Developing the Risk Management Plan with Expert Judgement

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Project risk management involves identifying, assessing, quantifying, modeling, and managing risks that may face a project. Complex projects face the challenge of accurately estimating costs and completion times, or even of failing to deliver outcomes as planned. Even the simplest projects always have some element of risk.

Ways are needed to identify and manage risks to prevent project failure. A risk plan is the way to lessen the chance of adverse outcomes.

The project risk management plan is the fundamental instrument for identifying elements and activities of project risk management, establishing risk breakdown structures, quantifying the extent of risk, and planning a mitigation strategy.

The initial step in planning for project risk management is developing the risk register. A risk register is a detailed inventory of things that could go wrong. The risk register provides a plan to follow the project through completion.

Assigning probabilities and consequences to the many items in the risk register is in itself challenging. Contemporary lessons from cognitive psychology and behavioral economics provide insights into how to do so.

Finally, the project manager must consider the best responses to risk including how to avoid, mitigate, plan contingencies, or transfer the risk. There are many ways to re-organize the project and ownership of risk, as well as adjust how the project objective is achieved.

What you will learn

● The fundamentals of risk management and their importance to projects

● How to build a project risk management plan

● How to develop a risk register and framework for project risk

● How to use expert judgement to assign risk impacts and likelihoods to prioritize and address project risk

● How to adjust for our understanding of risk over time

● How to think about project risk response strategies

Skills you learn

• Planning
• Cognitive Psychology
• Economics
• Risk Management
• Mitigation
• Risk Management Planning
• Risk Register
• Project Risk Management

Syllabus

● Week 1: What is Risk

● Week 2: Risk Management Plan

● Week 3: Epistemic Probability.

● Week 4: Noise in Subjective Judgement.

● Week 5: Risk Transfer

Auto Summary

Elevate your project management skills with our comprehensive course on "Developing the Risk Management Plan with Expert Judgement." This course, presented by edX, is designed for professionals in the Science & Engineering domain who aim to master the art of risk management in their projects. In this engaging program, you'll learn to create an effective Project Risk Management Plan (PRMP) that identifies, manages, and responds to potential risks. Especially valuable for projects involving new technologies or markets, this course emphasizes the use of expert judgement to navigate and mitigate risks, ensuring your project's success. Over 33 intensive modules, participants will gain insights from seasoned experts and practical knowledge to formulate a robust PRMP. Whether you are new to the field or looking to enhance your existing skills, this course is tailored to provide a solid foundation in risk management. Available through both Professional and Starter subscription plans, this course caters to varying professional needs and levels of commitment. Ideal for those seeking to elevate their project management expertise, this course promises to equip you with the tools necessary to tackle any project's uncertainties with confidence. Join us and transform the way you approach risk management in your projects.