PMGT31104 - Managing Project Risk and Complexity
Course Description
Most practicing project managers are aware of the role that risk management can play in successfully completing their projects. In a time of doing more with less and faster, better, cheaper, however, it is easy to overlook the value of a well-constructed approach to risk management. Balancing benefits and costs is not always an easy evaluation to make. Ignoring risk, however, can lead to nasty surprises at best and disaster at the worst. Complicating matters for project managers is the complexity of most current projects. At one time complexity was characteristic of large systems such as cities or large organizations. Due to rapid increases in technology, systems that were once independent or only loosely linked are now interconnected to an increasingly high degree. Dealing with this complexity in a project environment has become a serious challenge.
This advanced course for project managers will give a review of risk management principles in the project environment. It will take a close look at complexity, how it arises in the project environment and how risk management can help to overcome its most challenging effects.
Course format: This is an onsite course. This course is highly interactive. The student will be exposed to focused lectures, detailed discussions and team exercises. Extensive use will be made of case studies and the latest tools to deal with this increasingly important phenomenon.
Learner Outcomes
At the completion of the course, a successful student will be able to:
- Identify the components of risk and a risk management plan
- Describe and be able to apply the tools and techniques of risk management
- Describe the core elements of probability and estimation theory
- Understand how complexity has become a key component of projects
- Describe how risk management improves project performance