This course delves into the world of project risk management within organizational contexts, catering to a diverse audience, including engineers, senior managers, and professional project managers. The art of managing risk is a pivotal concern in the realm of project management, as every decision and action carries inherent risks. While eliminating risk isn't feasible, exerting control over it and acknowledging it when decisions or actions are required becomes paramount. This realization holds significance, especially considering the widespread engagement of individuals within organizations in various forms of project work, entailing decisions entwined with risk.

In an ideal world, project managers have been adeptly trained in the discipline of project risk management. However, in most cases, numerous small scale projects are entrusted to engineers and managers with limited formal training in risk management. This underscores the vital role of effective risk management in ensuring the achievement of project cost and schedule targets. The course presents three foundational principles for adeptly managing project risk: identification, quantification, and control. However, the nuanced execution of risk management remains contingent on the seasoned expertise and adeptness of the engineer or manager, pivotal in the processes of risk identification, quantification, and control.

The course features a set of relevant questions strategically designed to underscore key takeaways for participants. This ensures that readers assimilate and retain crucial insights to navigate project risk management within their respective organizations effectively.

Learning Objectives

Understand key principles of project risk management
Recognize the role of risk in decision making and project outcomes
Apply risk management strategies to maintain project cost and schedule targets
Develop practical skills to assess and mitigate risks in organizational projects

Author: James N. Salapatas, PE, PMP
Course Number: 218
Course Hours: 3 PDH

Managing Project Risk

Description

Author

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