Risk Models for Project Managers: Monte Carlo and Beyond
The heart of modern project risk management focuses on the development of quantitative probabilistic models of cost, schedule, and other project risks. These quantitative models build on the qualitative risk register to create management forecasts which can be manipulated and optimized to develop risk management plans:
Modern quantitative risk models leverage probabilistic thinking about uncertainties and consequences to support formal analysis. These detailed models of the highest priority risks support optimizing strategies. Thus, they provide a quantitative approach to decision-making in the face of uncertainties, while leading to realistic targets for achievable cost, schedule, and scope.
Who should attend?
- Week 1: Budget Risk
- Week 2: Schedule Risk
- Week 3: Monte Carlo Calculations
- Week 4: Monte Carlo Modeling
- Week 5: Projects as Investments
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
- How to quantify and assess projects for budget, schedule, and return on investment
- Project budget and scheduling fundamentals
- How to develop a project budget estimate
- How to model impacts on the project budget
- How to develop and model project schedules
- How to simulate using Monte Carlo methods the potential impacts of project risk on budgets and schedule
- Estimating the impacts of uncertainty
- Leverage insights to select strategies and invest in projects
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