Risk Management is not about managing risks, this is Crisis Management. It’s about being proactive through enabling informed decisions to achieve your objectives!!!”
In Sheffield University (International Faculty) in Thessaloniki for a 2nd year in a raw, a practical workshop concerning “Project Risk Management” takes place. This workshop is based on the educational principle “Learn by doing” with the main objective of gaining theoretical and practical knowledge concerning the principles and the procedures of Project Risk Management in business world according to PMI* standards. An additional objective is to offer the opportunity to the participants, after the end of the workshop, to join the exam for the international certification PMI-RMP*.
All participants are 3rd year students of Business Administration & Economy Department of the International Faculty of Sheffield University and the teaching approach is the following:
In Sheffield University (International Faculty) in Thessaloniki for a 2nd year in a raw, a practical workshop concerning “Project Risk Management” takes place. This workshop is based on the educational principle “Learn by doing” with the main objective of gaining theoretical and practical knowledge concerning the principles and the procedures of Project Risk Management in business world according to PMI* standards. An additional objective is to offer the opportunity to the participants, after the end of the workshop, to join the exam for the international certification PMI-RMP*.
All participants are 3rd year students of Business Administration & Economy Department of the International Faculty of Sheffield University and the teaching approach is the following:
The workshop starts with a small portion of theoretical knowledge about Project Risk Management and for each process of Risk Management a number of real case studies are examined and discussed. The aim of discussing case studies with the students is to identify the best practices that they can follow but at the same time what practices they have to avoid by learning from the mistakes of others!
As the crucial ingredient of course is the students, when the first process of the project is discussed, every single student undertakes a role (Risk manager, Scope SME, Union representative, risk team member etc) and a full scenario of a project is introduced to the students so as to start putting theory into practice. The motto of the course is “To have a 360 degrees approach” for the project objectives concerning Scope, Time, Cost and Quality but also “To work smart and think strategically”.
First step of the workshop is the same as in every project, to identify the project’s Stakeholders, then Analyze them and also to draft an initial Stakeholder’s Engagement plan! Collecting data about your stakeholder community is one thing; making effective use of this data requires its transformation into information that can be used to support decision making and action. For the students, this involves being able to ‘see’ the information in context.
As the crucial ingredient of course is the students, when the first process of the project is discussed, every single student undertakes a role (Risk manager, Scope SME, Union representative, risk team member etc) and a full scenario of a project is introduced to the students so as to start putting theory into practice. The motto of the course is “To have a 360 degrees approach” for the project objectives concerning Scope, Time, Cost and Quality but also “To work smart and think strategically”.
First step of the workshop is the same as in every project, to identify the project’s Stakeholders, then Analyze them and also to draft an initial Stakeholder’s Engagement plan! Collecting data about your stakeholder community is one thing; making effective use of this data requires its transformation into information that can be used to support decision making and action. For the students, this involves being able to ‘see’ the information in context.
In the following processes, the students are choosing the appropriate templates, such as RBS, PI Matrix etc, according to the Risk Appetite of the customer so as to create the “War room” of the project, in order to run the processes of Identify Risks, Risk Analysis, Plan Risk Responses and Control Risks.
During each process of the workshop, participants are conducting meetings so as to Identify Risks, Analyze Risks and to choose the appropriate Response by applying a combination of tools such as Brainstorming, Delphi technique, SWOT analysis, Influence diagrams, Checklists e.t.c. The purpose is the students to choose from their risk management toolkit, the proper combination of tools and techniques that are tailored to the nature of their project.
During these meetings, the instructor acts only as a facilitator underlying the pros and cons of each tool that it is used. The output of each process is an input for the next process so as the students to understand how integration works in projects.
During each process of the workshop, participants are conducting meetings so as to Identify Risks, Analyze Risks and to choose the appropriate Response by applying a combination of tools such as Brainstorming, Delphi technique, SWOT analysis, Influence diagrams, Checklists e.t.c. The purpose is the students to choose from their risk management toolkit, the proper combination of tools and techniques that are tailored to the nature of their project.
During these meetings, the instructor acts only as a facilitator underlying the pros and cons of each tool that it is used. The output of each process is an input for the next process so as the students to understand how integration works in projects.
Furthermore, a presentation of a software tool for Quantitative Risk Analysis takes place so as to acknowledge the importance of Monte Carlo analysis to risk decision making process through the project.
Additionally, every training day a number of exercises and multiple choice questions are solved according to PMI standards so as the students to be prepared for the exam for the international certification PMI-RMP.
Moreover, students are fulfilling 2 assignments so as to practice their team building and presentation skills:
a. By randomly forming 4 teams, at the beginning of each day, each team has to present the key points of the theory of the previous day as well as a respective case study of that theory.
b. By the end of the course, students in teams of 3, are producing a detailed Risk Management Plan according to a specific scenario as their final assignment.
Finally, the workshop ends with a lecture by a guest speaker and discussion regarding how he or she is using Risk Management in his/her field of business.
* “PMI” and “PMI-RMP” are registered marks of the Project Management Institute, Inc.
Athanasios Fourtounas
Part time Lecturer of Sheffield University
Economist - Director of Logistics in JLSG NATO (Italy)
M.Sc.,Μ.Α., PMP, PMI-RMP
Moreover, students are fulfilling 2 assignments so as to practice their team building and presentation skills:
a. By randomly forming 4 teams, at the beginning of each day, each team has to present the key points of the theory of the previous day as well as a respective case study of that theory.
b. By the end of the course, students in teams of 3, are producing a detailed Risk Management Plan according to a specific scenario as their final assignment.
Finally, the workshop ends with a lecture by a guest speaker and discussion regarding how he or she is using Risk Management in his/her field of business.
* “PMI” and “PMI-RMP” are registered marks of the Project Management Institute, Inc.
Athanasios Fourtounas
Part time Lecturer of Sheffield University
Economist - Director of Logistics in JLSG NATO (Italy)
M.Sc.,Μ.Α., PMP, PMI-RMP
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