Risk management is a key function in project management. Project managers should be able to apply a variety of risk-management tools in their work, including performing risk identification, quantification, response, monitoring, and control.
In this course from Professor and Director of Civil and Environmental Engineering Linda K. Nozick, you will examine the nature and types of project risk and learn to apply specific mitigation strategies.
You’ll have an opportunity to analyze a past project you’ve worked on and assess what the risks might have been and why. Then you’ll analyze the outcomes: Did the known risks come to fruition? What were the leading indicators? What could they have done for contingency planning at the beginning? By asking these questions, you’ll then be able to perform several calculations to compute the probability that a project will finish on time.
Define project risks and the iterative process for the identification of evolving risks
Employ practical tools to assess the likelihood and probable consequences of risks
Evaluate possible responses and mitigations
Apply strategies to mitigate risk