Contingency Management Professional (CMP) Certificate

Overview

Despite decades of many studies and efforts to predict and/or reduce project cost overruns or schedule delays, major projects around the world continue to be significantly affected. Consistent, effective and efficient engineering approaches to uncertainty and risk assessment help businesses to better understand and quantify the range of possible consequences and the organisation’s overall risk exposure. This empowers organisations not only to calculate the required contingency allowances for their desired confidence level but also to proactively manage the treatment and response actions for risks and opportunities, while making informed decisions and optimising their investments.

The Risk Engineering Society (RES) (opens in a new window) has published its 2^nd edition of Contingency Guideline (opens in a new window) in February 2019. The Contingency Guideline provides a reference document for different practical approaches and guidance for determining, allocating and managing the most appropriate contingency (time and cost allowances) at different stages of the project and program lifecycle. In Australia, under current Government policy settings a probabilistic cost estimation process must be used for all projects, for which Australian Commonwealth funding is sought, with a total anticipated outturn cost (including contingency) exceeding $25 million. In addition, the ‘Guidance Note 3A – Probabilistic Contingency Estimation and its Supplementary Guidance', published by the Department of Infrastructure, Transport, Regional Development and Communications and the Arts, establishes the principles for determining an appropriate project contingency allowance using a probabilistic methodology.

A qualified CMP is a mid to senior level practitioner with project and business experience in asset investment from development to delivery through project, program and portfolio management with strong risk and contingency management knowledge and skills: from a wide range of risk analytical methods; Quantitative Risk Analysis (QRA); human decision making under uncertainty; commercial/contracts; and project performance measurement as well as business management. A CMP also has extensive technical experience in specialised tools and risk-based decision making methodologies such as: decision analysis; Quantitative Cost Risk Analysis (QCRA); Quantitative Schedule Risk Analysis (QSRA); Monte Carlo Simulation technique; Range Analysis; and Trend Analysis for assessing and managing optimum schedule and cost contingency reserves throughout the asset project/program investment life cycle.

Course Outline

The Risk-based Contingency Management Masterclass will be delivered over 4 intensive 4-hour days in a face-to-face environment with additional hours reading and undertaking some assignments. The Masterclass will qualify for 25 CPD hours from Engineers Australia. At the completion of this Masterclass and receipt of its Certificate of Completion, you will also receive a complimentary registration to attend an online exam for the CMP Certificate, i.e. a 120-minutes multi-choices exam.

On the first day of the Masterclass you will be introduced to project risk management and be provided with a detailed and broad foundation of risk and contingency management, including contingency throughout project lifecycle and Program Portfolio Effect, with the aim of providing a solid overview and bringing everyone up to speed. The rest of the Masterclass will focus on the contingency management framework and practical implementation tools for quantitative cost and schedule risk analysis, contingency allocation and controls. Over these four days, you will continuously work and learn the concepts through a practical case study while sharing learnings with other participants.

Through several case studies, the facilitator will explain the characteristics of good contingency management to quantify uncertainty; to encourage systemic thinking; and to support decision making process. An overall review of few most common software including Palisade @Risk (opens in a new window), Oracle Primavera Risk Analysis (opens in a new window), Deltek Acumen Fuse/ Risk (opens in a new window) and Safran Risk  (opens in a new window) platforms will be also discussed.

Benefits of attending:

• Certificate of Attendance, jointly endorsed by Western Sydney University, Engineers Australia and Risk Engineering Society
• Global recognition and 25 CPD hours from Engineers Australia
• Complimentary registration to attend the exam for CMP Certificate
• Networking opportunities with industry practitioners
• A learning experience like no other, facilitating peer learning and group discussions

Course facilitators:

• Professor Srinath Perera - Chair Professor in Built Environment & Construction Management, Director, Centre for Smart Modern Construction (c4SMC), Western Sydney University.
• Pedram Danesh-Mand - President of Risk Engineering Society, Director KPMG.
• Dr. Xiao-Hua (Sean) Jin - Associate Professor in Project Management, Director of Project Management Programmes, Western Sydney University.

Masterclass delivered online over 4 evenings

14th Nov, 21st Nov, 28th Nov, and  5th Dec 2023

CMP Certificate examination dates

CMP Certificate examination date will be announced after the conclusion of the Masterclass.

Who Will Benefit?

Cost Estimators, Project Risk Analysts, Planning Managers, Bid Managers, Estimating Managers, Risk Managers, Project Controls, Project Managers, Bid Managers, Schedulers/Planners, Corporate Services, PMO Managers, Commercial Managers, Contract Managers

Contact

rcmm@westernsydney.edu.au

Click here to register for the Masterclass (inclusive of free registration for the examination).