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Risk Management (UMTPM253)   Register Online
 
Overview

Risk is a pervasive reality in business. It arises because we live in a world of uncertainty. This course examines the origins of risk and provides insights on how to manage it. It acknowledges that not all risk is bad, that in fact with risks we also encounter opportunities.

The course is structured around the risk management process defined in A Guide to the Project Management Body of Knowledge (PMBOK), published by the Project Management Institute. Consequently, it addresses the six steps of the PMBOK risk management process: 1) risk planning; 2) risk identification; 3) qualitative risk analysis; 4) quantitative risk analysis; 5) risk response planning; and 6) risk monitoring and control. In dealing with these topics, the course looks both at concepts and tools.

Objectives

  • To explain the nature of risk and uncertainty and show why they are pervasive on projects, in business and in life in general
  • To step through the six-phased PMBOK risk management process and demonstrate an important approach to managing risk and uncertainty
  • To highlight important concepts that provide an understanding of the nature of risk and uncertainty in a project and business environment
  • To highlight the key tools and techniques employed by experts to manage risk and uncertainty

What You Will Learn

  • How to identify risks, employing well-established processes that surface potential risk events
  • How to assess the quantitative and qualitative impacts of risk events, using a set of well-established risk management tools
  • How to handle risk, using well-established risk handling approaches, such as risk mitigation, risk acceptance, risk deflection, and risk avoidance
  • How to monitor and control risk
  • How to see opportunities in risky situations

PMBOK® Guide Process Areas

  • Initiating processes
  • Planning processes
  • Executing processes
  • Monitoring and control processes
  • Closing processes

PMBOK® Guide Knowledge Areas

  • Project Risk Management
  • Project Scope Management
  • Project Cost Management
  • Project Time Management
  • Project Human Resource Management
  • Project Procurement Management

Instruction

  • Course modules containing cutting-edge knowledge developed by renowned experts in project management
  • Course Textbook: Managing Risk in Organizations, by J. Davidson Frame
  • Mentors Studio™ CD-ROM: The Quantitative vs. Qualitative Perspective in Risk Management, featuring Dr. Ed Naser
  • "Think and Review" section that helps you review key points of the modules
  • Answers to the "Think and Review" section
  • A final exam which contains multiple choice and true/false questions
  • Certificate of Completion.

Topics Covered

  • Risk management life-cycle
  • Special features of different kinds of risk: project risk, business risk, operational risk, technical risk, and political risk
  • Use of probability distributions, expected value, simulations
  • Qualitative factors: building a strong WBS, achieving consensus on risk likelihood and impact, implementing good processes
  • Construction and use of risk scoring sheets, impact-likelihood matrices, risk-oriented WBSs
  • Key risk-handling strategies: risk transfer, risk mitigation, risk avoidance, risk acceptance
  • Establishing contingency reserves and management reserve

 
 
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