Adroit provided a training seminar on risk management at the AACE International 2018 Conference & Workshop – Nigeria Section. The Conference was held on December 4, 5, and 6, 2018 in the Petroleum Technology Development Fund (PTDF) building in Abuja, Nigeria. The event was sponsored by the Nigerian National Petroleum Corporation (NNPC).
This seminar was designed to help professionals study for AACE International’s (AACE) certification in Decision and Risk Management (DRM) and to provide a summarized review of relevant topics considered essential for DRMP knowledge. The selected topics were those outlined in AACE International’s Recommended Practice 11R-88 —Required Skills and Knowledge of Cost Engineering— and in AACE International’s Skills and Knowledge of Cost Engineering.
Some of the topics that were covered as part of the investment decision-making module are as follows:
-Cost vs. pricing: concepts, classifications, tools and techniques
-Lifecycle costs: project and asset
-Monetary versus opportunity costs
-Economic and financial analysis
-Engineering economics
-Decision-making terminology and concepts
-Basic concepts in probability and statistics
-Decision modeling and analysis
In covering risk management, topics such as plan risk management, assessment, treatment,
and control were addressed. Other key topics that were covered as part of the risk
management module are as follows:
-Risk management terminology and concepts
-Risk and uncertainty: concepts, classifications, tools and techniques
-Risk identification
-Risk assessment
-Risk analysis: qualitative and quantitative
-Sensitivity and decision-tree analysis
-Risk treatment: risk response strategies
-Risk monitoring, control, and reporting
-Specific Risk Management
Adroit’s consultants have demonstrated their expertise in providing training services in a wide range of project management related topics, including risk management, planning and scheduling, project delay analysis, and construction claims. If you are interested to find out more about our training programs, please contact us.
