Project Risk Management : Pmp Certification-2023

Strategically Managing Project Risks in Accordance with PMBOK 7: A Comprehensive Guide for Achieving Project Success"

What you'll learn

This course will equip students with the expertise to develop a comprehensive Risk Management Plan, a fundamental element in project management.

Through this course, students will develop the expertise to manage a Risk Register and utilize diverse techniques to detect potential risks in projects.

Participants will acquire the skills to rank risks by their impact and probability, employing the risk probability and impact matrix to guide their decisions.

This course equips participants with the skills to numerically evaluate risks and utilize advanced techniques such as Monte Carlo simulations.

Students will have cultivated the skill of crafting strategic risk response plans, a critical competency for effectively mitigating identified risks.

You will be proficient in executing planned risk responses, enabling them to address real-time risks as they manifest during the project's lifecycle.

You will learn to manage project risks, by evaluating them, assessing response efficacy, and updating the Risk Register to maintain risk strategy effectiveness.

Requirements

Proficiency in basic mathematical and analytical skills is essential, particularly for risk analysis methods.

The ability to think critically and analyze situations is crucial for assessing and addressing project risks. So you can understand the various examples that are discussed through out this course.

Strong problem-solving skills are an asset, as risk management often involves addressing complex issues.

While not mandatory, prior experience in project work or a project management role can greatly enhance understanding and application of risk management principles.

Description

In today's rapidly evolving and interconnected world, the ability to effectively manage risk is more critical than ever. Whether you find yourself in the realm of business, technology, healthcare, or any other field, the need to navigate the uncertainties and challenges that come with project management is ubiquitous. This course is your key to understanding and applying the fundamental principles of risk management, as outlined in the PMBOK Guide.Risk management is not confined to any single sector. It's a dynamic skill set that transcends boundaries and disciplines, making it indispensable for professionals across industries. In this course, you'll discover the paramount importance of proactively identifying, analyzing and responding to potential risks in your projects.The new world we live in is characterized by unprecedented levels of complexity, global interconnectivity, and rapid technological advancements. These factors introduce both opportunities and vulnerabilities, making the need for robust project risk management more pressing than ever. As such, this course equips you with the knowledge and tools necessary to thrive in this modern landscape.In a world where innovation is the currency of progress, understanding how to manage risks is your competitive advantage. Whether you're a seasoned project manager or just starting your journey, this course empowers you to confidently navigate the complexities of modern projects, enhancing your ability to lead teams, meet objectives, and deliver successful outcomes.This course provides comprehensive, in-depth coverage of the following topics:Plan Risk Management: In this lecture, students will learn how to create a Risk Management Plan, a key component of the project management plan. They will understand how to document the approach to risk management, roles and responsibilities, risk categories, and the methodology to be used for risk assessment and response planning.Identify Risks: This lecture focuses on the process of risk identification. Students will learn techniques for identifying potential risks, such as expert judgment, documentation reviews, and information gathering. They will understand the importance of creating and maintaining a Risk Register to capture all identified risks.Perform Qualitative Risk Analysis: Students will delve into the qualitative assessment of risks. They will learn how to prioritize risks by assessing their impact and probability using techniques like the risk probability and impact matrix. The lecture will cover how to use the results to prioritize risks for further analysis.Perform Quantitative Risk Analysis: This lecture explores the quantitative assessment of risks. Students will learn how to assign numerical values to risk factors and use tools like Monte Carlo simulations to quantitatively analyze risks. They will also understand how to assess the potential impact on project objectives.Plan Risk Responses: Students will learn how to develop risk response strategies for the identified risks. They will understand how to create a Risk Response Plan that outlines specific actions to address each risk, such as risk avoidance, risk mitigation, risk transfer, or risk acceptance.Implement Risk Responses: Building on risk response planning, this lecture covers the implementation of risk response strategies. Students will learn how to execute the planned risk responses and take necessary actions to manage risks as they unfold during the project.Monitor Risks: In the final lecture, students will explore the ongoing process of monitoring and controlling risks. They will learn how to track identified risks, assess the effectiveness of risk responses, and update the Risk Register as necessary. This continuous monitoring ensures that project risks are effectively managed throughout the project's lifecycle.Join us on this journey, and embark on a transformational experience that will elevate your project management skills to new heights. Embrace the power of risk management and seize the opportunities of the modern world with confidence and competence. Your success begins here.

Overview

Section 1: Introduction

Lecture 1 Introduction to Project Risk Management

Lecture 2 Key Concepts for Project Risk Management

Lecture 3 Trends & Emerging Practices in Project Risk Management

Lecture 4 Tailoring Considerations for Project Risk Management

Lecture 5 1 - Plan Risk Management

Lecture 6 2 - Identify Risks

Lecture 7 3 - Perform Qualitative Risk Analysis

Lecture 8 4 - Perform Quantitative Risk Analysis

Lecture 9 5 - Plan Risk Responses

Lecture 10 6 - Implement Risk Responses

Lecture 11 7 - Monitor Risks

Ideal for those looking to establish a strong foundation in project risk management to kickstart their careers.,Designed to empower seasoned project managers, engineers, and various industry professionals with advanced risk management techniques for career advancement.,Valuable for individuals seeking to navigate project uncertainties, control budgets, and drive success in their ventures.,Suitable for continuous learners and those interested in applying risk management principles across a range of industries and areas of expertise.