Project Risk and Time ManagementBack to Course Guide
The course presents risk and time management concepts as processes to improve the likelihood of a project’s successful and timely completion. The student will learn quantitative and qualitative techniques to assess project risk, how to mitigate and control risk and how to more effectively communicate the cost savings benefits of risk management to project sponsors and project team members. In addition, the student will learn about techniques to estimate, schedule and control project activities using PERT, CPM and other methods. The course adds new concepts and methods to those learned in previous project management courses and integrates and expands the risk and time management processes using case studies, exercises and real world experiences. Class material will include, but not be limited to, topics emphasized by the Practice Management Institute and its certification exam.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Defining and discussing the risk management and time management processes.
- Distinguishing among and identifying various types of risk.
- Understanding risk management techniques.
- Discussing, quantifying and prioritizing risks affecting the likely outcomes of a project.
- Selecting risk analysis tools in project management.
- Understanding how to plan and implement basic risk mitigation strategies.
- Understanding how to implement and monitor risk response and control strategies.
- Developing responsibility matrices, workaround strategies and other alternative responses to changes in risk during the life of the project.
- Defining project activities within the work breakdown structure (WBS).
- Understanding techniques to develop project network diagrams and activity update lists.
- Understanding tools to develop and analyze activity duration estimates.
- Preparing activity schedules using CPM, GERT, PERT and simulation methods.
- Discussing the relative advantages of GANTT (bar) charts, milestone charts and time-scaled network diagrams.
- Discussing techniques to implement and monitor an ongoing schedule control process in order to respond to unplanned changes.
- Understanding methods for and the importance of performance measurement and reporting.
- Understanding the importance of team communication, interaction and agreement in successful project time and risk management efforts.