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.
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.
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.
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.
Professor Baecher is an experienced risk and reliability engineer with years of experience in the civil engineering and infrastructure industry. It is important to him that students develop an understanding of risk management on large and small projects and within programs.
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