Project Risk, Cost, Schedule Estimation and ControlBack to Course Guide
This course addresses the concepts, theories, procedures, and methods of risk, cost, and schedule estimation and control relevant to projects and project management. Students in this course identify and evaluate influential research in the areas of project risk, cost, and schedule estimating and control. This course covers the methods of developing project estimates during the planning stages and monitoring and controlling the relationships between project risk, cost, time, quality, and reliability of estimates, throughout the project lifecycle.
PREREQUISITE: MGT6151 or MGT6152
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Understanding risk management approaches used in projects.
- Discussing recommended risk, cost, and schedule management practices during project planning and execution.
- Understanding qualitative risk analysis techniques and demonstrating the ability to apply common approaches.
- Understanding quantitative risk analysis techniques and demonstrating the ability to apply common approaches.
- Discussing risk, cost, and schedule estimation and control topics in recent literature.
- Identifying and discussing project risk management frameworks and infrastructure.
- Understanding the importance and purpose of risk, cost, and schedule reporting.
- Demonstrating knowledge of various methods of risk, cost, and schedule estimation and forecasting techniques.
- Discussing probabilistic estimation theory, simulation, analytic models, and approaches.
- Understanding the value of using probabilistic models for analyzing problems involving uncertainty in the project domain.
- Understanding procedures used in managing project resources to optimize the project parameters of risk, cost, and schedule.
- Understanding advanced concepts and techniques needed to monitor and control project risk, cost, and schedule parameters.
- Understanding the limitations of risk, cost, and schedule theory and practices in real-life projects.
- Understanding the numerics of project risk, cost, and schedule management.
- Discussing project management decision making tools, how they are used, and their limitations.