Learning Objectives

By the end of the Effective Contract Risk Management Masterclass, participants will be able to:

• Identify the components of the risk management process.
• Apply useful techniques to identify, analyze, mitigate and monitor risks in the contracts.
• Describe each phase of the four-phase process model for managing risk.
• Review the impacts of different approaches to risk allocation
• Explore different contract types to transfer risks.
• Consider the contractual techniques to ensure effective risk allocation.
• Learn how to create an effective risk monitoring plan and risk management strategies.
• Reduce contract failure, costly changes, and cost overruns resulting from poor understanding and management of risk
• understand use of the total cost of ownership method to properly identifying and managing the risks
• Integrate risk management practices into contract administration.
• Drive up the quality of the service delivered by their team

Target Audience

• Contracts, Tendering, Purchasing, Procurement, and Project personnel
• Contract Administration, Engineering, Operational, and Maintenance personnel
• Risk, Claims, Financial, and Audit personnel
• And all others who are involved in the planning, evaluation, preparation and management of tenders and specifications.

Training Methodology

This highly practical and results-oriented Contract Risk Management training course is based on adult learning concept. The facilitator will give plenty of input and then help participants to make sense of the themes through discussion and practice. It incorporates short inspiring demonstrations, roles play and practice to enhance learning. There will be ample time for Q&A, discussions with -return to work- action planning. The program will reinforce key concepts within an inspiring and engaging learning environment.

Pre & Post course assessments will be used to measure the effectiveness of this training and measure the skill and ability of participants.