0401CLFA

Module
04 Managing Risk & Opportunity
Sub-Module
M04-1 Introduction to Managing Risk & Opportunity
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Forensic Analysis
  • Be able to analyze the purpose of Managing Risk & Opportunity and how applying what is contained in this module governs or impacts the roles and responsibilities of the Forensic Analyst
  • Be able to demonstrate or illustrate the differences between risks and opportunities
  • Be able to show how risks/opportunities are related to or can impact scope, time, cost and quality
  • Be able to identify the risk/opportunity process steps and order or sequence them appropriately
  • Be able to demonstrate the ability to create a risk/opportunity register, populate the var

0406CLCM

Module
04 Managing Risk & Opportunity
Sub-Module
M04-6 Risk & Opportunity Monitoring and Control
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Cost Management
  • Given a case study, scenario or real life example be able to read or interpret the results of a Statistical Process Control chart and use that information as the basis to analyze the process and make recommendations
  • Given a case study, scenario or real life example be able to read or interpret the results of a Pareto Diagram and use that information as the basis to analyze the process and make recommendations
  • Given a case study, scenario or real life example be able to read or interpret the results of a Process Capability Analysis and use that information as the basis t

0405CLCM

Module
04 Managing Risk & Opportunity
Sub-Module
M04-5 Risk & Opportunity Response Strategies and Tactics
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Cost Management
  • Given a case study, scenario or real life example be able to determine what the appropriate Risk Response STRATEGY should be
  • Given a case study, scenario or real life example be able to determine what the appropriate Opportunity Response STRATEGY should be
  • Given a case study, scenario or real life example be able to apply the Decision Tree formula to calculate which option is "best" or "better"

0404CLCM

Module
04 Managing Risk & Opportunity
Sub-Module
M04-4 Assess, Prioritize and Quantify Risks & Opportunities
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Cost Management
  • Given a case study or example be able to use the data provided to calculate the EMV and explain how you would use the results to prioritize the risks/opportunities and determine what strategic and tactical responses would be appropriate
  • Given a case study or example be able to turn qualitative data into quantitative data and  discuss the pros and cons of using quantitative vs qualitative data for cost estimating/cost budgeting purposes
  • Given a case study, scenario or real life example be able to apply the PERT formula to calculate how much contingency should be all

0403CLCM

Module
04 Managing Risk & Opportunity
Sub-Module
M04-3 Identify Risks & Opportunities
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Cost Management
  • Be able to identify common WBS templates and discuss the pros and cons of using "standardized" vs ad hoc or customized WBS structures
  • Be able to demonstrate or explain how you make use of primary and secondary risk/opportunity analysis tools/techniques in the context of cost estimating/cost budgeting
  • Be able to demonstrate or explain how you make use of brainstorming or expert options to conduct a risk/opportunity analysis in the context of cost estimating/cost budgeting
  • Be able to demonstrate or explain how you make use of Force Field or SWOT Analysis tools/tec

0402CLCM

Module
04 Managing Risk & Opportunity
Sub-Module
M04-2 Develop Managing Risk & Opportunity Policies & Procedures Manual
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Cost Management
  • Assuming you were asked to create an SOP, be able to explain how you would design an SOP for Cost Budgeting/Cost Control
  • Be able to list and explain the components or elements which should be included in any SOP
  • Be able to demonstrate how to use Double Loop Learning to modify or update your SOP

0401CLCM

Module
04 Managing Risk & Opportunity
Sub-Module
M04-1 Introduction to Managing Risk & Opportunity
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Cost Management
  • Be able to analyze the purpose of Managing Risk & Opportunity and how applying what is contained in this module governs or impacts the roles and responsibilities of the Cost Estimator/Quantity Surveyor
  • Be able to demonstrate or illustrate the differences between risks and opportunities
  • Be able to show how risks/opportunities are related to or can impact scope, time, cost and quality
  • Be able to identify the risk/opportunity process steps and order or sequence them appropriately
  • Be able to demonstrate the ability to create a risk/opportunity register,

0406CLPS

Module
04 Managing Risk & Opportunity
Sub-Module
M04-6 Risk & Opportunity Monitoring and Control
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Planning & Scheduling
  • Given a case study, scenario or real life example be able to read or interpret the results of a Statistical Process Control chart and use that information as the basis to analyze the process and make recommendations
  • Given a case study, scenario or real life example be able to read or interpret the results of a Pareto Diagram and use that information as the basis to analyze the process and make recommendations
  • Given a case study, scenario or real life example be able to read or interpret the results of a Process Capability Analysis and use that information as the basis t

0405CLPS

Module
04 Managing Risk & Opportunity
Sub-Module
M04-5 Risk & Opportunity Response Strategies and Tactics
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Planning & Scheduling
  • Given a case study, scenario or real life example be able to determine what the appropriate Risk Response STRATEGY should be
  • Given a case study, scenario or real life example be able to determine what the appropriate Opportunity Response STRATEGY should be
  • Given a case study, scenario or real life example be able to apply the Decision Tree formula to calculate which option is "best" or "better"

0404CLPS

Module
04 Managing Risk & Opportunity
Sub-Module
M04-4 Assess, Prioritize and Quantify Risks & Opportunities
Level
Specialist (Controls Practitioner / Senior Project Manager)
Discipline
Planning & Scheduling
  • Given a case study or example be able to use the data provided to calculate the EMV and explain how you would use the results to prioritize the risks/opportunities and determine what strategic and tactical responses would be appropriate
  • Given a case study or example be able to turn qualitative data into quantitative data and discuss the pros and cons of using quantitative vs qualitative data for project controls purposes
  • Given a case study, scenario or real life example be able to apply the PERT formula to calculate how much contingency should be allocated to meet the t
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