This course is about managing project risk in an organization whether you are an engineer, senior manager or professional project manager. In the project world, managing risk is critical because every decision, every action taken contains some element of risk. Risk cannot be eliminated. Risk can only be controlled and accepted if the decision or action needs to be made. Understanding this concept becomes important when considering that practically everyone in an organization is involved in some kind of project work and makes decisions involving risk.
In the ideal project world, project managers are trained in project risk management. 1In the real project world, many projects are small and assigned to engineers and managers with less than formal risk management training. Managing risks become critical to achieving project cost and schedule targets. This course presents three basic principles for managing project risk, namely, identify, quantify, and control. However, managing project risk still depends on experience and skill of the engineer or manager to identify, quantify and control the risk in order to manage it.
At the end of the course is a set of questions that highlights the take-aways for the reader to remember and use for managing project risk in their organization.
1Project Management Institute, PMBOK — GUIDE Fifth Edition 2013 Project Risk Management, Chapter 11