The science of project management was founded, in large part, to manage risk and prevent it from negatively affecting project objectives, schedules, and budgets. Risk in any project is unavoidable. Fortunately, there are proven methods to identify and analyze potential threats so that appropriate risk responses are developed and the project's level of exposure is controlled. Risk analysis has become an important discipline within the field of project management. It involves prioritizing risks and assessing each identified risk's probability of occurrence and potential impact, whether positive or negative.
This course explores both qualitative and quantitative risk analysis techniques. Specifically, learners will be introduced to qualitative tools like the probability and impact matrix, risk probability and impact assessment, and risk urgency assessment. Quantitative risk analysis techniques include data gathering and representation and quantitative modeling techniques. This course provides a foundational knowledge base reflecting the most up-to-date project management information so learners can effectively put principles to work at their own organizations.
This course will assist in preparing the learner for the PMI® certification exam. It is aligned with A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Fifth Edition, published by the Project Management Institute (PMI®), Inc., 2013. Copyright and all rights reserved. Material from this publication has been reproduced with the permission of PMI®.Learning Objectives
- Match the inputs to qualitative risk analysis with the information they provide
- Prioritize risks based on given probability and impact ratings
- Use a probability and impact matrix to determine the score of a given risk
- Match qualitative risk analysis techniques with examples of results
- Identify the areas of a risk register that may need to be updated or added after a qualitative risk analysis
- Match the inputs to quantitative risk analysis with the information they provide
- Predict the probability distribution that will represent a given set of risk data
- Match the types of probability distributions with graphics
- Match quantitative risk analysis techniques to examples of when each would be used
- Perform a decision tree analysis given risk data
- Interpret a graph that displays cost risk simulation results
- Match components of the output of quantitative risk analysis with corresponding descriptions