0401PLCM

Module
04 Managing Risk & Opportunity
Sub-Module
M04-1 Introduction to Managing Risk & Opportunity
Level
Professional (Practitioner / Project Manager)
Discipline
Cost Management
  • Be able to define and explain the purpose of Managing Risk & Opportunity and how that governs or impacts the roles and responsibilities of the Cost Estimator/Quantity Surveyor
  • Be able to define and explain the relationships between risks and opportunities, scope and quality in the context of cost estimating/cost budgeting

0406PLPS

Module
04 Managing Risk & Opportunity
Sub-Module
M04-6 Risk & Opportunity Monitoring and Control
Level
Professional (Practitioner / Project Manager)
Discipline
Planning & Scheduling
  • Be able to identify and explain how statistical process control charts are set up, calculated and used in the context of planning/scheduling
  • Be able to identify and explain how Pareto Charts are set up, calculated and used in the context of planning/scheduling
  • Be able to identify and explain how Process Capability is set up, calculated and used in the context of planning/scheduling
  • Be able to differentiate between accuracy, precision and reliability and explain how each applies in the context of planning/scheduling data
  • Be able to identify and explain ho

0405PLPS

Module
04 Managing Risk & Opportunity
Sub-Module
M04-5 Risk & Opportunity Response Strategies and Tactics
Level
Professional (Practitioner / Project Manager)
Discipline
Planning & Scheduling
  • Be able to identify and explain the various strategic options for risk and/or opportunity management in the context of planning/scheduling
  • Be able to identify and explain how decision trees are set up and calculated as applied to planning/scheduling

0404PLPS

Module
04 Managing Risk & Opportunity
Sub-Module
M04-4 Assess, Prioritize and Quantify Risks & Opportunities
Level
Professional (Practitioner / Project Manager)
Discipline
Planning & Scheduling
  • Be able to explain the difference between qualitative and quantitative risk/opportunity analysis and compare the advantages and disadvantages in in the context of planning/scheduling
  • Memorise the PERT formulas and be able to explain how and when they are used in planning/scheduling, including the ability to read, understand and apply z-Tables
  • Memorize the formula to calculate EMV and be able to explain how and when EMV is used in planning/scheduling
  • Be able to explain how Monte Carlo simulation can or could be used in planning/scheduling

0403PLPS

Module
04 Managing Risk & Opportunity
Sub-Module
M04-3 Identify Risks & Opportunities
Level
Professional (Practitioner / Project Manager)
Discipline
Planning & Scheduling
  • Be able to differentiate between standardized and ad hoc WBS structures and when and how to use a WBS for risk/opportunity management in the context of planning/scheduling
  • Be able to explain the elements or components of a well-designed risk/opportunity register and know and understand how to apply the associated formulas in the context of planning/scheduling
  • Be able to explain the differences between primary and secondary risk/opportunities
  • Be able to list and explain the various risk/opportunity management tools/techniques as applied in planning/scheduling

0401PLPS

Module
04 Managing Risk & Opportunity
Sub-Module
M04-1 Introduction to Managing Risk & Opportunity
Level
Professional (Practitioner / Project Manager)
Discipline
Planning & Scheduling
  • Be able to define and explain the purpose of Managing Risk & Opportunity and how that governs or impacts the roles and responsibilities of the Planner/Scheduler
  • Be able to define and explain the relationships between risks and opportunities, scope and quality in the context of Planning/Scheduling

0306ELPC

Module
03 Managing Scope
Sub-Module
M03-6 Accepting Completed Deliverables
Level
Expert Level (Controls Manager)
Discipline
Project Controls
  • Be able to create or prepare a SWOT Analysis showing the pros and cons of the various methods to calculate physical % complete
  • Be able to describe or explain how Project Controller's need to integrate their responsibilities with of those from the QA/QC functions
  • Be able to explain how Project Controller can or should integrate the "Contractual Shall Clauses" into the CPM schedule
  • Be able to demonstrate how the Project Controller can or should test for Substantial Completion or Substantial Performance
  • Be able to demonstrate how the Project Controller can

0305ELPC

Module
03 Managing Scope
Sub-Module
M03-5 Creating the Control Accounts
Level
Expert Level (Controls Manager)
Discipline
Project Controls
  • Be able to discuss or debate the pros and cons of using control accounts and how it impacts the practice of Project Controls
  • Be able to explain the various "Span of Control" theories when creating RAM/RACI charts
  • Be able to elaborate on the importance of having a robust work authorization process at all levels of the WBS/CPM Schedule

0304ELPC

Module
03 Managing Scope
Sub-Module
M03-4 Creating the Work Breakdown Structure
Level
Expert Level (Controls Manager)
Discipline
Project Controls
  • Be able to discuss or explain what criteria you used to determine what is the ideal  level of decomposition which is appropriate or "fit for use" for both owners and contractors
  • Be able to create or prepare a SWOT Analysis showing the pros and cons of using Standardized WBS structures vs "Home Built" or "Ad Hoc" WBS structures
  • Be able to discuss or debate the impact that BIM is likely to have on the practice of Project Controls
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