Project Risk Quantification

Overview/Description
 Every project contains some form of risk. How well you manage that risk can mean the success or failure of your project. If handled with thought and vision, even a catastrophic event can result in a positive outcome for your company. Risk Quantification involves the process of evaluating risks and determining the effect the risk will have on your project. This course will familiarize you with quantification tools and techniques used to evaluate, classify , and prioritize potential project risks and the possible outcomes associated with each one. This course is aligned with "A Guide to the Project Management Body of Knowledge " (PMBOK ® Guide), published by the Project Management Institute (PMI ®).

Target Audience
 This series is targeted specifically for project managers, project team members, functional managers with employees assigned to project teams, project stakeholders, any team manager or member interested in project management, executives committed to their organization's growth, managers required to take on new challenges, and top managers with vision.

Expected Duration
4.0 hours

Lesson Objectives:

Inputs to Risk Quantification

  • recognize the importance of evaluating and assessing the inputs to risk quantification.
  • determine the impact of a key stakeholder's tolerance, given a scenario.
  • identify the four steps for estimating the risk occurrence, given a sample project.
  • choose the best method to perform a cost estimate for a given scenario.
  • choose the best tool to use to perform an activity duration estimate for a given scenario.

    • Risk Quantification Tools and Techniques

  • identify the benefits of using the risk quantification tools and techniques.
  • determine the expected monetary value (EMV), given a scenario.
  • determine the statistical sum for an individual project activity, given a scenario.
  • identify the activities which use Monte Carlo simulation on a project, given a scenario.
  • select the inputs for a decision tree.
  • choose the best expert judgment technique for a given scenario.

    • Outputs from Risk Quantification

  • recognize the value of prioritizing the outputs of the risk quantification process.
  • assess the opportunity as one to ignore or one to pursue, given a scenario.
  • assess the threat as one to accept or one to respond to, given a scenario.

    • Course Number: PROJ0292