Global Learning for Operational Leaders
Course OG-013
Integrated Risk & Uncertainty Analysis for Capital Projects in Oil & Gas
Capital projects in oil & gas involve large investments, long execution horizons, and multiple layers of technical, comm... The outline covers Fundamentals of Risk in Capital Projects, Quantitative Risk Assessment Techni...
Classroom
17 sessions
Scroll for more
Online / Live
17 sessions
Scroll for more
Introduction
Course overview
Why Attend
Capital projects in oil & gas involve large investments, long execution horizons, and multiple layers of technical, commercial, and operational uncertainty. Without an integrated approach, risks are often managed in isolation, leading to incomplete visibility and suboptimal decisions.
This course provides a structured, end-to-end approach to identifying, quantifying, and integrating risk and uncertainty across the full project lifecycle. Participants will learn how to connect cost, schedule, technical, and operational risks into a unified decision-support framework.
Course Methodology
The program is highly practical and application-focused:
- Real oil & gas capital project case studies
- Interactive workshops and group exercises
- Scenario-based risk modeling discussions
- Step-by-step guided frameworks for integration
- Practical tools and templates for project use
Course Objectives
By the end of this course, participants will be able to:
- Apply integrated risk management across capital project phases
- Identify and link multiple sources of project uncertainty
- Quantify and evaluate combined cost, schedule, and performance risks
- Develop risk-integrated project decision frameworks
- Improve capital allocation and investment decisions
- Strengthen governance and reporting of project risks
Target Audience
This course is suitable for:
- Project Managers and Project Engineers
- Capital Project and Construction Managers
- Risk and Planning Professionals
- Cost Engineers and Project Controls Specialists
- Investment and Portfolio Decision-Makers
- Oil & Gas Technical and Operational Leaders
Target Competencies
Participants will develop competencies in:
- Integrated risk and uncertainty analysis
- Quantitative and qualitative risk assessment
- Project cost and schedule risk integration
- Scenario and sensitivity analysis
- Risk-based decision-making for capital projects
- Strategic communication of project risk
What you will achieve
Learning objectives
- Apply integrated risk management across capital project phases
- Identify and link multiple sources of project uncertainty
- Quantify and evaluate combined cost, schedule, and performance risks
- Develop risk-integrated project decision frameworks
- Improve capital allocation and investment decisions
- Strengthen governance and reporting of project risks
Who should attend
Target audience
- This course is suitable for:
- Project Managers and Project Engineers
- Capital Project and Construction Managers
- Risk and Planning Professionals
- Cost Engineers and Project Controls Specialists
- Investment and Portfolio Decision-Makers
- Oil & Gas Technical and Operational Leaders
- Target Competencies
Methodology
Learning approach
- Real oil & gas capital project case studies
- Interactive workshops and group exercises
- Scenario-based risk modeling discussions
- Step-by-step guided frameworks for integration
- Practical tools and templates for project use
Course content
Five focused days of learning and application
Day 1
Fundamentals of Risk in Capital Projects
- Overview of capital project lifecycle in oil & gas
- Types of risks: technical, financial, operational, and external
- Understanding uncertainty vs. variability in projects
- Risk management frameworks and standards
- Building a structured risk breakdown structure (RBS)
- Qualitative risk identification and prioritization
Day 2
Quantitative Risk Assessment Techniques
- Introduction to quantitative risk analysis
- Probability concepts and uncertainty modeling
- Cost and schedule risk analysis fundamentals
- Sensitivity analysis and key risk drivers
- Introduction to simulation-based risk modeling concepts
- Interpreting quantitative risk outputs for decision support
Day 3
Integration of Cost, Schedule & Technical Risks
- Linking cost, schedule, and technical uncertainty
- Dependency and correlation between risks
- Integrated risk modeling approaches
- Scenario analysis for capital projects
- Stress testing project assumptions
- Workshop: building an integrated risk model
Day 4
Risk-Based Decision Making in Capital Projects
- Decision analysis under uncertainty
- Evaluation of project alternatives using risk-adjusted metrics
- Investment decision frameworks (CAPEX prioritization)
- Risk appetite and tolerance in capital allocation
- Value of information and decision improvement
- Case study: capital project approval decision
Day 5
Embedding Integrated Risk into Project Governance
- Integrating risk into project controls and governance
- Risk reporting for senior management and boards
- Communicating uncertainty effectively
- Lessons learned from major oil & gas projects
- Best practices in integrated risk management
- Final group case study and presentations
FAQ
Frequently asked questions
What does Integrated Risk & Uncertainty Analysis for Capital Projects in Oil & Gas (OG-013) cover?
This course covers Oil and Gas through a structured five-day outline focused on practical application, discussion, and implementation planning.
When is the next available session?
The next scheduled session starts on 18 - 22 May 2026, with additional classroom dates and mirrored Online / Live options listed in the course schedules section.
Who should attend this course?
This course is suitable for:, Project Managers and Project Engineers, Capital Project and Construction Managers
How can I register for a session?
Use any Register button next to the available course dates to open the participant registration page and submit your booking request for the selected session.
Is this course available online as well as classroom-based?
Yes. The course detail page includes both classroom sessions and Online / Live sessions, with online options aligned to the same course dates for easier planning.
Where are classroom sessions delivered?
Current classroom venues include Amsterdam, Munich, Paris, Barcelona, Kuala lumpur, London, Vienna.
Still Have Questions?
Contact the academy team for course details, delivery options, and delegate guidance.
Related training courses
Continue building your improvement capability
Quick request
Send quick request
Send a fast enquiry about this course and the academy team will get back to you.