What you will learn
- Understand the fundamentals or risk and how to develop a proper assessment of risk using expert judgement.
- Gain the skills in modeling budgets and project schedules with uncertain values for cost, duration, and resources.
- Apply simulation in evaluating projects and their potential for positive return on investment under uncertainty.
- Understand decision making theory and the application of both cognitive science and economics in our thinking about projects.
- Know how to apply risk transfer and insurance to reduce owner and vendor risk through financial markets.
Today’s organizations find themselves in increasingly competitive markets. Competitors move fast and consumer demands evolve even faster. The risks inherent to delivering successful projects in this environment are substantial. The understanding of project risks and the capability successfully to grapple with them is critical to success.
Simplistic schemes for managing project risk which benefit little from modern decision science or statistics do little to help managers. These may actually do more harm than good. The state-of-the-art project manager can do better.
Courses in this program
UMD and USMx's Project Risk Management: Effective Decision Making Strategies Professional Certificate
- 1–3 hours per week, for 5 weeks
Every project faces risk. The project risk management plan (PRMP) is the fundamental instrument for identifying risks, managing, and responding. Projects based on new technology or new markets face the chance of those opportunities failing in some way. Learn how to leverage expert judgement to properly formulate a winning PRMP.
- 1–3 hours per week, for 5 weeks
Learn the risk manage tools that provide powerful insights into evaluating a project at each stage of its lifecycle to find strategies that work best for the stakeholders. Simulating budget and schedule risk across potential scenarios provides a clear decision space for project managers and maximizing value.
- 1–3 hours per week, for 5 weeks
Project management executives and project owners can exploit risk to their advantage and find opportunities. Learn how to leverage the decision-making tools using Bayesian thinking, utility theory, and behavioral economics.
- Senior Project Managers salary: $117,827 (Glassdoor).
- Job Volume: 132,763 job postings in the U.S. between June 2019 - June 2021 for jobs seeking “project risk management” as a skill.
- PMI estimates growth for Project Manager positions will be 33% through 2027.
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