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UMass Lowell

Risk Management

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Description

Participants will be provided with a systematic, interactive approach to project risk/opportunity management that consists of Risk Identification and Analysis methodologies, Risk Response Planning tools and recommended practices for Risk Monitoring and Control. Participants also apply strategies to various case situations in order to evaluate the probability and impact of risks and to learn how to successfully prioritize them.

Learning Objectives and Outcomes

Students Learn:

  • The Risk Management Process consistent with the Project Management Body of Knowledge (PMBOK® Guide ), including phases of Planning, Identification, Analysis, Response Planning, and Monitoring & Control.
  • Techniques in identifying risks such as brainstorming, reviewing historical data, risk categorization and expert interviews.
  • Techniques for quantitative and qualitative risk analysis, including Monte Carlo simulations, decision tree analyses, probability/impact matrices, expected value calculations and risk modeling techniques.
  • The steps and approaches to risk response planning, including methods to tailor the steps to fit project needs.
  • How to manage risks throughout a project using methodologies for risk monitoring and control, including taking corrective actions, using reserves, mapping risk to earned value analysis and performing risk audits/reviews.

At the end of the course, students will be able to:

  • Develop a comprehensive risk management plan for a project.
  • Identify risks in cause-risk-effect format using project data such as the project charter, WBS, project plan, and historical records.
  • Qualitatively analyze risks to develop probability and impact ratings for risks.
  • Quantitatively analyze risks to determine time/cost probabilities and impacts and overall project reserves.
  • Apply expected value analysis and decision tree analysis to project scenarios and make recommendations based on these models.
  • Develop response plans for top-risks that include approaches to avoid, mitigate, accept, and transfer risks.
  • Students will demonstrate the foregoing by means of mini-case studies and exercises throughout the course.
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