Project Risk Management

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Course Number: PROJMGT 7030
Course Name: Project Risk Management (Online)
Course Description:    Project Risk Management expands upon the risk management concepts introduced in the PROJMGT 7010 and PROJMGT 7020 Project Management courses, with a focus on applying risk management theories and practices to projects and the project management environment. The entire risk management life cycle, from definition, identification, analysis, assessment, response, control and closure, is taught using textbook, research, small group collaboration and case study techniques.  Throughout each phase of the risk management life cycle, various tools and techniques are explored and applied which provide valuable practical means for the student to perform risk management on small to large projects.  A Risk Management Plan is created that incorporates techniques such as Risk Breakdown Structures, Decision Matrices, Qualitative/Quantitative Risk Analysis and Monte Carlo simulation, thereby rounding out the course and helping to prepare students for today's 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
Program: MS in Project Management

Registration Instructions

NOTE: The information below is representative of the course and is subject to change.  The specific details of the course will be available in the Desire2Learn course instance for the course in which a student registers.

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. Upon completion of this course, you should be able to:

  • Identify benefits and limitations of applying risk management in today's organizations.
  • Define the critical elements of a risk management plan and steps necessary for integrating it into an organization's culture.
  • Apply the risk management processes--risk identification, risk analysis, risk response, risk monitoring, and risk control to help ensure the project will accomplish the required objectives.

Unit Descriptions:

Unit 1: Risk Management Introduction
Even the simplest business decision involves some risk. Because every project involves some measure of risk, it is the project's success criteria that often serve as the determining factors for which risks are worth taking and which risks are not.

Unit 2: Unit 2: Risk Management Plans
This unit focuses on defining and explaining how risk management integrates into the entire project management process and presents a typical overall structure for implementing risk management.

Unit 3: Risk Identification
Risk identification is broadly defined as events that will have potentially negative impacts on projects. A critical step in the risk management process, risk identification is an organized, thorough approach to finding real risks associated with a project. It is not, however, a process of inventing highly improbable scenarios in an effort to cover every conceivable possibilities. Risks cannot be assessed or managed until they are identified and described in an understandable way.

Unit 4: Risk Qualification
Risk analysis is the effort to examine risk and assign hard metric values to both the project risk as a whole and to the most significant risks as established through risk qualification. Project managers conduct risk quantification to establish the odds of achieving project goals, to justify contingency reserves, to validate targets associated with the triple constraint, and to conduct in-depth what-if analyses.

Unit 5: Quantitative Risk
In a perfect world, the pool from which quantitative risk information is drawn is deep and rich with data. It includes information from the previous processes discussed here, as well as any statistical data repositories existing within the organization. To augment those data, project managers use a variety of tools such as including expert interviews, decision tree analyses, Program Evaluation and Review Technique (PERT) assessments, and simulations. Different tools serve the evaluation requirements of risk monitoring and control.

Unit 6: Plan Risk Response
In risk response development, one of the key challenges is finding strategies that will not take longer to implement than the project itself. Risk response addresses that concern by affording individuals and team members the opportunity to analyze and generate strategies that deal with multiple risks and cause the fewest problems in terms of other project risk.

Unit 7: Risk Control
As any project progresses, there are risk-specific evaluations to facilitate risk control. Formal risk audits examine the project team's success at identifying risks, assessing probability, and developing appropriate strategies. The frequency of risk audits is largely determined by the duration of the project and the criticality of the deliverables involved.

Exams: none

Assignments: 
11 Individual Written Assignments
10 Group Discussions
7 Group Projects
7 Peer Evaluations

Grading Scale:

Grading Scale
EXEMPLARY ABOVE AVERAGE ACCEPTABLE NEEDS IMPROVEMENT
A        94-100 B+       88 - 89.99 C+       78 - 79.99 C-    70 - 73.99
A -       90-93.99 B         84 - 87.99 C         74 - 77.99 D+   68 - 69.99
  B-        80 - 83.99   D     64 - 67.99
      F      Below 64

 

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