Project Risk Management

Catalog description

This course is an in-depth analysis of the steps involved in identifying, analyzing, evaluating, and controlling project costs and risks, and making decisions to effect project completion. State-of-the-art tools and techniques for identifying, measuring, and monitoring costs and risks in the project management environment are examined. Cost estimating, cost budgeting, activity-based costing, and cost control techniques are emphasized. Decision analysis and decision tree techniques are studied to include expected value, minimax, and maximin criteria. Also, covered will be areas of flawed decision-making, including such topics as groupthink, the domain of losses, the domain of gains, the Abilene paradox, the Milgram experiments, and the Asch effect. The course covers how a comprehensive risk management approach can enable a project team to make the correct decisions to manage issues proactively and costs that could adversely impact the success control and completion of a project.