By definition, a risk is an event that may or may not happen. However, since a project already faces a significant degree of uncertainty due to its singular and unique nature, we have a professional and managerial duty to do all we can to lower the chances of negative impacts on the project and to minimize the damage that will result from materialized risks.
It is therefore imperative to systematically identify and evaluate all the potential risks in a given project and develop ways to mitigate each. This process is documented and monitored using a ‘Risk Management Plan’.
The Risk Management Plan is developed on an ongoing basis—from the day the project is initiated until its completion. The purpose of this plan is to provide the project managers and stakeholders with reliable information regarding anything that might pose a risk to the project and to offer ways of managing those risks.
The process begins with identifying events that might negatively affect the project or its goals. Next, the odds that these events will occur as well as the impact they will have on the project are estimated. Finally, appropriate strategies for managing and mitigating both the risk and the possible ensuing problems are developed.
Risk management plans should be constantly monitored and updated, since the risks a project is exposed to are not static. New risks are constantly identified, whereas risks that have been previously identified change: become more or less relevant, gain in impact, solidify into problems, etc.
In this course, you will learn what true risks are, how to identify them, how to evaluate them, how to develop responses to handle them, and how to monitor and communicate them. We will cover the full risk management process and offer you a practical tool to manage your project’s risk management plan. This tool is a must-have tool for any project manager and for anyone required to manage risks in any area of life, business or work.
What knowledge & tools are required?
- You don’t have to know anything about Risk Management in order to enroll in this course.
- No pre-requisites required.
Who should take this course?
- This course is for anyone required to manage risks in any area of life, business or work.
- This course is for project managers.
- This course is for project team members or project clients.
- This course is for business owners.
- This course is for anyone required to manage all sorts of projects from time to time.
What will you achieve or be able to do after taking your course?
- You will understand risk management.
- You will know the difference between true risks and events that seems like risks, but are not.
- You will know how to identify risks.
- You will know how to evaluate risks.
- You will know how to develop proper responses to handle risks.
- You will know how to monitor risks.
- You will know how to communicate risks.
- You will know how to develop and manage a risk management plan.