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About the course
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.
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