This course explores the principles and practices of risk management. Key concepts in managing uncertainty include developing a risk approach and identifying, analyzing, responding to, and monitoring risks in projects in traditional and adaptive project management environments.
Upon completion of this course, students are expected to be able to do the following:
- Determine the level of risk exposure that is acceptable in pursuit of project objectives, and define a risk strategy for the project.
- Identify and accurately describe potential threats and opportunities associated with a project.
- Analyze the likelihood of individual threats or opportunities occurring and their potential impact on overall risk of meeting objectives.
- Determine appropriate responses to significant risks, and evaluate implemented responses.
- Evaluate risk considerations using adaptive approaches such as Agile.
Prerequisite: PRM 600 Foundations of Project Management and PRM 601 Project Scope and Scheduling