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Advanced Project Risk Management: Analysis & Decision Making
New
48 students
Advanced Project Risk Management: Analysis & Decision Making
Audit risk systems, quantify exposure, compare responses and make evidence-based decisions with hands-on Excel practice
Created byMohamed Abdelaziz
Last updated 10/2026
English
ArabicGerman
What you'll learn
- Audit an inherited project risk system against its plan, ownership, authority, and documented evidence.
- Identify hidden threats and opportunities by challenging assumptions, interfaces, and dependencies.
- Rebuild and validate a risk register with supported ratings, owners, and traceable source records.
- Quantify cost exposure using event probabilities, conditional costs, and expected monetary value.
- Model schedule exposure through predecessor logic, parallel paths, float, and conditional scenarios.
- Evaluate contingency and funding needs without double-counting costs or confusing reserves with baselines.
- Compare risk response alternatives using net expected value, feasibility, and decision thresholds.
- Assess residual and secondary risks, response triggers, and evidence of control effectiveness.
- Prepare evidence-based risk decisions with clear authority, conditions, deadlines, and fallback actions.
- Reassess risks as conditions change and update the Risk Management Plan through controlled revisions.
- Build and verify an executive risk dashboard with dated KPIs, source links, and audit trails.
- Present defensible risk recommendations and escalations using a practical, evolving Excel case study.
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Course content
4 sections • 12 lectures • 1h 35m total length
Requirements
- Basic understanding of project risk management, including risk identification, assessment, response planning, and monitoring.
- Familiarity with project management concepts such as schedules, budgets, project controls, and decision-making responsibilities.
- Access to Microsoft Excel, preferably the desktop version, to complete the practical exercises using the provided workbooks.
- Completing Practical Project Risk Management From Scratch is recommended but not mandatory if you already have equivalent foundational knowledge.
Description
This course contains the use of artificial intelligence.
This course includes English (US) captions and subtitles in 8 additional languages: Arabic, French (France), German, Hindi, Japanese, Portuguese (Brazil), Spanish (Spain), and Turkish.
Advanced Project Risk Management: Analysis & Decision Making
Go beyond identifying risks. Learn to analyze uncertainty, challenge assumptions, evaluate response alternatives, and make defensible project decisions using practical Excel-based tools.
Real-world project risk management is not simply about maintaining a risk register. It is about understanding what the evidence reveals, quantifying potential consequences, selecting appropriate responses, and helping decision-makers act before uncertainty becomes costly.
This advanced, practice-oriented course takes you through a realistic, fictional infrastructure project case study. You will work with an inherited risk management system, investigate its weaknesses, rebuild the current risk picture, and progressively develop the analysis needed for informed management decisions.
What Will You Learn?
Throughout 12 structured lectures, you will learn how to:
Audit an existing risk management system by reviewing risk records, ownership, approvals, procedures, and supporting evidence.
Identify hidden threats and opportunities by challenging assumptions, dependencies, interfaces, and incomplete information.
Rebuild the risk register using corrected assessments, accountable owners, documented sources, and traceable records.
Quantify cost exposure through probability estimates, conditional costs, Expected Monetary Value (EMV), and sensitivity analysis.
Analyze schedule risk using network logic, parallel activities, float, and alternative delay scenarios.
Evaluate contingency and funding while distinguishing expected losses, scenario costs, allocations, and management reserves.
Compare response alternatives using expected net value, residual exposure, secondary risks, feasibility, and decision thresholds.
Assess control effectiveness and distinguish completed actions from verified risk reduction.
Update the Risk Management Plan through five project changes, maintaining version control, approvals, effective dates, and an audit trail.
Develop executive risk dashboards with meaningful indicators, linked calculations, dated evidence, and transparent reporting limitations.
Prepare risk recommendations and escalation requests with clear responsibilities, decision authorities, deadlines, conditions, and fallback actions.
Learn Through a Progressive Practical Case Study
Rather than studying disconnected examples, you will follow an evolving project scenario in which new information continuously challenges previous assessments and decisions.
You will use practical Excel workbooks containing risk registers, quantitative models, response comparisons, funding records, decision logs, and executive reporting tools.
The course includes Starter and Completed learning resources, allowing you to follow the worked example, develop the analysis progressively, and compare your results with the completed model.
You will also explore how changes in scope, authority, project schedules, resources, and control requirements affect the Risk Management Plan and its formal revisions.
From Analysis to Executive Decisions
The central objective of this course is to connect risk information with management action.
You will learn why the highest risk score does not always determine the most urgent decision, why forecast savings are not realized benefits, why incomplete evidence cannot justify a lower risk assessment, and why a financially attractive response may still require escalation or formal approval.
Apply Your Skills Independently
The course concludes with an independent practical assignment that challenges you to apply the methods to a different project scenario, supported by a structured self-assessment rubric.
Who Should Enroll?
This course is designed for Project Risk Managers, Project Managers, Project Controls professionals, PMO specialists, Project Management Consultants, Project Directors, and engineering professionals.
It is also valuable for PMP-certified professionals and aspiring PMP candidates who want to strengthen their practical understanding of project risk management beyond theoretical study.
Foundational knowledge of project risk management and basic Excel skills are recommended.
Move beyond risk registers and theoretical assessments. Develop the analytical judgment, structured evidence, and practical decision-making skills needed to manage project uncertainty with greater confidence.
Who this course is for:
- Project Risk Managers and Risk Analysts seeking advanced, practical skills in quantitative risk analysis, response evaluation, and risk-based decision-making.
- Project Managers and Senior Project Managers who want to make defensible decisions using cost exposure, schedule risks, contingency analysis, and evidence.
- PMP-certified professionals and aspiring PMP candidates seeking practical, real-world applications of project risk management beyond theoretical knowledge.
- Project Controls Managers, Planning Engineers, and Cost Engineers seeking to quantify risk exposure and evaluate impacts on project budgets and schedules.
- PMO professionals and Project Governance Specialists responsible for risk reporting, decision authority, escalation, and controlled management plan updates.
- Project Directors and Program Managers seeking stronger risk oversight, executive dashboards, contingency decisions, and evidence-based recommendations.
- Engineers and construction professionals working on infrastructure, utilities, industrial, and complex projects with significant technical and delivery risks.
- Project Management Consultants and PMC professionals seeking practical tools for risk audits, quantitative analysis, response assessments, and executive reporting.
- Contracts, Procurement, and Commercial professionals involved in supplier risks, cost uncertainty, contractual obligations, and response alternatives.
- Graduates of Practical Project Risk Management From Scratch and professionals with foundational risk knowledge ready to advance their practical skills.