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    Class and Course
    1. NExT
    2. Business Management
    3. Risk Management in Exploration and Production Projects

    Risk Management in Exploration and Production Projects

    • Skill
    • 5 Days
    • classroom1Classroom

    This course provides a thorough revision and understanding of risk management concepts and processes on projects.  It provides an overview of the dominant standards for risk management in the exploration and production projects sector, and the use of common tools and techniques for identifying, analyzing, prioritizing, and responding to threats and opportunities within a project. 

    The course focuses on developing a risk-conscious and probabilistic-based mindset that will help managers and executives in the industry develop a better framework for decision making on their projects, from definition to planning, from execution to closing.

    The course content is developed based in the standards depicted in PMI’s 6th edition of “A Guide to Project Management Body of knowledge (The PMBOK® Guide), and the most widely used tools and techniques and the practical experience developed by the instructors over more than 20 years of project management practice, including many oil and gas projects.

    • The Project Management Context
    • The Risk Management Process in Projects according to the PMBOK Guide
    • The role of the Project Manager in Risk Management
    • Risk Concepts and Definitions (Elements of Risk, Probability, Scope, Lifecycle, Residual Risk, etc.)
    • Probability and decision making

    • Risk analysis in project selection and definition
    • Cost/benefit analysis of Exploration and Production projects
    • A case study of project evaluation of cost/benefit versus risk
    • Risk Management Planning
    • Defining Risk Tolerance and Thresholds

    • Risk Identification
    • Qualitative Analysis
    • Overall Project Risk Position
    • Quantitative Analysis
    • Expected Monetary Value
    • Decision Tree Analysis
    • Monte Carlo Simulation

    • Risk Prioritization 
    • Risk (Threats) Response strategies
    • Opportunities Response Strategies 
    • Course exercise 
    • Contingency and Management Reserves
    • Risk Management in Contracting


    • Secondary and Residual Risks
    • Monitoring and controlling, including trend, variance and reserves analysis
    • Course exercise 
    • Communicating about Risk
    • Facilitating a Risk Planning Session
    • Facilitating a Risk Monitoring Session


    Project Managers, people working in a Project Management Office, people working on risk quantification (such as contracting and tender teams).

    • Introduction to Risk Management in Projects
    • Risk Management in Project Selection and Risk Planning
    • Risk Identification, Qualitative Analysis and Quantitative Analysis
    • Risk Prioritization and Response Planning
    • Risk Monitoring and Controlling and Communications





    Minimum of 3 years of project management experience and/or attendance in a Fundamentals of Project Management course. 

    Currently there are no scheduled classes for this course.

    Click below to be alerted when scheduled

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    E&P Introduction and Fundamentals

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