Projects, regardless of scope, contain many unknowns. Risk is concerned with an event, the probability of the event occurring and the significance of the consequence of that occurrence. Project risk involves understanding potential problems and opportunities that might occur in a project and how they might impede project success. Risk management can be viewed as either a form of insurance or as an investment. Project failure may lead to significant financial impact or physical injury and often can be on a large scale. Therefore, managing project risk from the beginning of a project is a critical part of successful project management.
In the Managing Project Risk class participants learn various techniques for assessing and managing risk, and learn how to "Crash" (i.e., accelerate) a project. In addition to standard techniques, such as Risk Severity matrix, participants learn how to effectively apply advanced concepts such as Monte Carlo simulation. Simple, but comprehensive, matrices identifying potential risk events are provided as a guide. In addition, the participants learn how to develop backup and recovery plans.
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