpolation and Extrapolation of Data
Risk Elements
Single Element
Two or more Elements
Combination of Elements
Risk Factors Logic
Evaluating Risk Impact
Finding a Solution for Risk /Creating Scenarios
Evaluating Solutions’ Effectiveness
Evaluating the Impact of Solutions
Financial Impact
Technical Impact
Selecting the Best Option
Case Studies
Risk Management in Energy Sector
