Developing the Risk Management Plan with Expert Judgement
The project risk management plan is the fundamental instrument for identifying elements and activities of project risk management, establishing risk breakdown structures, quantifying the extent of risk, and planning a mitigation strategy.
The initial step in planning for project risk management is developing the risk register. A risk register is a detailed inventory of things that could go wrong. The risk register provides a plan to follow the project through completion.
Assigning probabilities and consequences to the many items in the risk register is in itself challenging. Contemporary lessons from cognitive psychology and behavioral economics provide insights into how to do so.
Upcoming start dates
- Self-paced Online
Who should attend?
- Week 1: What is Risk
- Week 2: Risk Management Plan
- Week 3: Epistemic Probability.
- Week 4: Noise in Subjective Judgement.
- Week 5: Risk Transfer
Course delivery details
This course is offered through The University of Maryland, College Park, a partner institute of EdX.
1-3 hours per week
- Verified Track -$199
- Audit Track - Free
Certification / Credits
What you'll learn
- The fundamentals of risk management and their importance to projects
- How to build a project risk management plan
- How to develop a risk register and framework for project risk
- How to use expert judgement to assign risk impacts and likelihoods to prioritize and address project risk
- How to adjust for our understanding of risk over time
- How to think about project risk response strategies
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