Analyzing Project Risk


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number


Overview/Description
Many people enjoy risk, as evidenced by the popularity of extreme sports. However, in business, risk is less welcome or enjoyable. The science of project management was founded, in large part, to manage risk and prevent it from negatively affecting project objectives, schedules and budgets. To help in this effort, "A Guide to the Project Management Body of Knowledge" (PMBOK® Guide) - Third Edition includes risk management as one of its nine knowledge areas and offers guidance on managing, identifying, analyzing, responding to and monitoring and controlling risk. In this course, you will learn qualitative and quantitative risk analysis techniques that will enable you to identify the probability of various levels of risk and to assess the impact of both negative and positive risks on objectives, budget and schedule. This course is aligned with "A Guide to the Project Management Body of Knowledge" (PMBOK® Guide) - Third Edition, published by the Project Management Institute (PMI®), Inc., 2004. Copyright and all rights reserved. Material from this publication has been reproduced with the permission of PMI®.

Target Audience
Project managers who are seeking to further their project management skills to more advanced levels and project managers who are preparing for PMI® Project Management Professional (PMP) certification or need to fulfill continuing education requirements for maintaining PMP status

Expected Duration (hours)
2.0

Lesson Objectives

Qualitative Risk Analysis

  • identify reasons why it's important for project managers to perform Qualitative Risk Analysis.
  • identify inputs to the Qualitative Risk Analysis process.
  • match the inputs to the Qualitative Risk Analysis process with examples of the way they are used.
  • identify the correct risk score, given the risk's probability and impact ratings.
  • match tools and techniques for qualitatively assessing risk with examples.
  • identify some of the ways the Risk Register might be updated as an output of the Qualitative Risk Analysis process.

    • Quantitative Risk Analysis

  • identify reasons why it's important for the project manager to understand the Quantitative Risk Analysis process.
  • match inputs to the Quantitative Risk Analysis process with descriptions.
  • match inputs to the Quantitative Risk Analysis process with examples of how they are used.
  • match data gathering and representation techniques used to prepare for Quantitative Risk Analysis with examples.
  • match quantitative risk analysis and modeling techniques used in Quantitative Risk Analysis with examples.
  • match components of the output of the Quantitative Risk Analysis process with descriptions.

    • Course Number:
    PROJ0592