Emerging economies in Asia and India are going through major transformation. While about 70 trillion dollars' worth of projects are being executed in the world, a majority of these projects will require new knowledge in managing projects that go beyond critical path, network diagram and conventional Project Risk Management (PRM) as practiced by Project Management Book of Knowledge (PMBOK).
COVID-19 has hit the world in an unprecedented way, affected the lives around the globe and highlighted the need for management of unforeseen uncertainty. Some of the events in the past like the shifting of location of the project construction site of the world's cheapest car factory from eastern India to western India, Chandrayan-II in 2019, etc. focus on the need for specialized training in PRM. Even the Challenger and Columbia disasters are examples that demonstrate the need for proper PRM. A report (January 2020) by the Ministry of Programme Implementation indicates that out of 1692 major projects funded by the central government (worth Rs.1000 crore or more) totalling Rs. 2075212 crore (about 284 billion USD), 552 are behind schedule. In the cost overrun translates to a loss of more than Rs. 402804 crore (about 55 billion USD).
The Essence The essence of new paradigm PRM lies in understanding the three dimensions of PRM: Uncertainty, Complexity, and Risk. This programme is aimed not only at introducing PRM as a process but developing it in a matrix of uncertainty and complexity also. Hence our programme goes much beyond conventional matrix of impact and likelihood method and conventional definition of project risk.
To know more about the curriculum and pedagogy of the programme, join Prof. Goutam Dutta (Faculty Chair – Uncertainty, Complexity and Risk in Projects) in the live webinar on Saturday, February 27, 2021, at 10:30 AM.
Acquaint the participants with three types: Variations, foreseen and unforeseen uncertainties
Discuss issues related to risk identification, risk analysis, and risk response planning in projects in mitigating cost and time overrun
Develop knowledge about system, task, and organizational level complexities
Discuss various statistical principles in risk management and introduce new concepts of cumulative impact factor and cumulative likelihood factors, risk cost, risk time, corrective cost, corrective time, expected cost, and expected time
Discuss advanced concepts like simulation, Dependency Structure Matrix, selectionism and learning
Discuss the difference between PRM in ordinary projects and technology start-up projects
Discuss various legal issues including statutory reporting of project risk management
Discuss Indian and international cases of application of PRM in several industries
Basics of Critical Path Method and Program Evaluation and Review Techniques
Probability Concepts and Dependency Structure Matrix
PRM Process: SHAMPU, PMBOK, and RAMP
Case Study of PRM in India and Abroad
Integration of Project Risk with Financial Risk
Develop the Profile of PRM in Variation, Foreseen and Unforeseen Uncertainty, and Complexity
Recent Developments, NTCP (Novelty, Technology, Complexity, and Pace)
Statutory Reporting in PRM
This programme is aimed at executives who are planning to be involved in management of risks in large national and international projects. The principles of risk management in projects will be applicable equally to conventional construction and project management sectors, service sectors (hotels, airlines, railways, telecom, internet service providers, power plants, call centres, BPO's and Information Technology and software projects), defence services projects as well as projects in manufacturing sectors (process industries such as steel, aluminium, polymer, zinc, petrochemicals, cement, pharmaceuticals etc.)
A mix of pedagogical tools will be used - cases and articles from international journals, software developed by IIMA, videotapes, and guest lectures.