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Oil & Gas Training
and Competency Development
Competency Management system SLB NEXT

Fundamentals of Risk Management for Projects RILS

This course will focus on one of the ten knowledge areas of project management, Risk Management.

Project Risk Management focuses on dealing with the inevitable negative events.  These can occur on any project.  Participants will learn determining methods to decrease the probability of those events or decrease the impact they will have on the project, or both. Participants will also learn about dealing with the potential opportunities determining methods to either increase the probability of those events or increase the impact they will have on the project, or both.


Foundation of Risk Management 

  • Project life cycle and risk management
  • Identifying risks and the risk management process
  • PMBOK Guide® and risk management

The first day will set the stage for effectively managing risk by pointing out best practices from PMI®.

Foundation of Risk Management continued

  • Planning to manage risks and risk tolerance
  • Analyzing the causes and effects of risks

Looking at analytical tools for risk management planning, and developing methods to clearly and definitively define project risks.

Qualitative and Quantitative Risk Analysis 

  • Performing qualitative risk analysis and project stakeholders
  • Probability and impact analysis matrix including standard deviation curves
  • Developing a decision tree
  • Monte Carlo analysis and “poor man’s” Monte Carlo analysis

The focus on this day will be very technical and analytical for both qualitative and quantitative risk analysis. 

Qualitative and Quantitative Risk Analysis application

  • Planning risk responses and monitoring risks during execution

Participants investigate both subjective and objective ways to analyze risks, as well as the tools and techniques to plan and monitor.

Final Risk project exercise

Participants work in teams and choose a project to apply knowledge learnt by applying the risk analysis tools and make decisions based on their findings.

Participants present their findings with other groups with discussion and review of the presentations.

Advanced project managers 

At least one year of experience in managing projects.

Currently there are no scheduled classes for this course.

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