Project Risk Management

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Course Number: PROJMGT 7030
Course Name: Project Risk Management (Online)
Course Description:    Project Risk Management expands upon a subject introduced in the PROJMGT 7010 and PROJMGT 7020 Project Management courses, with an entire focus on the application of risk management concepts to projects and the project management environment. The risk management life cycle, from identification, assessment, response development, to control and closure, is taught using textbook, lecture and case study techniques. Throughout each phase of the risk management life cycle, various tools and techniques are taught which provide valuable practical means for the student to perform risk management on all projects from the smallest to the largest. Computer applications of techniques such as PERT and Monte Carlo simulation will also be addressed, thereby rounding out the course for today's most complex business environments.
Prerequisites:    PROJMGT 7010 and PROJMGT 7020 or consent of instructor or department chair. NOTE: This course requires download of a free evaluation copy of Pertmaster, a risk management package used in several places throughout the course. Please note that Pertmaster runs ONLY on the Windows operating system, and will not work on Apple or Linux machines. If your computer does not use Windows OS, please consult with the instructor for workaround resources.
Level: Graduate
Credits: 3
Format: Online

Registration Instructions

Additional Information

Learning Outcomes

The goal of this course is to provide the knowledge and skills needed to apply the appropriate risk management tools/techniques for successfully managing risk within real-world projects.  

After completing the units of this course, you will be able to:

  • Identify the challenges of applying risk management in today's organizations and ways to overcome them.
  • Define the critical pieces of a risk management plan and steps necessary for implementing it into an organization's culture.
  • Identify the processes in the PMI's A Guide to the Project Management Body of Knowledge and compare them with other reference sources of risk management.
  • Apply the risk management processes--risk identification, risk qualification, risk quantification, risk response development, and risk monitoring and control--to ensure that the project will achieve the objectives for which it was undertaken.

Unit Descriptions

Unit 1: Risk Management Introduction

Define Risk

  • Define the key components of risk and opportunities.
  • Define the difference between risk and uncertainty.

Risk Management Overview

  • Explain the importance of the risk management culture to the success of a project.

Risk Management Process

  • Define how risk management integrates into the entire project management process.
  • Define and recognize the steps of a typical project risk management process.

Unit 2: Plan Risk Management

Plan Risk Overview

  • Define the difference between risk and uncertainty.
  • Describe the objectives, the process, and tools of plan risk management.
  • Explain the importance of the risk management culture, risk tolerance, and risk attitudes to plan risk management.

Unit 3: Outcomes: Identify Risks

Identify Risks Overview

  • Describe the objectives, the process, and tools of risk identification.
  • Define the key components of a well written risk statement.
  • Describe the importance of risk categories in risk identification.

Tools and Techniques

  • Identify tool/techniques to perform risk identification, determine which is best suited based on the needs of the project, and perform risk identification on a case study.
  • Design a risk register that captures the key information during the risk identification process.

Unit 4: Perform Qualitative Risk Analysis

Qualitative Risk Analysis Overview

  • Describe the objectives, the process, and tools of risk qualification.

Tools and Techniques

  • Define a methodology to assess magnitude of probability and impact for BOTH risk and opportunities.
  • Design a risk rating matrix based on your probability and impact assessments to develop a risk score used to prioritize risk.

Unit 5: Perform Quantitative Risk Analysis

Quantitative Risk Analysis Overview

  • Describe the objectives, process, and tools of risk quantification.
  • Evaluate risks and risk interactions to assess the range of possible project outcomes utilizing expected monetary value, statistical sums, simulation, decision trees, and expert judgment.

Tools and Techniques

  • List and apply risk quantification tools.
  • Define how different probability distributions can be used to quantify schedule risk. Apply probability distributions to the course case study tasks.

Unit 6: Plan Risk Response Risk

Response Overview

  • Define enhancement steps for opportunities and responses to threat to be developed in a risk management plan, contingency plans, reserves, and contractual agreements.

Tools and Techniques

  • Define the risk response strategies and apply the appropriate strategies that match the project’s environment and objectives.

Unit 7 Outcomes: Risk Control

Risk Control Overview

  • Describe the objectives, process, and tools of risk control.
  • Identify appropriate responses to changes in risk over the course of the project on the basis of the risk management plan and actual risk events.

Tools and Techniques

  • Design a risk control process for a project.

Number of Exams:  There are no exams for this course.

Number of Assignments:  There are 12 individual assignments and 11 group discussions for this course.

Number of Projects:  There are 6 group project assignments for this course.

Grading Information

Overall Course Grade
A = 90% or above
B = 80% to 89%
C = 70% to 79%
D = 60% to 69%
F = below 60%

Individual Assignment Grading
Each individual assignment will be each 100 points.

Group Assignment and Group Project Grading
Students will be graded on two components for each group/project assignment, totaling 100 points for each assignment:

  • Grade on assignment—performance based on instructor’s review of the assignment (80 points).   
  • Individual contribution—each group member will grade his or her performance AND other members' performance (20 points).  This means that 20% of your grade is based on your contribution to the team during group assigned activities!

At the end of each group assignment and project, each student fills out a peer/self evaluation form rating themselves and each group member.  Individual contribution is graded in five areas: contribution, quality of work, taking responsibility, valuing others’ viewpoints, and leadership.

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