Project Risk Management

The objective of Risk Management is to introduce the students to basic risk assessment and management concepts that can be applied directly to their projects. Using a discussion and exercise format, the students will learn risk management following the foundation provided in the Guide to the Project Management Body of Knowledge (PMBOK® Guide) established by the Project Management Institute (PMI). Student will perform a risk assessment using project data from a project of their choosing. Upon completing the class students will understand all aspects of risk assessment including risk management planning, risk identification, qualitative and quantitative risk analysis, risk response planning, and implementing and monitoring risks.

Introduction

Key Terms and Concepts

• System For Value Delivery (Figure 2-2)
• Project Constraints
• Cost of Rework
• Management of Expectations
• Influence of Risk Across the Project Lifecycle
• Optimize Risk Responses (Figure 3-11)
• Uncertainty Performance Domain (Figure 2.32)
• Definitions
• General Uncertainty
• Ambiguity
• Complexity
• Volatility
• Risk
• Interaction with Other Performance Domains
• Checking Results (Figure 2-10)
• Role of the Project Manager in Risk Assessment
• Role of the Project Team and Subject Matter Experts in Risk Assessment

LEARNING OBJECTIVES

• Define risk management and discuss the importance of the Uncertainty Performance Domain.
• Understand the importance of risk assessment from project initiation through closing.
• Discuss roles and responsibilities of various stakeholders in risk management
• To develop a comprehensive risk management plan that can be used throughout the project and on future projects.
• Discuss the process of risk management including identify activities, perform qualitative and quantitative analysis, plan risk responses, implement risk responses, and monitor risks