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School of Continuing Studies

Xcpd-483i Project Risk Management

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Description

Course Details

Students will learn a structured, disciplined approach to managing uncertainty (risks) in projects. The course includes a review of the basic components of risk: probability of an event and the consequences of the event. Risk management is presented through a five step process: risk planning, risk identification, risk analysis, risk response planning, and risk monitoring and control. Discussions on risk tolerances and preferences look at how they influence risk management strategies. Risk modeling, including Monte Carlo simulation and reserve analysis, will be fully discussed. Case studies will illustrate how risk management improves project performance as measured by reduced cost overruns and schedule delays. Examples of the application of risk management at various process rigors will be presented.

Course Objectives

At the completion of the course, a successful student will be able to:

  • Understand a practical, five-step process to manage project risk
  • Identify threats and opportunities and weigh their relative impact to project objectives
  • Develop cost-effective risk response strategies
  • Understand the psychological barriers to risk
  • Describe how risk management improves project performance
  • Understand what it takes to implement an effective risk management process
School of Continuing Studies

XCPD-483 Project Risk Management

Next dates

Oct 21—Nov 4, 2019
Online
USD 695
Oct 29, 2019
Washington, District of Columbia, United States
USD 695
USD 695 per day
Nov 16, 2019
Washington, District of Columbia, United States
USD 695
USD 695 per day

Description

Course Details

Risk management is the structured, disciplined approach to dealing with unknown events and how they can affect project performance. This course includes a review of the basic components of risk: probability of an event and the consequences of the event. The core elements of probability theory are reviewed, as are the basic components of estimation theory. Risk management is assessed from its basic steps: risk identification, risk impact analysis, risk response planning, risk monitoring and control, and planning. Risk modeling, using Monte Carlo simulation, will be fully discussed. Case studies will illustrate how risk management is successfully used in a variety of fields. Project management applications are reviewed to show how risk management improves project performance as measured by reduced cost overruns and schedule delays and how quality and safety issues can be improved by application of risk management techniques.

Course Objectives

At the completion of the course, a successful student will be able to:

  • Identify the basic components of risk and a risk management plan.
  • Describe the core elements of probability and estimation theory.
  • Describe how risk management improves project performance.