Advanced Project Management: Advanced Project Risk Management (RV-11291)
Project risk is based on a simple equation: Event Risk equals the Probability of an Event times the Consequences of the Event. As project managers we know this, either implicitly because we’ve studied and read about risk in projects or we know it from first-hand experience. We’ve also learned along the way that we cannot fully eliminate risk, only mitigate the risk and that there is no such thing as a risk free project or action. During this interactive online course on project risk management we will go beyond the fundamental truths of project risk and cover how decisions are made, delving into decision theory and decision making in the face of uncertainty; as well as exploring risk management through the four phases of Risk Identification, Risk Analysis, Risk Response, and Risk Mitigation and Control.
Health, Safety and Welfare
Describe the utility theory and risk aversion
Identify the decision-making styles
Define the 5-step decision model in project management activities Differentiate between decision making under uncertainty and under certainty
List and discuss the 4 phases of risk management
Recall the 4 possible response strategies for risk mitigation
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