Project Risk ManagementModule Details

Rationale

This course will introduce students to risk management practices to enable them to identify and mitigate various risks and opportunities, hence achieving higher levels of predictability of the project outcomes. Students will understand how operational risks can negatively affect project timing, cost, and quality commitments and which will eventually, fail to meet stakeholders’ expectations. Therefore, in this course the students will learn a structured approach to forecasting, monitoring and identifying the cause of a problem and assessing risks in order to increase the chances of project success. This course addresses the challenges of risk management and describes a range of tools and techniques to help students manage risk effectively. The course will cover the area of risk management in terms of strategic, tactical, and operational project contexts and it contains the essential theoretical framework to be applied to different project environments.

Learning Outcomes

At the end of the course students will be expected to:
(i)    Describe the role of risk management discipline and the complexities and challenges that may arise in the project environment.
(ii)   Discuss the benefits of risk management and how specific principles and techniques would achieve higher levels of risk mitigation. 
(iii)  Demonstrate an understanding of the key processes involved in developing a risk management plan.
(iv)  Identify possible risks and threats in order to make informed decisions.
(v)   List the roles and responsibilities associated with risk management.
(vi)  Explain how to monitor and communicate risk status effectively.
(vii) Employ the language of risk management.
(viii) Apply risk management techniques in different project contexts. 
(ix)  Apply both communication and analytical skills in order to solve complicated situations and share information regarding risks.
(x)   Use the ProjectLibre software.