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UMD, USMx: Developing the Risk Management Plan with Expert Judgement

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Every project faces risk. The project risk management plan (PRMP) is the fundamental instrument for identifying risks, managing, and responding. Projects based on new technology or new markets face the chance of those opportunities failing in some way. Learn how to leverage expert judgement to properly formulate a winning PRMP.

Developing the Risk Management Plan with Expert Judgement
5 weeks
1–3 hours per week
Self-paced
Progress at your own speed
Free
Optional upgrade available

There is one session available:

After a course session ends, it will be archivedOpens in a new tab.
Starts Mar 27
Ends Jul 31

About this course

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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.

At a glance

  • Institutions:

    UMD

    USMx
  • Subject: Engineering
  • Level: Intermediate
  • Prerequisites:
    None
  • Language: English
  • Video Transcripts: اَلْعَرَبِيَّةُ, Deutsch, English, Español, Français, हिन्दी, Bahasa Indonesia, Português, Kiswahili, తెలుగు, Türkçe, 中文
  • Associated programs:
  • Associated skills:Risk Management Planning, Planning, Mitigation, Economics, Risk Management, Project Risk Management, Cognitive Psychology, Risk Register

What you'll learn

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● 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

● Week 1: What is Risk

● Week 2: Risk Management Plan

● Week 3: Epistemic Probability.

● Week 4: Noise in Subjective Judgement.

● Week 5: Risk Transfer

This course is part of Project Risk Management: Effective Decision Making Strategies Professional Certificate Program

Learn more 
Expert instruction
3 skill-building courses
Self-paced
Progress at your own speed
4 months
1 - 3 hours per week

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